RF » Topics » Section 3.1 Payment Account.

This excerpt taken from the RF 8-K filed Jun 24, 2009.

Section 3.1 Payment Account.

(a) On or prior to the Effective Time, the Property Trustee shall establish the Payment Account with the Bank. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Declaration. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Holders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

(b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all payments of principal of or interest on, and any other payments or proceeds in respect of, the Debentures.

(c) Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof.

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