Capitalized Interest Accounts Sample Clauses

Capitalized Interest Accounts. (a) No later than the Closing Date, the Trustee shall establish and maintain with itself two separate, segregated trust accounts, which shall be Eligible Accounts, titled "Group I Capitalized Interest Account, Norwest Bank Minnesota, National Association, as trustee for the registered holders of Life Bank Asset-Backed Certificates, Series 1998-1" (the "Group I Capitalized Interest Account") and "Group II Capitalized Interest Account, Norwest Bank 106 Minnesota, National Association, as trustee for the registered holders of Life Bank Asset-Backed Certificates, Series 1998-1" (the "Group II Capitalized Interest Account"). Such Capitalized Interest Accounts shall not be an asset of either REMIC I or REMIC II. The Trustee shall, promptly upon receipt, deposit (a) in the Group I Capitalized Interest Account and retain therein the Group I Interest Coverage Amount remitted on the Closing Date to the Trustee from the sale of the Certificates and (b) in the Group II Capitalized Interest Account and retain therein the Group II Interest Coverage Amount remitted on the Closing Date to the Trustee from the sale of the Certificates. In addition, the Trustee shall deposit into the Group I Certificate Account all income and gain on investments in the Group I Pre-Funding Account and shall deposit into the Group II Certificate Account all income and gain on investments in the Group II Pre-Funding Account pursuant to Section 6.12. Funds deposited in the Group I Capitalized Interest Account shall be held in trust by the Trustee for the Holders of the Group I Certificates and the Certificate Insurer for the uses and purposes set forth herein. Funds deposited in the Group II Capitalized Interest Account shall be held in trust by the Trustee for the Holders of the Group II Certificates and the Certificate Insurer for the uses and purposes set forth herein. For federal income tax purposes, the Transferor shall be the owner of the Capitalized Interest Accounts and shall report all items of income, deduction, gain or loss arising therefrom. The Transferor shall deposit in the related Capitalized Interest Account the amount of any net loss incurred in respect of any such Permitted Investment immediately upon realization of such loss without any right of reimbursement therefor.
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Capitalized Interest Accounts. Moneys in each Capitalized Interest Account shall be applied as provided in the applicable Series Supplement pursuant to which such Account was created. All interest and other income from time to time received from the deposit of moneys in any Capitalized Interest Account, unless otherwise directed by the applicable Series Supplement, shall be retained in the related Capitalized Interest Account.
Sample 1
Capitalized Interest Accounts. Funds in each Capitalized Interest Account relating to a Series of Certificates shall be transferred to the related Lease Payment Account in an amount necessary to pay the interest portion of Basic Lease Payments coming due during construction represented by such Series of Certificates. Such transfer shall be made on the Business Day before each Payment Date for such Series, until the amounts in such Capitalized Interest Account are exhausted.
Sample 1
Capitalized Interest Accounts 
Sample 1

Related to Capitalized Interest Accounts

  • Capitalized Interest Account On the Closing Date, the Issuer shall deposit the Capitalized Interest Account Initial Deposit into the Capitalized Interest Account.

  • Interest Accrual Each Class of Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period. Interest on the Class A-1 and Class A-2b Notes will be calculated for each Interest Period on the basis of the actual number of days in the Interest Period and a 360-day year. Interest on the Notes (other than the Class A-1 and Class A-2b Notes) for each Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

  • Distributions and Interest Amount (i) Interest Rate. "

  • Interest and Principal Payments Holders shall be entitled to receive, and Borrower shall pay, simple interest on the outstanding principal amount of this Note at the annual rate of eight percent (8%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Principal and interest shall be due and payable on the Maturity Date.

  • Distributions from Certificate Account and Special Payments Account (a) On each Regular Distribution Date with respect to a series of Certificates or as soon thereafter as the Trustee has confirmed receipt of the payment of all or any part of the Scheduled Payments due on the Equipment Notes held (subject to the Intercreditor Agreement) in the related Trust on such date, the Trustee shall distribute out of the applicable Certificate Account the entire amount deposited therein pursuant to Section 4.01(a). There shall be so distributed to each Certificateholder of record of such series on the Record Date with respect to such Regular Distribution Date (other than as provided in Section 11.01 concerning the final distribution) by check mailed to such Certificateholder, at the address appearing in the Register, such Certificateholder’s pro rata share (based on the Fractional Undivided Interest in the Trust held by such Certificateholder) of the total amount in the applicable Certificate Account, except that, with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distribution shall be made by wire transfer in immediately available funds to the account designated by such Clearing Agency (or such nominee).

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

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