Examples of Excess Funds Subaccount in a sentence

Initially the Collection Account shall be divided into three subaccounts, which need not be separate accounts: a general subaccount (the “General Subaccount”); an excess funds subaccount (the “Excess Funds Subaccount”); and a capital subaccount (the “Capital Subaccount” and, together with the General Subaccount and the Excess Funds Subaccount, the “Subaccounts”).
No Excess Remittance shall be withdrawn from the Collection Account if such withdrawal would cause the amounts on deposit in the General Subaccount or the Excess Funds Subaccount to be insufficient for the payment of the next installment of interest or principal due at maturity on the next Payment Date or upon acceleration on or before the next Payment Date on the Storm Recovery Bonds.
The Collection Account will consist of three subaccounts: a general subaccount (the “General Subaccount”), an excess funds subaccount (the “Excess Funds Subaccount”) and a capital subaccount (the “Capital Subaccount” and, together with the General Subaccount and the Excess Funds Subaccount, the “Subaccounts”).
In addition, if on any Payment Date funds on deposit in the General Subaccount are insufficient to make the allocations contemplated by Section 8.02(e)(ix), the Indenture Trustee shall draw, solely in accordance with the related Semi-Annual Servicing Certificate, any amounts on deposit in the Excess Funds Subaccount to make such allocations to the Capital Subaccount.

More Definitions of Excess Funds Subaccount

Excess Funds Subaccount with respect to the Bonds, has the meaning specified in Section 8.02(a) of the Indenture and, with respect to any Additional Bonds, the meaning set forth in the applicable Additional Indenture.

Excess Funds Subaccount. Balance: c)

Excess Funds Subaccount means any residual or excess funds subaccount of the Collection Account other than the Reserve Subaccount.

Funding Account has the meaning assigned to such term in Section 4.01(h).
Excess Funds shall have the meaning set forth in Section 2(l) of this Agreement.
Specified Reserve Account Balance means, for any Payment Date, an amount equal to 2.00% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0.
Capital Subaccount is defined in Section 8.02(a) of the Indenture.
Subaccount means any subaccount designated and established hereunder.
Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.