The Operating Accounts. (a) Subject to paragraph (b) below, the Issuer shall establish and maintain an operating account and procure that the Operator establishes and maintains an operating account (the "Operating Accounts") and shall procure that all their respective net earnings and any payments relating to the Barge shall be paid to its respective Operating Account. The Issuer and the Operator may withdraw funds standing to the credit of its Operating Account until the occurrence of an Event of Default.
(b) It and for as long as, the aggregate amount standing to the credit of the Operating Accounts is at least GBP 1,200,000, the Issuer shall procure that all its excess net earnings and any payments relating to the Barge shall be paid to the Bonds Buy Back Account.
The Operating Accounts. Except as otherwise agreed by the Agent, the Borrower and the Subsidiaries shall maintain with the Agent at the office of the Agent located at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx or at other branches of the Agent the principal operating accounts of the Vessels of the Borrower and the Subsidiaries if the Agent has full commercial banking capability as of the date of this Agreement in the geographic areas in which the Borrower or any of the Subsidiaries operate. The Lenders expressly acknowledge that such operating accounts are not pledged or otherwise hypothecated to the Lenders in connection with the Credit Facility. The Lenders further acknowledge that any moneys deposited in such accounts may be utilized for any business purpose whatsoever consistent with the terms of this Agreement. Amounts accumulated in each Operating Account shall bear interest for the account of the party maintaining such account in accordance with the Agent's normal practice.
The Operating Accounts. Except as otherwise agreed by the Agent, the Borrower and the Vessel Owning/Operating Subsidiaries shall maintain with the Agent at the office of the Agent located at 200 Park Avenue, New York, New York or at other branches of the Agxxx xxx xxxxxxxxx xxxxxxxxx xxxxxxxs of the Borrower and the Vessel Owning/Operating Subsidiaries if the Agent has full commercial banking capability as of the date of this Agreement in the geographic areas in which the Borrower or any of the Vessel Owning/Operating Subsidiaries
The Operating Accounts. Except as otherwise agreed by the Facility Agent, the Borrower and the Vessel Owning/Operating Subsidiaries shall maintain with the Facility Agent at the office of the Facility Agent located at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx or at other branches of the Facility Agent the principal operating accounts of the Borrower and the Vessel Owning/Operating Subsidiaries if the Facility Agent has full commercial banking capability as of the date of this Agreement in the geographic areas in which the Borrower or any of the Vessel Owning/Operating Subsidiaries operate. The Lenders expressly acknowledge that such operating accounts are not pledged or otherwise hypothecated to the Lenders in connection with the Credit Facility. The Lenders further acknowledge that any moneys deposited in such accounts may be utilized for any business purpose whatsoever consistent with the terms of this Agreement. Amounts accumulated in each Operating Account shall bear interest for the account of the party maintaining such account in accordance with the Facility Agent’s normal practice.
The Operating Accounts