Capitalized Interest Fund. (a) The Borrower hereby agrees to establish and maintain, so long as amounts are on deposit therein, a funded interest account with the Lead Lender (the “Capitalized Interest Fund”) to be applied as hereinafter set forth.
Capitalized Interest Fund. Pursuant to Section 2.11(a) hereof, on the Date of Issuance, the Authority shall cause to be deposited into the Capitalized Interest Fund an amount equal to $15,000,000.00. On each Monthly Distribution Date, to the extent there are insufficient funds on deposit in the Collection Fund to make one or more of the transfers required by Sections 5.04(b) (other than, as determined by the Authority and reported to the Trustee in writing, Available Funds required for transfers to recall claims with respect to or repurchase Eligible Loans from any Servicer or any Guaranty Agency as described in clause (a)(i) of the definition of Available Funds) and Section 5.04(c)(i) through (vi) hereof, the Trustee, upon receipt of an Authority Order directing the same, shall withdraw from the Capitalized Interest Fund on such Monthly Distribution Date an amount equal to such deficiency (as determined by the Authority) and deposit such amount in the Collection Fund. On the March 2023 Monthly Distribution Date, any amounts remaining in the Capitalized Interest Fund in excess of $11,000,000 shall be transferred by the Trustee to the Collection Fund for distribution as provided in Section 5.04 hereof. On the March 2025 Monthly Distribution Date, any amounts remaining in the Capitalized Interest Fund in excess of $6,000,000 shall be transferred by the Trustee to the Collection Fund for distribution as provided in Section 5.04 hereof. On the March 2027 Monthly Distribution Date, any amounts remaining in the Capitalized Interest Fund shall be transferred by the Trustee to the Collection Fund for distribution as provided in Section 5.04 hereof.
Capitalized Interest Fund. There is hereby created in connection with the Series 2023-A Notes a Capitalized Interest Fund into which Series 2023-A Note Proceeds in the amount of $311,667.00 will be deposited on the Delivery Date. The amount deposited into the Capitalized Interest Fund, which will be equal to the number of days of accrued interest from the Delivery Date to the first Note Interest Payment Date, will be drawn by the Trustee to pay the Note Interest Payment due on the Series 2023-A Notes on the first Note Interest Payment Date. Interest earnings on amounts invested in the Capitalized Interest Fund will be withdrawn by the Trustee on each Transfer Date and transferred to the Interest Earnings Fund.
Capitalized Interest Fund. Pursuant to Section 2.12(c) hereof, on the Date of Issuance, there shall be deposited into the Capitalized Interest Fund an amount equal to $8,544,276.12. On each Monthly Servicing and Administration Payment Date or Quarterly Distribution Date, to the extent there are insufficient Available Funds in the Collection Fund to make one or more of the transfers required by Sections 5.04(b) (other than transfers to repurchase Eligible Loans from the any Servicer or any Guaranty Agency as described in clause (a)(i) of the definition of Available Funds) and 5.04(c)(i) through (v) hereof, the Trustee, upon receipt of an Authority Order directing the same, shall withdraw from the Capitalized Interest Fund on such Monthly Servicing and Administration Payment Date or Quarterly Distribution Date, as applicable, an amount equal to such deficiency and deposit such amount in the Collection Fund. On the May 2011 Quarterly Distribution Date, any amounts remaining in the Capitalized Interest Fund shall be transferred by the Trustee to the Collection Fund.
Capitalized Interest Fund. On the Issue Date, there shall be deposited to the Capitalized Interest Fund $1,540,000 from the proceeds of the sale of the Notes or other amounts deposited by the Corporation. On each Distribution Date or December 26, 2014, to the extent there are insufficient moneys in the Collection Fund received during the related Collection Period (or in the Collection Fund with respect to December 26, 2014) to make the transfers required by Section 5.02(b)(i) through (v) (Section 5.02(b)(i) through (b)(iv) only with respect to December 26, 2014) or Section 5.02(c) hereof, as applicable (other than transfers to repurchase Financed Student Loans from any Guaranty Agency or a Servicer as described in clause (a)(i) of the definition of Available Funds), the Corporation shall provide written instructions to the Trustee pursuant to Section 5.02(b) or 5.02(c) hereof, as applicable, and the Trustee shall, pursuant to such written instructions, withdraw from the Capitalized Interest Fund on such Distribution Date or December 26, 2014, as applicable, an amount equal to such deficiency and deposit such amount in the Collection Fund as specified. On the December 2015 Distribution Date, the Trustee will transfer any amounts remaining in the Capitalized Interest Fund to the Collection Fund.
