Liquidating Account definition

Liquidating Account means a budget account that records all cash flows to and from the Government resulting from pre–1992 direct loan obligations or loan guarantee commitments (unless they have been modified and transferred to a financing account). Liquidating account collections in any year are available only for obligations incurred during that year or to repay debt. In general, all liquidating account transactions are classified as mandatory. Collections credited to a liquidating account include: • Interest;• Loan repayments and prepayments;• Payments from financing accounts when required for modifications;• Proceeds from the sales of loans; and• Fees. These collections are available only for: • Interest payments and repayment of debt;• Disbursements of loans;• Default and other guarantee claim payments;• Interest supplement payments;• Cost of foreclosing, managing, and selling collateral that is capitalized or routinely deducted from the proceeds of sales;• Payments to financing accounts when required for modifications;• Administrative expenses, but only if (1) amounts credited to the liquidating accounts would have been available for administrative expenses under a provision of law in effect prior to October 1, 1991, and (2) no direct loan obligations or loan guarantee commitments have been made, or any modification of a direct loan or loan guarantee has been made, since September 30, 1991; and• Other payments that are necessary for the liquidation of pre–1992 direct loan obligations and loan guarantee commitments. Amounts credited to liquidating accounts in any year are only available for obligations that are incurred in that year (the outlay may occur in a subsequent year) and for repayment of debt. Any remaining unobligated balances at the end of the fiscal year are unavailable for obligation in subsequent fiscal years and must be transferred to the general fund at the end of the fiscal year unless an extension has been approved by OMB (see section 51.14). The FCRA provides permanent indefinite authority to cover obligations and commitments in the event that funds in liquidating accounts are otherwise insufficient. If the liquidating account's obligations will exceed its collections during the year, the agency must request an apportionment and warrant of permanent indefinite authority estimated to be needed for the fiscal year, before the beginning of the current fiscal year. The liquidating account status of direct and/or guaranteed loans schedule reflects disburseme...
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Liquidating Account means the Rural Telephone Bank Liquidating Account, as identified by Treasury account code 12-4231-0-3-452.
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Liquidating Account means a segregated account established and maintained in accordance with Article 8.
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Examples of Liquidating Account in a sentence

  • The Holder acknowledges and agrees that the Government, upon acquisition of the Bank’s loan portfolio, shall make no further advances on the Liquidating Account Loan(s) and that unadvanced Liquidating Account Loan funds are hereby rescinded.

  • From funds in the Liquidating Account, the Bank shall redeem at par all of the Holder’s Class B Stock, in the amount specified in Schedule II hereto, pursuant to the terms of Section 411 of the Act and Section 2.2 of the Bylaws and shall cancel such Class B Stock.


More Definitions of Liquidating Account

Liquidating Account means a segregated account established and maintained in accordance with Article 8 primarily in order to facilitate the liquidation and pricing of the assets contained therein for the benefit of the Participating Trust participating therein.
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Liquidating Account means an account established under Section 5.4.
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Liquidating Account means an account established under Section 5.10 for the liquidation of assets.
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Related to Liquidating Account

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

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

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Certificate Distribution Account has the meaning assigned to such term in the Trust Agreement.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Note Distribution Account means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii).

  • Prefunding Account The separate Eligible Account created and maintained by the Trustee pursuant to Section 3.06(g) 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 Home Equity Asset Trust 2004-2, Home Equity Pass-Through Certificates, Series 2004-2. 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.

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

  • Administrative fund means that Fund established by Section 6.1 and administered pursuant to Section 6.9.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Distribution Account means the Bank Account (which may be a current, saving or deposit account) maintained by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holder(s) shall be transferred. Interest, income or profit, if any, including those accruing on unclaimed dividends, in this account shall be transferred to the main account of the Fund from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).

  • Disbursement Account means an account established and owned by Company and held at the Disbursement Institution against which wire transfers and ACH transfers are settled for payment of Loan Proceeds to Borrowers.

  • Principal Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Principal Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.