BANA(USA) definition
Examples of BANA(USA) in a sentence
As agent for BANA(USA), BACSC shall have full power and authority, acting alone or through BANA(USA), to do any and all things in connection with such subservicing and administration which it may deem necessary or desirable and which is permitted of BANA(USA) under the MBNA Delegation of Servicing Agreement.
Pursuant to Section 19 of the MBNA Delegation of Servicing Agreement, BANA(USA) hereby delegates to BACSC all of the obligations and duties of BANA(USA) under the MBNA Delegation of Servicing Agreement as BANA(USA) shall identify, along with any and all rights and powers of BANA(USA) necessary to such delegation.
Newco shall be governed by an operating agreement (or, if applicable, limited partnership agreement) that will provide that the BANA(USA) Owner will be the manager (or general partner) of Newco and of the combined business with the sole authority, subject to Subparagraph 1(d)(i) below, to operate Newco in the best interest of Newco in its sole discretion without any requirement to obtain Services' approval, except as may be required by applicable law.
This Agreement shall be binding on the parties hereto and their respective successors and assigns; provided, however, that BACSC may not assign any of its rights or delegate any of its duties hereunder without the prior written consent of BANA(USA).
Nothing in this Agreement shall be construed as granting to BACSC any right or power with respect to the Funding Accounts or the related Receivables that is more expansive than that granted to BANA(USA) with respect to the servicing and administration of the Receivables arising in the Funding Accounts under the MBNA Delegation of Servicing Agreement.
Anything in this Agreement to the contrary notwithstanding, BAC, BANA(USA), Newco and Services covenant that no Advanta Partner shall recognize any taxable income or gain, directly or indirectly, as a result of the transfer of the assets and liabilities of Services to Newco pursuant to the Drop Down; provided, however, each Advanta Partner's sole remedy for any breach of this covenant shall be a claim for indemnification to the extent applicable under Subparagraph 1(d)(ii)(A)(2) below.
BACSC shall furnish BANA(USA) and the Servicer with any files, records, or documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under the Pooling and Servicing Agreement.
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the MBNA Delegation of Servicing Agreement and the Pooling and Servicing Agreement, as applicable, a copy of each of which has been delivered by BANA(USA) to BACSC.
BANA(USA) may terminate BACSC at any time upon at least 45-days prior written notice to BACSC.
BAC now desires to combine the credit card business owned and operated by Services with BAC's consumer credit card business primarily owned and operated by BAC's subsidiary, Bank of America, N.A. (USA) ("BANA(USA)"), and BAC and Advanta also desire to settle certain issues that have arisen relating to the ownership and operation of, and contributions to, Services, all as set forth in this Agreement.