Expense Payment Account Clause Samples
Expense Payment Account. (a) On or about the Closing Date, the Borrower shall establish a deposit account, in the name of the Borrower for the benefit of the Administrative Agent, in a jurisdiction outside of the United States and with a bank or trust company acceptable to the Borrower, the Administrative Agent and the Majority Lenders (the “Expense Payment Account”). The Administrative Agent, for the benefit of the Secured Parties, shall at all times have a first priority Lien in the Expense Payment Account and all funds on deposit therein.
(b) So long as no Event of Default has occurred and is then continuing, the Borrower may withdraw funds from Expense Payment Account to the extent, but only to the extent, that such funds are used to pay Borrower Expenses that are then due and payable.
Expense Payment Account. Pursuant to Section 9.1(a), the Expense Payment Account (the “Expense Payment Account”) shall be maintained by the Argentine Collateral Trustee in Argentina. The Company shall fund the Expense Payment Account at or before the issuance of the Notes and then on or before each Payment Date in an amount such that the amount in such account shall cover the Indenture Trustee and the Argentine Collateral Trustee fees and (as advised by the Indenture Trustee or Argentine Collateral Trustee, as applicable, at least five Business Days before a Payment Date or, for the initial funding, before the issuance of the Notes) anticipated/known expenses and indemnities (if any) under the Transaction Documents and Taxes payable by the Trust payable through the second Payment Date after such Payment Date (or: (a) for the initial funding, the second Payment Date, and (b) if fewer than two Payment Dates remain, the number of Payment Dates remaining); it being understood that no such amount may be funded with the proceeds of the Notes. The Company shall pay all of the Trustees’ fees, expenses and indemnities directly to each of the Indenture Trustee and the Argentine Collateral Trustee (and all Taxes payable by the Trust) as and when due and, only to the extent that the Company has not paid any such amounts directly, the funds credited to the Expense Payment Account shall be used to pay such fees and (to the extent advised on a timely basis as per the preceding sentence) expenses, indemnities and Taxes when payable (such amounts being paid first to Taxes payable by the Trust and then on a pro rata basis to the payees thereof, first with respect to fees and then with respect to any expenses and indemnities). Funds in the Expense Payment Account shall not be used for the payment of Interest, principal or other amounts with respect to the Transaction Documents unless and until all such fees, expenses and indemnities to the Trustees and the Attorney-in-Fact and such Taxes payable by the Trust have been paid. To the extent that the amount on deposit in the Expense Payment Account exceeds the amount required to be therein pursuant to this Section, then the Argentine Collateral Trustee shall deliver such funds to the Company; provided that if the Argentine Collateral Trustee has Actual Knowledge that a Default has occurred and is continuing then such funds shall only be so released to the Company to the extent that all amounts payable by the Company under the Transaction Documents have ...