Common use of The Operating Accounts Clause in Contracts

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.