Examples of Transition Account in a sentence
The books and records of Agent shall reflect that the Transition Account and all Cash Collateral on deposit therein are owned by NAI, subject to a pledge and security interest in favor of Agent for the benefit of BNPLC and Participants.
Pending deposit in the Accounts or other application as provided herein, all Cash Collateral received by Agent shall be credited to and held by Agent in an account (the "TRANSITION ACCOUNT") styled "NAI Collateral Account, held for the benefit of BNP Leasing Corporation and the Participants," separate and apart from all other property and funds of NAI 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.
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.
A Terminated Participant's non-vested Account balance shall be held in the Transition Account and invested in interest bearing deposits (which may include interest bearing deposits of the Trustee) and/or money market type assets or funds.
In accordance with Section 10.01 of the Standard Terms, the Trustee will make an election to treat all of the assets of the Trust (except the Pre-Funding Account, the Capitalized Interest Account, the Certificateholders' Interest Carryover Account, the Servicing Transition Account, and the Certificate Account), as three real estate mortgage investment conduits (each, a "REMIC" and, individually, the "Pooling REMIC," the "Intermediate REMIC" and the "Issuing REMIC") for federal income tax purposes.
On the Effective Date and each Business Day thereafter, including each Base Rent Date, LRC must deliver to BNPPLC for deposit directly into the Transition Account, or (if directed to do so by BNPPLC) deliver to Deposit Takers for deposit directly into the Deposit Accounts, in either case subject to the pledge and security interest created hereby, funds as Cash Collateral then needed (if any) to cause the Value of the Cash Collateral to be no less than the Minimum Collateral Value.
As soon as practicable following the Transition Date, ElderCare shall pay to Parent an amount equal to the amount set forth in the COBRA Transition Account.
Parent shall keep a separate account of the costs of such COBRA compliance administration that are incurred and paid for by Parent with respect to any ElderCare Individuals and their covered dependents at any time during the period from the Close of the Distribution Date through the Close of the Transition Date (the "COBRA Transition Account").
With regard to a Terminated Participant, such statements shall not include the portion, if any, of his or her non-vested Account balance maintained in the Transition Account.