Equalization Account definition

Equalization Account is defined in Section 4.2 of the Pooling Agreement.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Equalization Account shall have the meaning specified in subsection 4.2(d).

Equalization Account is defined in SECTION 4.2 of the Pooling Agreement.

Examples of Equalization Account in a sentence

• On the first day of the Amortization Period or an Early Amortization Period, Servicer shall instruct Trustee to transfer the entire balance in the Equalization Account to the Principal Funding Account.

• Pursuant to the authority granted to the Servicer herein, the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments from the Equalization Account for the purpose of carrying out the Servicer's or Trustee's duties hereunder.

• The Servicer will apply or will instruct the Trustee to apply all funds on deposit in the Collection Account and the Equalization Account allocable to the Series 1997-1 Variable Funding Certificates, and all funds on deposit in the Interest Funding Account, the Principal Account, the Spread Account and the Distribution Account maintained for this Series, as described in this Article IV.

• In addition, after the Invested Amount has been repaid in full and all interest and Additional Amounts owed to the Holders and the Agent have been paid, any additional funds on deposit in the Carrying Cost Account, the Equalization Account or the Principal Funding Account shall similarly be paid to Transferor, at or before 2:00 p.m., New York City time, in respect of the Transferor Certificate.

• Amounts on deposit in the Equalization Account on any Business Day will be invested by the Servicer (or, at the direction of the Transferor, by the Trustee) on behalf of the Transferor in Cash Equivalents which shall mature and be available on or before the next Business Day on which amounts may be released from the Equalization Account.

More Definitions of Equalization Account

Equalization Account means the Common Investment Fund Equalization Account

Equalization Account shall have the meaning ascribed such term in the applicable Series Supplement.

Equalization Account and into which funds will from time to time be transferred from the Master Collection Account to compensate for fluctuations in the Base Amounts for the outstanding Series and Purchased Interests; and

Equalization Account has the meaning set forth in Section 1.1 of the Pooling and Servicing Agreement.

Equalization Account means an account of the Seller maintained at Fleet to which the Agent has sole access and which shall be pledged to the Purchaser for the benefit of the Purchaser and the Liquidity Banks into which funds are deposited in accordance with Sections 1.2, 1.6 and 1.7 hereof.

Equalization Account means the account established by the Agent, for the benefit of the Company and the Bank Investors, pursuant to Section 2.5(b).

Equalization Account shall refer to benefits related to the Savings Plan and the ESOP. Each plan year beginning January 1, 1994 and continuing for the term of this agreement, the equalization account shall be credited with the sum of (a) and (b) below: (a) With respect to the Savings Plan, a percentage shall be determined each year equal to the 401(k) deferral percentage for the Employee, multiplied by 25%. In no event shall such percentage exceed the employer matching percentage multiplied by the maximum percentage of compensation which is subject to matching in that year (e.g. 25% x 6.0% = 1.5%). Such percentage shall be multiplied by the Employee's Excess Compensation to determine the equalization credit for that year. (b) With respect to the ESOP, a percentage shall be determined each year equal to the contributions and forfeitures allocated to the Employee under the ESOP for the plan year, divided by the Employee's compensation (as limited by Code Section 401(a)(17)) for that year. Such percentage shall be multiplied by the Employee's Excess Compensation to determine the equalization credit for that year.