Subordinate Interest Account definition

Subordinate Interest Account means the Subordinate Interest Account in the Subordinate Bond Fund established in Section 5.01.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Subordinate Interest Account means the Subordinate Interest Account of the Subordinate Bond Fund established by Section 3.02 hereof for the purpose of paying the interest on the Bonds.

Subordinate Interest Account means the Account by that name created within the Interest Fund by Section 5.01 hereof and further described in Section 5.05 hereof.

Examples of Subordinate Interest Account in a sentence

• Any amounts deposited in the Subordinate Sinking Fund Account and not applied within twelve (12) months of their date of deposit to the purchase or redemption of Subordinate Indebtedness (except if held in accordance with Section 11.01 hereof) shall be transferred to the Subordinate Interest Account.

• On or before the date on which (x) regularly scheduled payments under a Hedge Agreement or Qualified Swap are due or (y) payments or reimbursements to an Enhancement Facility Provider are to be made, in each case relating to Subordinate Indebtedness, the Trustee shall pay to the persons entitled thereto from funds on deposit in the Subordinate Interest Account the corresponding amounts owing to such persons on such date.

• The money in the Subordinate Interest Account of the Interest Fund required for the payment of interest on any Subordinate Notes and to pay any Issuer Swap Payments secured on a parity with the Subordinate Notes shall be applied in accordance with this Section by the Trustee to the payment of such interest or Issuer Swap Payments when due without further authorization or direction.

More Definitions of Subordinate Interest Account

Subordinate Interest Account means the account within the Revenue Fund so defined in

Subordinate Interest Account means the Account by that name created within the Interest Fund by the Indenture and further described in the Indenture and under "Security and Sources of Payment for the Notes."

Subordinate Interest Account means the special and separate account designated as the Kenton County Airport Board Subordinate Interest Account in the Subordinate Bond Fund created pursuant to Section 6.01 hereof.