Capitalized Interest Fund. The Trustee shall establish and maintain the Capitalized Interest Fund, amounts in which shall be used and withdrawn by the Trustee solely for the purpose of making transfer to the Interest Account to pay the interest on the Bonds. On each April 15 and October 15, commencing April 15, 2013, the Trustee shall transfer from the Capitalized Interest Fund to the Interest Account an amount equal to the interest due on the Series 2012C Bonds on such date.
Capitalized Interest Fund. Pursuant to Section 2.12 hereof, on the Date of Issuance, there shall be deposited into the Capitalized Interest Fund an amount equal to $1,944,584. On each Monthly Servicing Fee Payment Date, Monthly Administration Fee Payment Date or Quarterly Distribution Date, to the extent there are insufficient Available Funds in the Collection Fund to make one or more of the transfers required by Sections 5.04(b) (other than transfers to repurchase Eligible Loans from any Servicer or any Guaranty Agency as described in clause (a)(i) of the definition of Available Funds) and 5.04(c)(i) through (v) hereof, the Trustee, upon receipt of an Authority Order directing the same, shall withdraw from the Capitalized Interest Fund on such Monthly Servicing Fee Payment Date, Monthly Administration Fee Payment Date or Quarterly Distribution Date, as applicable, an amount equal to such deficiency and deposit such amount in the Collection Fund. On the August 2011 Quarterly Distribution Date, any amounts remaining in the Capitalized Interest Fund shall be transferred by the Trustee to the Collection Fund.
Capitalized Interest Fund. On the Date of Issuance, moneys shall be deposited to the Capitalized Interest Fund as set forth in Section 2.12 hereof. On each Monthly Servicing and Administration Payment Date or Quarterly Distribution Date, to the extent there are insufficient Available Funds in the Collection Fund to make one or more of the transfers required by Section 5.04(b) (other than transfers to repurchase Eligible Loans from any Servicer or any Guaranty Agency as described in clause (a)(i) of the definition of Available Funds) and Section 5.04(c)(i) through Section 5.04(c)(v) hereof, the Trustee, upon receipt of an Authority Order directing the same, shall withdraw from the Capitalized Interest Fund on such Monthly Servicing and Administration Payment Date or Quarterly Distribution Date, as applicable, an amount equal to such deficiency and deposit such amount in the Collection Fund. On the June 2012 Quarterly Distribution Date, any amounts remaining in the Capitalized Interest Fund shall be transferred by the Trustee to the Collection Fund and shall constitute Available Funds on such June 2012 Quarterly Distribution Date.
Capitalized Interest Fund. Moneys in the applicable account of the Capitalized Interest Fund shall be transferred automatically to the Debt Service Fund to pay interest on the STAR Bonds and Additional STAR Bonds during the period of construction and initial startup of the STAR Bond Improvements. Any moneys remaining on deposit in the Capitalized Interest Fund after the completion of construction of the STAR Bond Improvements and receipt by the Trustee of the Officer’s Certificate of the Developer Representative described in Section 4.03 hereof shall be transferred to the Debt Service Fund.
Capitalized Interest Fund. On the Issue Date, PIC shall deliver to the Trustee for deposit in the Capitalized Interest Fund $9,834,109.78 out of the loan by Panda Funding to PIC of the proceeds of the Series A Bonds. Subject to Section 4.4(e) of the Original Indenture, the Capitalized Interest Requirement with respect to the Initial Bonds shall be an amount equal to:(i) during the period beginning on the Issue Date to and including February 19, 1997, $9,834,109.77, (ii) during the period beginning February 20, 1997 to and including August 19,1997, $9,216,660.48, (iii) during the period beginning on August 20, 1997 to and including February 19, 1998, $8,028,359.78, (iv) during the period beginning on February 20, 1998 to and including August 19, 1998, $6,795,312.78, (v) during the period beginning August 20,1998 to and including February 19, 1998, $3,410,003.73, (vi) during the period beginning February 20, 1999 to and including February 19, 2001, $106,613.80, (vii) during the period beginning on February 20, 2001 to and including August 19, 2001 $35,286.92 and (viii) thereafter the Capitalized Interest Requirement with respect to the Initial Bonds shall be zero. Monies from time to time held on deposit in the Capitalized Interest Fund shall be transferred to the Debt Service Fund on the Interest Payment Dates on February 20, 1997, August 20, 1997, February 20, 1998, August 20, 1998, February 20, 1999, August 20, 2000 and February 20, 2001 in the amounts of $617,449.30, $1,188,300.70, $1,233,047.00, $3,385,309.05, $3,303,389.93, $7l,326.88 and $35,286.92, respectively.
