Examples of Principal Distribution Account in a sentence
No checks shall be issued, printed or honored with respect to the Principal Distribution Account.
The Principal Distribution Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero.
The Servicer also will be entitled to receive investment earnings (net of investment losses and expenses) on funds deposited in the Collection Account and the Principal Distribution Account during each Collection Period.
The Interest Distribution Account and the Principal Distribution Account are established and maintained solely for administrative purposes.
So long as the Indenture Trustee shall be the Paying Agent, the Indenture Trustee shall make payments of principal on the Notes from amounts deposited into the Principal Distribution Account and shall make payment of interest on the Notes from amounts deposited into the Collection Account; provided, however, that if the Owner Trustee has removed the Indenture Trustee as the Paying Agent, the Indenture Trustee shall distribute such amounts to the Paying Agent as instructed by the Owner Trustee.
More definitions of Principal Distribution Account
Principal Distribution Account means the account designated as such, established and maintained pursuant to Section 5.01 of the Sale and Servicing Agreement.