Transition Account definition
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.
The Trustee, on behalf of the Trust, shall be the legal owner of the Servicing Transition Account.
All payments and deliveries of funds required to be made by LRC to BNPPLC hereunder shall be paid or delivered in immediately available funds by wire transfer to the Transition Account in accordance with wiring instructions which will be provided by BNPPLC to LRC.
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.
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.
None of the Reserve Account, the Collection Account or the Servicer Transition Account is in the name of any person other than the Trustee for the benefit of the Secured Parties.
The Issuer has received all consents and approvals required in connection with the Grant to the Trustee of its interest and rights in the Reserve Account, the Collection Account and the Servicer Transition Account.
The Issuer has not permitted the securities intermediary of the Collection Account, the Reserve Account or the Servicer Transition Account to comply with entitlement orders of any person other than the Trustee.