Interest Subaccount definition

Interest Subaccount means the Interest Subaccount of the Interest Account of the Redemption Fund, created by the Notes Supplemental Resolution and held by the Issuing and Paying Agent.

Interest Subaccount means a subaccount of the Collection Account established and maintained by the Trustee, for purposes of administering certain of the allocations and payments provided for under the Agreement, to which amounts constituting Available Imputed Yield Collections which are deposited in the Collection Account shall be credited until withdrawn from the Collection Account.

Interest Subaccount means a subaccount of the Debt Service Account reaffirmed by the provisions hereof for the purpose of paying the interest on the Note and any Parity Lien Obligations.

Examples of Interest Subaccount in a sentence

• The Certificate Administrator shall deposit amounts constituting collections of Excess Interest on the Mortgage Loans into the Excess Interest Sub-account.

• The Paying Agent shall deposit amounts constituting collections of Excess Interest on the Mortgage Loans into the Excess Interest Sub-account.

• The Excess Interest Sub-account and the Reserve Account shall be deemed sub-accounts of the Distribution Account.

• The assets of the Class EI Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Loans and the related amounts in the Excess Interest Sub-account, shall be held by the Trustee for the benefit of the Holders of the Class EI Certificates, which Class EI Certificates will evidence 100% beneficial ownership of the related assets from and after the Closing Date.

• The parties intend that the portions of the Trust consisting of Excess Interest and the Excess Interest Sub-account shall constitute, and that the affairs of the Trust (exclusive of the REMIC Pools) shall be conducted so as to qualify such portions as, a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention.

More Definitions of Interest Subaccount

Interest Subaccount means that part of an Account maintained for a Director which shall be treated as if invested in an account paying interest at the prime rate as reported on the last business day of each calendar quarter in The Midwest Edition of T he Wall Street Journal.

Interest Subaccount shall have the meaning set forth in Section 1 of the Collateral Trust Agreement.

Interest Subaccount means that part of an Account maintained for a Director which shall be treated as if invested in an account paying interest at one hundred twenty percent (120%) of the applicable federal long-term rate as published by the Internal Revenue Service for the last month of each calendar quarter.

Interest Subaccount has the meaning set forth in Section 3.1(a).

Interest Subaccount means a subaccount of the Bond Account established by the provisions hereof for the purpose of paying the interest on the Prior Bonds, the Bonds and any Parity Lien Bonds.

Interest Subaccount means the subaccount of the Debt Service Account so designated and established by this Master Bond Resolution.

Interest Subaccount means the interest subaccount of the Indenture Trustee Payment Account where the Trustee shall transfer the Interest Amount on each Transfer Date.