Common use of Expense Account Clause in Contracts

Expense Account. (a) On behalf of the Trust Fund, the Trust Administrator, as agent for the Trustee, shall establish and maintain in its name, for the benefit of the Trustee, the Certificateholders and the Certificate Insurer, the Expense Account. The Expense Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trust Administrator held pursuant to this Agreement. (b) On the Business Day immediately preceding each Distribution Date, the Trust Administrator shall withdraw from the Distribution Account and deposit into the Expense Account an amount equal to 1/12 of the Certificate Insurer Premium Rate on the Certificate Principal Balance of the Class A Certificates for such Distribution Date. (c) The Trust Administrator shall make withdrawals from the Expense Account to pay the Certificate Insurer Premium on each Distribution Date. (d) Funds in the Expense Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. Any earnings on such amounts shall be payable to the Master Servicer on each Distribution Date as additional servicing compensation. The Trust Administrator shall give notice to the Depositor, the Trustee and the Certificate Insurer of the location of the Expense Account on the Closing Date and prior to any change thereof. (e) Upon termination of the Trust Fund in accordance with Section 10.01, any amounts remaining in the Expense Account following the payment of all unpaid Certificate Insurer Premiums shall be released to the Master Servicer as additional servicing compensation.

Expense Account. (a) On behalf of the Trust Fund, the Trust Administrator, as agent for the Trustee, shall establish and maintain in its nametrust, for the benefit of the Trustee, the Certificateholders and the Certificate Insurer, the Expense Account. The Expense Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trust Administrator held pursuant to this Agreement. (b) On the Business Day immediately preceding each Distribution Date, the Trust Administrator shall withdraw from the Distribution Account and deposit into the Expense Account an amount equal to 1/12 of the Certificate Insurer Premium Rate on the Certificate Principal Balance of the Class A Certificates for such Distribution Date. (c) The Trust Administrator shall make withdrawals from the Expense Account to pay the Certificate Insurer Premium on each Distribution Date. (d) Funds in the Expense Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. Any earnings on such amounts shall be payable to the Master Servicer on each Distribution Date as additional servicing compensation. The Trust Administrator shall give notice to the Depositor, the Trustee and the Certificate Insurer of the location of the Expense Account on the Closing Date and prior to any change thereof. (e) Upon termination of the Trust Fund in accordance with Section 10.01, any amounts remaining in the Expense Account following the payment of all unpaid Certificate Insurer Premiums shall be released to the Master Servicer as additional servicing compensation.