Expense Reserve Account definition

Expense Reserve Account. The trust account established pursuant to Section 10.3(d).

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Expense Reserve Account. The account established pursuant to Section 10.3(d).

Expense Reserve Account means the account of the Issuer established with National Westminster Bank plc for payment of expenses incurred by the Issuer in connection with, inter alia, the issue of the Bonds;

Examples of Expense Reserve Account in a sentence

• Pursuant to Borrower Order, the Collateral Agent may at any time withdraw funds deposited in the Expense Reserve Account to pay for any fees or expenses incurred by or on behalf of the Borrower in connection with the structuring and consummation of the transactions contemplated hereby (the “Reserved Expenses”).

• On the Business Day following the payment of the Reserved Expenses in full (which shall be on or around the Closing Date), the Collateral Agent shall remit the balance on deposit in the Expense Reserve Account to the Principal Collection Account for application as Principal Proceeds and the Expense Reserve Account shall be terminated.

• Amounts in the Expense Reserve Account will be invested in overnight funds that are Eligible Investments in accordance with the written instructions of the Investment Manager (which may be in the form of standing instructions).

More Definitions of Expense Reserve Account

Expense Reserve Account means the ledger maintained by the Account Bank on behalf of the Issuers, identification number LUN1 (in the case of Lunar Funding I Limited), LUN3 (in the case of Lunar Funding III Limited), LUN4 (in the case of Lunar Funding IV Limited) and LUN5 (in the case of Lunar Funding V PLC), or such other identification number as is ascribed in the case of any Additional Issuer, which records amounts standing to the credit of the account of each of the Issuers with the Account Bank out of which Administrative Expenses will be payable from time to time.

Expense Reserve Account. A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Expense Reserve Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

Expense Reserve Account has the meaning set forth in Section 8.01(a).

Expense Reserve Account means the trust account maintained pursuant to Section 6.3(b).

Expense Reserve Account means the expense reserve account established pursuant to Section 8.03(c).

Expense Reserve Account means the account established pursuant to Section 10.1(b) and described in Section 10.3(e).

Expense Reserve Account means the interest bearing account of the Issuer so entitled and held with the Account Bank.