Examples of Initial Deposit Account in a sentence
Any investment earnings on funds in the Initial Deposit Account shall be treated as owned by the Depositor and will be taxable to the Depositor.
The Trustee shall be required to withdraw such earnings from the Initial Deposit Account and remit the same to the Depositor on the first Distribution Date (or as soon as received if such funds are not available on such Distribution Date), and shall thereupon terminate such account.
On the Closing Date, the Depositor shall remit or cause to be remitted to the Trustee, for deposit in the Initial Deposit Account, and the Trustee shall deposit the Initial Deposit, to the extent received by it, into the Initial Deposit Account.
On behalf of the Trust Fund, the Trustee shall establish and maintain the Initial Deposit Account, held in trust for the benefit of Certificateholders.
The Initial Deposit Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and shall not be part of any Trust REMIC.