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

• On the Determination Date relating to the second Payment Date following the Closing Date, all funds in the Expense Reserve Account (after deducting any expenses paid on such Determination Date) will be deposited in the Collection Account as Interest Proceeds or Principal Proceeds, as designated by the Collateral Manager, and the Expense Reserve Account will be closed.

• On any Business Day from the Closing Date to and including the Determination Date relating to the second Payment Date following the Closing Date, the Collateral Trustee shall apply funds from the Expense Reserve Account, as directed by the Collateral Manager, to pay expenses of the Issuer incurred in connection with the establishment of the Issuer, the structuring and consummation of the Offering and the issuance and incurrence of the Debt or to the Collection Account as Principal Proceeds.

• Any income earned on amounts deposited in the Expense Reserve Account will be credited to the Expense Reserve Account and transferred to in the Interest Collection Subaccount as Interest Proceeds as it is received.

• The Issuer shall direct the Collateral Trustee to deposit the amount specified in Section 3.1(xi)(B) to the Expense Reserve Account.

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 account established pursuant to Section 10.1(b) and described in Section 10.3(e).

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

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