Expenses Account Sample Clauses

Expenses Account. On the first Quarterly Payment Date, the Issuer will deposit an amount up to EUR 50,000.00 in accordance with item (iv) of the Interest Priority of Payments, in an account maintained with the GIC Provider (the Expenses Account). Provided no Enforcement Notice has been given, any amounts standing to the credit of the Expenses Account will be used by the Issuer to pay any Expenses that fall due and payable on a date other than a Quarterly Payment Date. If and to the extent that the Interest Available Amount on any Quarterly Payment Date exceeds the aggregate amount applied in satisfaction of items (i) up to and including (iii) of the Interest Priority of Payments, such amount will be credited to the Expenses Account until the balance standing to the credit thereof equals the Expenses Account Target Level (as defined below). If and to the extent that the Interest Available Amount (which would remain available after satisfaction of items (i) up to and including (iii) of the Interest Priority of Payments) exceeds the amount required to deposit in, or replenish, the Expenses Account up to the Expenses Account Closing Date Level, such excess amount will be used as part of the Interest Available Amount towards satisfaction of items (v) up to and including (xii) of the Interest Priority of Payments. On the Quarterly Payment Date on which all Notes have been redeemed in accordance with the Conditions, the Expenses Account Target Level becomes zero and the remaining balance standing to the credit of the Reserve Account will be transferred to the Transaction Account as Expenses Account Excess and form part of the Interest Available Amount on such date.