Loan Repayment Account. (a) All amounts pledged pursuant to paragraphs 5(b), 5(c), and 5(d) of this Contract shall be deposited immediately on receipt in a separate identifiable custodial account (the "Loan Repayment Account") with a financial institution whose deposits or accounts are Federally insured. The Loan Repayment Account shall be established and designated as prescribed in the attached form document entitled "Letter Agreement for Section 108 Loan Guarantee Program Custodial Account" (Attachment l) and shall be maintained for such pledged funds. The Loan Repayment Account need only be established if and when the Borrower receives amounts pledged pursuant to paragraph 5(b), 5(c) or 5(d). Such Letter Agreement must be executed when the Loan Repayment Account is established. (A fully executed copy of such Letter Agreement shall be submitted to the Secretary within thirty days of its execution.) Borrower shall make withdrawals from said account only for the purpose of paying interest and principal due on the Note (including the purchase of Government Obligations in accordance with paragraph 10 hereof), for payment of any other obligation of the Borrower under this Contract or the Fiscal Agency/Trust Agreements, or for the temporary investment of funds pursuant to this paragraph, until final payment and discharge of the indebtedness evidenced by the Note, unless otherwise expressly authorized by the Secretary in writing. Such temporary investment of funds shall be required within three Business Days after the balance of deposited funds exceeds the amount of the Federal deposit insurance on the Loan Repayment Account. At that time, any balance of funds in the Loan Repayment Account exceeding such insurance coverage shall be fully (100%) and continuously invested in Government Obligations, as defined in paragraph 10 hereof. All temporary investments, whether or not required as above, shall be limited to Government Obligations having maturities that are consistent with cash requirements for payment of principal and interest as required under the Note. In no event shall the maturities of such investments exceed one year. All such investments shall be held in trust for the benefit of the Secretary by the above financial institution in an account (the "Loan Repayment Investment Account") established and designated as prescribed in the attached form document entitled "Letter Agreement for Section 108 Loan Guarantee Program Custodial Investment Account" (Attachment 2), which account ...
Loan Repayment Account. A. The Borrower shall open and maintain an account (“Loan Repayment Account”) in the name of the Monetary Claim Trustee with the Facility Agent to transfer repayments from the Borrower’s Operating Account for debt service of the Loan and to receive the Interest Reserve Commitment and prepayments.
B. The Borrower shall make any prepayments including any and all sum of money to be used as resources of Mandatory Prepayment deposited with the Loan Repayment Account.
C. In case of voluntary prepayment, the Borrower shall make the voluntary prepayment by depositing the applicable prepayment amount into the Loan Repayment Account.
D. The Borrower shall apply the funds deposited with the Loan Repayment Account only to debt service of the Loan.
E. Other than the matters specified in this Section, management and application of the funds deposited with the Loan Repayment Account shall be in accordance with the Monetary Claim Trust Agreement.
Loan Repayment Account. The Agency may establish a Loan Repayment Account for the purpose of matching Pledged Revenues to Loan Repayments. If at any time the Agency has advance notice that it will not be able to pay any Loan Payment when due, the Agency shall immediately notify the Department of such inability to make the required payment.
Loan Repayment Account. (a) All amounts pledged pursuant to paragraphs 5(b), 5(c), and 5(d) of this Contract shall be deposited immediately on receipt in a separate identifiable account (the "Loan Repayment Account") with a financial institution whose deposits or accounts are Federally insured. The Loan Repayment Account shall be established and designated as prescribed in the attached form document entitled "Letter Agreement for Section 108 Loan Guarantee Program Deposit Account" (Attachment 1) and shall be maintained for such pledged funds. The Loan Repayment Account need only be established if and when the Borrower receives amounts pledged pursuant to paragraph 5(b), 5(c) or 5(d). Such Letter Agreement must be executed when the Loan Repayment Account is established, and an original of this Letter Agreement signed by the Borrower and the financial institution shall be submitted by the Borrower to the Secretary with this signed Contract.
