Principal Subaccount definition

Principal Subaccount means the Principal Subaccount established pursuant to Section 4 of this Proceeds Agreement for each Locality.

Principal 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which amounts constituting Principal Collections which are deposited in the Collection Account shall be credited until withdrawn from the Collection Account.

Principal Subaccount means a subaccount of the Debt Service Account reaffirmed by the provisions hereof for the purpose of paying the principal of and premium, if any, on the Note and any Parity Lien Obligations.

Examples of Principal Subaccount in a sentence

• In order to determine if a Locality qualifies for either the Six-Month Exception or the Eighteen-Month Exception, the Investment Manager shall advise each Locality and VPSA of the amount that has been disbursed from the Principal Subaccount and the Income Subaccount of such Locality (a) six (6) months from the Closing Date, (b) twelve (12) months from the Closing Date, and (c) eighteen (18) months from the Closing Date.

• The Investment Manager shall credit to the Locality's Income Subaccount all income and profits from the investment and reinvestment of moneys to the credit of its respective Principal Subaccount.

• Money in the Principal Subaccount and the Interest Subaccount shall be used only for payment of the principal of and interest on the Bonds as such payments become due or to redeem Bonds.

• To the extent that the amount on deposit in the Income Subaccount exceeds the sum of the Locality Rebate Requirement and Yield Reduction Payment for the Locality, such excess shall be transferred to the Principal Subaccount of the Locality.

• The Investment Manager will notify a Locality and VPSA when the balance to the credit of the Principal Subaccount of such Locality shall have been reduced to zero ($0).

More Definitions of Principal Subaccount

Principal Subaccount shall have the meaning set forth in Section 5.1 of the Collateral Trust Agreement.

Principal Subaccount means, with respect to any Series -------------------- of Notes, the subaccount of the Collection Account established under the related Indenture Supplement for the amortization of principal of such Notes.

Principal Subaccount means the subaccount by that name within the Redemption Account established under Section 3.03.

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

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

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

Principal Subaccount means the subaccount within the Trust Account established pursuant to Section 2.02(a)(ii).