Interest Retention Accounts definition

Interest Retention Accounts means a SEK bank account and a EUR bank account opened by the Issuer with a reputable Nordic bank, on which an amount equal to the first twelve (12) months' Interest on the Bonds and the Senior Bonds shall be deposited at the disbursement date. The Interest Retention Accounts shall be blocked and pledged in favour of the Trustee (on behalf of the Bondholders and the Senior Bondholders), and the account bank shall waive any set-off rights to such account.
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Interest Retention Accounts means blocked accounts opened by the Issuer on which an amount equal to 12 month's interest payments on the Bonds shall be deposited and subsequently used to pay Interest on the Bonds during the first 12 months after the First Issue Date.
Sample 1
Interest Retention Accounts means the accounts nominated in NOK and SEK respectively and held by the Issuer with a bank registered in Norway which is acceptable to the Trustee and the Issuer. The Interest Retention Accounts shall be pledged on a first priority basis and blocked in favour of the Trustee, and the Issuer shall procure that the bank waives any set-off rights. The amounts on the Interest Retention Accounts shall only be used for payment of Interest in accordance with the terms of these Terms and Conditions.
Sample 1

Examples of Interest Retention Accounts in a sentence

  • For this reason the training of teachers, particularly of those who live in disadvantaged areas, is still a crucial issue for the Brazilian school system.In this context, in 2005 started the three-year project named BET K-12 – Brazilian eLearning Teacher Training in K-12.

  • Principle 22: Market Participants should communicate Market Colour appropriately and without compromising Confidential Information.

  • At t=100s a stepload is introduced by setting Pmax = 2, Pmin = 0.4 for all consumers.

Related to Interest Retention Accounts

  • Collection Accounts As defined in Section 3.10(a).

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Collection Account Agreement means an agreement substantially in the form of Exhibit VI among Originator, Seller, the Agent and a Collection Bank.

  • Note Payment Account means the account established and maintained as such pursuant to Section 4.1(b).

  • Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.

  • Completion Accounts has the meaning given in paragraph 1 of Schedule 4;

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Note Distribution Account means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii).