Common use of Establishment and Administration of Reserve Account Clause in Contracts

Establishment and Administration of Reserve Account. (a) On the Closing Date, the Indenture Trustee shall establish a segregated non-interest bearing trust account (the “Reserve Account”) for the benefit of the Noteholders. All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.1(a) below and the terms thereof. The Issuer agrees that the Reserve Account shall be maintained in the name of the Indenture Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes, and the Issuer hereby acknowledges and agrees that it shall have no right, title, or interest in, to or under the Reserve Account or any amounts or Permitted Investments on deposit therein and any proceeds therefrom. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Issuer or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 3.2(b) or any proceeds thereof. The Issuer shall cause to be maintained in the Reserve Account an amount, which, together with the amount available under any Letters of Credit, is equal to the Required Amount.

Establishment and Administration of Reserve Account. (a) On the Closing Date, the Indenture Trustee shall establish a segregated non-interest bearing trust account (the “Reserve Account”) for the benefit of the Noteholders. All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.1(a) below and the terms thereof. The Issuer agrees that the Reserve Account shall be maintained in the name of the Indenture Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes, and cause to be maintained the Issuer hereby acknowledges and agrees that it shall have no right, title, or interest ininterest, to or under the Reserve Account or any amounts or Permitted Investments on deposit therein and any proceeds therefrom. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Issuer or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 3.2(b) or any proceeds thereof. The Issuer shall cause to be maintained in the Reserve Account an amount, amount which, together with the amount available under any Letters of Credit, is equal to the Required Amount.

Establishment and Administration of Reserve Account. (a) On the Closing Date, the Indenture Trustee shall establish a segregated non-interest bearing trust account (the “Reserve Account”"RESERVE ACCOUNT") with The Bank of New York for the benefit of the Noteholders. All of the proceeds of a drawing on any Letter of Credit shall, pursuant to the terms hereof and thereof, be required to be deposited in the Reserve Account when, as and if a drawing is made on any such Letter of Credit pursuant to Section 5.1(a5.3(a) below hereof and the terms thereof. The Issuer agrees that that, pending any deposits therein as provided for herein, the Reserve Account shall be maintained in the name of the Indenture Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used solely to make payments of principal, interest and other amounts from time to time due and owing on, or with respect to, the Notes, and the Issuer hereby acknowledges and agrees that it shall have no right, title, or interest in, to or under the Reserve Account or any amounts or Permitted Investments on deposit therein and any proceeds therefrom. No funds contained in the Reserve Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Issuer or any other Person have any right of withdrawal or any other interest therein or in any Permitted Investments purchased pursuant to Section 3.2(b5.2(b) or any proceeds thereof. The Issuer shall cause be required to be maintained maintain in the Reserve Account an amount, amount which, together with the amount available under any Letters of Credit, is equal to the Required Amount.