Liquidating Account means a budget account that records all cash flows to and from the Government resulting from pre–1992 direct loan obligations or loan guarantee commitments (unless they have been modified and transferred to a financing account). Liquidating account collections in any year are available only for obligations incurred during that year or to repay debt. In general, all liquidating account transactions are classified as mandatory. Collections credited to a liquidating account include: • Interest;• Loan repayments and prepayments;• Payments from financing accounts when required for modifications;• Proceeds from the sales of loans; and• Fees.These collections are available only for: • Interest payments and repayment of debt;• Disbursements of loans;• Default and other guarantee claim payments;• Interest supplement payments;• Cost of foreclosing, managing, and selling collateral that is capitalized or routinely deducted from the proceeds of sales; • Payments to financing accounts when required for modifications;• Administrative expenses, but only if (1) amounts credited to the liquidating accounts would have been available for administrative expenses under a provision of law in effect prior to October 1, 1991, and (2) no direct loan obligations or loan guarantee commitments have been made, or any modification of a direct loan or loan guarantee has been made, since September 30, 1991; and • Other payments that are necessary for the liquidation of pre–1992 direct loan obligations and loan guarantee commitments. Amounts credited to liquidating accounts in any year are only available for obligations that are incurred in that year (the outlay may occur in a subsequent year) and for repayment of debt. Any remaining unobligated balances at the end of the fiscal year are unavailable for obligation in subsequent fiscal years and must be transferred to the general fund at the end of the fiscal year unless an extension has been approved by OMB (see section 51.13). The FCRA provides permanent indefinite authority to cover obligations and commitments in the event that funds in liquidating accounts are otherwise insufficient. If the liquidating account's obligations will exceed its collections during the year, the agency must request an apportionment and warrant of permanent indefinite authority estimated to be needed for the fiscal year, before the beginning of the fiscal year. The liquidating account status of direct and/or guaranteed loans schedule reflects disbursements and...
Liquidating Account means a segregated account established and maintained in accordance with Article 8 primarily in order to facilitate the liquidation and pricing of the assets contained therein for the benefit of the Participating Trust participating therein.
Liquidating Account means the Rural Telephone Bank Liquidating Account, as identified by Treasury account code 12-4231-0-3-452.
Examples of Liquidating Account in a sentence
The Holder acknowledges and agrees that the Government, upon acquisition of the Bank’s loan portfolio, shall make no further advances on the Liquidating Account Loan(s) and that unadvanced Liquidating Account Loan funds are hereby rescinded.
From funds in the Liquidating Account, the Bank shall redeem at par all of the Holder’s Class B Stock, in the amount specified in Schedule II hereto, pursuant to the terms of Section 411 of the Act and Section 2.2 of the Bylaws and shall cancel such Class B Stock.
More Definitions of Liquidating Account
Liquidating Account means a segregated account established and maintained in accordance with Article 8.
Liquidating Account means an account established under Section 5.4.
Liquidating Account means an account established under Section 5.10 for the liquidation of assets.