Initial Interest Coverage Account definition

Initial Interest Coverage Account. The Initial Interest Coverage Account established pursuant to Section 4.02.
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Initial Interest Coverage Account. The Initial Interest Coverage Account established pursuant to Section 4.02. Initial Interest Deposit: $638,716.15
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Initial Interest Coverage Account. The Initial Interest Coverage Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Initial Interest Coverage Account will be treated as owned by the Seller and will be taxable to the Seller. The amount on deposit in the Initial Interest Coverage Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05.
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Examples of Initial Interest Coverage Account in a sentence

  • Any investment earnings on the Initial Interest Coverage Account will be treated as owned by the Seller and will be taxable to the Seller.

  • The amount on deposit in the Initial Interest Coverage Account shall be invested in Eligible Investments in accordance with the provisions of Section 5.05.

  • The Initial Interest Coverage Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC.

  • Collectively, the Collection Account, the Initial Interest Coverage Account, the Pre-Funding Account and the Distribution Account.

  • Moreover, additional servicing compensation in the form of prepayment penalties or late payment charges or other receipts not required to be deposited in the Collection Account, including, without limitation, Foreclosure Profits and, subject to Section 5.05, investment income on the Accounts (other than the Initial Interest Coverage Account) shall be retained by the Servicer.

  • The Servicer shall deposit in the Collection Account, the Distribution Account or the Initial Interest Coverage Account, as the case may be, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.

  • The Servicer shall deposit in the Collection Account or the Initial Interest Coverage Account, as the case may be, the amount of any loss incurred in respect of any Eligible Investment held therein which is in excess of the income and gain thereon immediately upon realization of such loss, without any right to reimbursement therefore from its own funds.

  • The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover Fund, the Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing.

  • The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the Pre-Funding Account, the Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing.

  • Collectively, the Collection Account, the Initial Interest Coverage Account, the Funding Account and the Distribution Account.

Related to Initial Interest Coverage Account

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Principal Funding Account Balance means, with respect to any date of determination during the Controlled Accumulation Period, the principal amount, if any, on deposit in the Principal Funding Account on such date of determination.

  • Principal Accumulation Account Balance means, for any date of determination, the principal amount, if any, on deposit in the Principal Accumulation Account on such date of determination.

  • Interest Coverage Amount The amount to be paid by the Depositor to the Trustee for deposit into the Interest Coverage Account on the Closing Date pursuant to Section 4.08, which amount is $____________.

  • Interest Funding Account shall have the meaning specified in subsection 4.2(b).