Common use of Transition Account Clause in Contracts

Transition Account. Pending deposit in the Deposit Accounts or other application as provided herein, all Cash Collateral received by BNPPLC shall be deposited directly into, and credited to and held by BNPPLC in, an account maintained by BNPPLC in its own name with BNPPLC’s Parent (the “Transition Account”), but held for the benefit of BNPPLC and the Participants separate and apart from all other property and funds of BNPPLC, LRC or other Persons, and no other property or funds shall be deposited in the Transition Account. The books and records of BNPPLC shall reflect that the Transition Account and all Cash Collateral on deposit therein are owned by LRC, subject to a pledge and security interest in favor of BNPPLC for the benefit of BNPPLC and Participants.

Transition Account. Pending deposit in the Deposit Accounts or other application as provided herein, all Cash Collateral received by BNPPLC shall be deposited directly into, and credited to and held by BNPPLC in, in an account maintained by BNPPLC in its own name with BNPPLC’s Parent (the “Transition Account”), but held for the benefit of BNPPLC BNP Paribas Leasing Corporation and the Participants separate and apart from all other property and funds of BNPPLC, LRC or other Persons, and no other property or funds shall be deposited in the Transition Account. The books and records of BNPPLC shall reflect that the Transition Account and all Cash Collateral on deposit therein are owned by LRC, subject to a pledge and security interest in favor of BNPPLC for the benefit of BNPPLC and Participants.