FBO accounts are a type of bank account in which the account’s manager is not the beneficiary of the funds. Here’s how it works. Account setup: A business such as a payroll processor or an investment platform sets up an FBO account at a bank. During this process, the business speci...
“Securities Account Control Agreement” means the Securities Account Control Agreement, dated as of September 29, 2010, among the Seller, Deutsche Bank Trust Company Americas, as Securities Intermediary thereunder, and the Indenture Trustee, pursuant to which the Reserve Account will be established ...