Expense Payment Accounts Sample Clauses

Expense Payment Accounts. (a) The Indenture Trustee shall promptly upon the execution of this Indenture and prior to the issuance of any Notes establish segregated trust accounts at its Corporate Trust Office which shall be held in trust in the name of the Indenture Trustee for the benefit of the Secured Parties in respect of all Series of Notes and designated as the Operating Expense Payment Account, the Hedge Agreement Expense Payment Account, the Insurer Reimbursement and Expense Payment Account and the Insurer Premium Expense Payment Account, respectively (the “Expense Payment Accounts”). (i) Funds shall be deposited into each Expense Payment Account as provided in Section 10.9 of this Indenture. (ii) All funds deposited from time to time in each Expense Payment Account pursuant to this Indenture shall be held by the Indenture Trustee as part of the Trust Estate and shall be applied for the purposes herein provided. (b) All payments to be made from time to time by the Indenture Trustee out of funds in each Expense Payment Account pursuant to this Indenture shall be made by the Indenture Trustee according to the Weekly Servicer’s Report or Monthly Servicer’s Report unless an Event of Default or a Servicer Termination Event is continuing. In addition, the Indenture Trustee, shall, at the written direction of the Servicer in accordance with Section 2.1(j) of the Servicing Agreement, withdraw any amounts in each Expense Payment Account for appropriate deposit under this Indenture which have been mistakenly deposited in such Expense Payment Account. (c) The Indenture Trustee shall when so instructed by a Servicer Order invest and reinvest monies deposited in each Expense Payment Account in Eligible Investments maturing no later than the day immediately preceding the next Payment Date within one Business Day after the deposit of such monies. All income or other gain from such investments shall be credited to such applicable Expense Payment Account, and any loss resulting from such investments shall be charged to such Expense Payment Account. The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any Expense Payment Account resulting from any loss on any Eligible Investment. If any such Servicer Order is received after 1:00 p.m. (New York time) on any Business Day, the Indenture Trustee will have no obligation to make such investment on such day but shall use its best efforts to make such investment on such day, and, unless otherwise instructed by ...