Refunding Escrow definition

Refunding Escrow means one or more funds established as part of a single transaction, or a series of related transactions, containing Proceeds of a Refunding Issue and any other amounts to be used to pay Debt Service on Refunded Bonds of one or more issues.
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Refunding Escrow means one or more funds established as part of a single transaction or a series of related transactions, containing proceeds of a Refunding Issue and
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Refunding Escrow means one or more funds established as part of a single transaction or a series of related transactions, containing proceeds of a Refunding Issue and any other amounts to provide for payment of principal or interest on one or more Prior Issues. For this purpose, funds are generally not so established solely because of
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Examples of Refunding Escrow in a sentence

  • Except for the initial investment in the Government Obligations, the Trustee shall not have any power or duty to invest or reinvest any money held in the Refunding Escrow Account, or to make substitutions of the Government Obligations, or to sell, transfer, or otherwise dispose of the Government Obligations.

  • Solely for the benefit of the owners of the Refunded Certificates, the Trustee shall establish a separate account named the “State of Washington Certificates of Participation, Series 20 Refunding Escrow Account,” which consists of the accounts shown in Exhibits B-1 through B- (collectively, the “Refunding Escrow Account”), and shall carry out the Refunding Plan in accordance with this Section 3.04.

  • Such deposit, all proceeds therefrom, and all cash balances on deposit therein (a) shall be the property of the Refunding Escrow Account, (b) shall be applied only in strict conformity with the terms of this Trust Agreement, and (c) are hereby irrevocably pledged to the payment of the Refunded Certificates on the applicable payment and prepayment dates as set forth in the Refunding Plan.

  • When the Refunded Certificates have been paid in accordance with the Refunding Plan, any balance then remaining in the Refunding Escrow Account shall be transferred to the State Treasurer and the Trustee shall thereupon be discharged from any further duties with respect to the Refunding Escrow Account.

  • On the Closing Date, the Trustee shall deposit in the Refunding Escrow Account proceeds of the Certificates received from the State Treasurer and use such proceeds to establish the cash balances and to purchase the Government Obligations described in Exhibits B-1 through B- .


More Definitions of Refunding Escrow

Refunding Escrow means one or more funds established as part of a single transaction or a series of related transactions, containing proceeds of a Refunding Issue and any other amounts to provide for payment of principal or interest on one or more Prior Issues. For this purpose, funds are generally not so established solely because of (i) the deposit of Proceeds of an issue and Replacement Proceeds of the Prior Issue in an escrow more than 6 months apart, or (ii) the deposit of Proceeds of completely separate issues in an escrow.
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Refunding Escrow means the Refunding Escrow established pursuant to the 2013 Escrow Agreement.
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Related to Refunding Escrow

  • Prefunding Account The separate Eligible Account created and maintained by the Trustee pursuant to Section 3.06 in the name of the Trustee for the benefit of the Certificateholders and designated "U.S. Bank National Association, in trust for registered holders of CSFB Mortgage Pass-Through Certificates, CSFB ABS Trust Series 2001-HE12" Funds in the Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Prefunding Account shall be for the account of the Depositor.

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Initial Deposit shall have the meaning set forth in Section 2.5(a).

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the March 2021 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the September 2021 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferors may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • Prepayment Account for any Class of Loans shall mean an account (which may include the Prepayment Account established under the Security Agreement) established by the Borrower with the Collateral Agent and over which the Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal for application in accordance with this subsection (viii). The Collateral Agent will, at the request of the Borrower, invest amounts on deposit in the Prepayment Account for any Class of Loans in Cash Equivalents that mature prior to the last day of the applicable Interest Periods of the Eurodollar Loans of such Class to be prepaid; provided, however, that (i) the Collateral Agent shall not be required to make any investment that, in its sole judgment, would require or cause the Collateral Agent to be in, or would result in any, violation of any Law, (ii) such Cash Equivalents shall be subjected to a First Priority Lien in favor of the Collateral Agent and (iii) if any Event of Default shall have occurred and be continuing, the selection of such Cash Equivalents shall be in the sole discretion of the Collateral Agent. The Borrower shall indemnify the Collateral Agent for any losses relating to such investments in Cash Equivalents so that the amount available to prepay Eurodollar Loans on the last day of the applicable Interest Periods is not less than the amount that would have been available had no investments been made pursuant thereto. Other than any interest or profits earned on such investments, the Prepayment Accounts shall not bear interest. Interest or profits, if any, on the investments in any Prepayment Account shall accumulate in such Prepayment Account until all outstanding Loans of any applicable Class with respect to which amounts have been deposited in the Prepayment Accounts have been prepaid in full, at which time so much thereof as is not required to make payment of the Senior Credit Obligations which have become due and payable (whether by scheduled maturity, acceleration or otherwise) shall be withdrawn by the Collateral Agent on the next Business Day following the day on which the Collateral Agent considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order. If the maturity of the Loans has been accelerated pursuant to Section 8.02, the Administrative Agent may, in its sole discretion, cause the Collateral Agent to withdraw amounts on deposit in the Prepayment Account for the applicable Class of Loans and, subject to Section 8.03, apply such funds to satisfy the Senior Credit Obligations of the applicable Class or Classes.