Excess Earnings Account definition
Examples of Excess Earnings Account in a sentence
For each issue (as defined in the Regulations) of Tax Exempt Notes, a separate subaccount shall be established in the Rebate Account and the Excess Earnings Account.
No later than thirty (30) days after the day on which the last Bond is paid or redeemed, the Company will transfer to the Trustee for payment to the United States Government an amount that, when added to any amount held in the Excess Earnings Account on such date plus all prior payments under this Section 3.6, equals 100% of the Rebate Amount for the period from the date of issuance through the retirement date.
Immediately thereafter, the Company will instruct the Trustee in writing to transfer such Investment Excess (to the extent not previously expended to pay Project Costs or debt service on the Bonds) from the General Earnings Account to the Excess Earnings Account of the Earnings Fund.
If, immediately following payment of all interest and principal due on the Bonds on the last Interest Payment Date of any Bond Year, any monies remain on deposit in the General Earnings Account of the Earnings Fund, the Company shall instruct the Trustee to transfer such monies, up to the annual amount of Investment Excess computed on such date, to the Excess Earnings Account of the Earnings Fund.
Pursuant to the terms of, and on the conditions set forth in the Indenture, the Authority has authorized and directed the Trustee to disburse amounts in the General Earnings Account and the Excess Earnings Account of the Earnings Fund and amounts in the Construction Fund for the payment of Project Costs or to reimburse the Company for any Project Costs incurred by it.