Expense Reserve Account definition

Expense Reserve Account. The trust 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;

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.

Examples of Expense Reserve Account in a sentence

• The Issuer shall direct the Collateral Trustee to deposit the amount specified in the Deposit Order to the Expense Reserve Account.

• On any Business Day from the 2024 Closing Date to and including the Determination Date relating to the second Payment Date, the Collateral Trustee shall apply funds from the Expense Reserve Account, as directed by the Collateral Manager, to pay expenses of the Issuers incurred in connection with the establishment of the Issuers, the structuring and consummation of the offering and the issuance of the Debt or to the Collection Account as Principal Proceeds.

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

• In accordance with this Indenture and the Securities Account Control Agreement, prior to the 2024 Closing Date, the Collateral Trustee established at the Custodian a single, segregated non-interest bearing trust account held in the name of the Collateral Trustee, in trust for the benefit of the Secured Parties, designated as the "Expense Reserve Account", which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement.

More Definitions of Expense Reserve Account

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

Expense Reserve Account. An Eligible Account established in accordance with Section 8.05(d).

Expense Reserve Account means the account established pursuant to Section 10.1(b) and described in Section 10.3(e).

Expense Reserve Account. The account established pursuant to Section 10.3(d).

Expense Reserve Account means the interest-bearing account of that name held in the name of the Issuer with the Account Bank into which amounts are paid in accordance with Condition 3(c)(i) (Application of Interest Proceeds) and out of which certain Trustee Fees and Expenses and Administrative Expenses may be paid during a Due Period.