Examples of TCB Accounts in a sentence
The Agent also authorized certain transfersfrom the TCB Accounts to a Signature Account segregated to fund and pay approved costs of the Assignment Cases on an as-needed basis (“Signature Account – Operating”).
All receipts on account of the AccountsReceivable have continued to flow directly to the appropriate TCB Accounts, which remain subject to the liens of the Lenders.
The Debtor believes, therefore, that its transition to chapter 11 will be more orderly, with a minimum of harm to operations and minimum costs, if the TCB Accounts remain open following the Petition Date.
Accordingly, the Debtor respectfully requests authority to maintain the TCB Accounts for the limited purpose as set forth herein.
Moreover, as the Debtor intends to regularly reconcile the deposits into the Lockbox Account and transfer any collection on post-petition receivables to the DIP Receipts Account at PlainsCapital Bank, the funds in the TCB Accounts will diminish over time throughout the pendency of this Case.
On or about Friday, September 11, 2015, TCB froze the TCB Accounts and is requiring the Debtor to seek permission for any expenses to be paid from the TCB Accounts.
The appointment of the Directors and their remuneration as per Policy of the Company which also mentions the criteria for determining qualifications, positive attributes and independence of Directors.
The funds transferred2Ffrom the TCB Accounts to the Signature Account – Operating and the Signature Account – Asset Sales constituted “Cash Collateral” 3 of the Lenders.
To the extent necessary, the Debtor believes that any funds held in the TCB Accounts, in excess of the amounts insured by the Federal Deposit Insurance Corporation, are secure and that obtaining bonds to secure these funds, as required by Section 345(b) of the Bankruptcy Code, is unnecessary and detrimental to the Debtor’s estates and creditors.
Immediately prior to the filing of the Assignment Cases, the Assignors maintained their funds in sixteen different bank accounts at Texas Capital Bank, N.A. (the “ TCB Accounts”).Most of the TCB Accounts were created to allow the appropriate Assignor to receive payments on accounts receivable payable to the specific Assignor, primarily insurance and Medicare reimbursements (the “Accounts Receivable”).