Account Funds Sample Clauses

The "Account Funds" clause defines how funds are managed, held, or allocated within a specific account under the agreement. Typically, it outlines the procedures for depositing, maintaining, and possibly withdrawing funds, as well as any restrictions or requirements related to the account balance. For example, it may specify that a certain minimum balance must be maintained or detail how funds can be used to cover obligations under the contract. The core function of this clause is to ensure transparency and control over the financial resources associated with the agreement, reducing the risk of disputes regarding the handling of money.
Account Funds. Account funds do not represent deposits guaranteed, or insured by us, the issuer, or the Federal Deposit Insurance Corporation (FDIC), or any other state or federal governmental agency, and are subject to typical uninsured, non-guaranteed risk.
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Account Funds. The Account funds shall be applied as a credit to Company, and all amounts due and owing to Comodo by Company for, but not limited to, Certificate issuance shall be deducted from the Account. Comodo shall ▇▇▇▇ Company monthly for the sale of certificates by Company. Each month, Comodo will first deduct all charges due and owing to Comodo from the Account, until the Account balance reaches $ (“Minimum Account Balance”). If the Account balance reaches the Minimum Account Balance, Company may not purchase additional certificates until additional funds are deposited into the Account to bring the balance back to at least the Minimum Account Balance. Company may deposit additional funds into the Account at any time. Unused Account funds shall roll over to the next Renewal Term. Unused Account funds are non-refundable and will not be refunded to Company upon termination or expiration of this Agreement.
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Account Funds. Except for funds which are earned by NBO in the form of Admin Fees, Expiration Fees, Breakage, Estimated Breakage, Account fees, interest, dividends and other income as set forth herein, all funds held in the accounts established in this Addendum B shall be held for the benefit of consumers and the merchants who are entitled to payment in connection with the use of Mall Gift Cards. Funds are not the property of Customer and shall be paid to NBO, the Consumer, or Merchants, as applicable, and upon redemption.
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Account Funds. The Company hereby represents and warrants to Secured Party that the Company has deposited into the Account cash in the amount of $1,900,000. In connection with the payment of Dividends in cash on any Dividend Date pursuant to and in accordance with the Certificate of Designations, the Company shall deliver to Depository Bank written instructions not later than five business days prior to each Dividend Payment Date, with a copy of such notice to Secured Party, directing the release to the holders of the Preferred Shares on such Dividend Payment Date from the Account of an amount in cash equal to the value of the Dividends paid in cash to the holders of the Preferred Shares with respect to such Dividend Date. Such notice shall contain payment amounts and wire instructions for each holder of the Preferred Shares as of such Dividend Payment Date. In connection with the payment of Dividends in capital stock of the Company on any Dividend Date or the conversion of Preferred Shares prior to such Dividend Date, the Company shall deliver to Depository Bank written instructions not later than five business days prior to each Dividend Payment Date, with a copy of such notice to Secured Party, directing the release to the Company on the tenth Business Day following such Dividend Date of an amount in cash equal to the value of Dividends paid in capital stock of the Company to holders of the Preferred Shares with respect to such Dividend Date or the ratable amount of Dividends corresponding to any Preferred Shares no longer outstanding as of such Dividend Date. For example, if $2,000,000 of a total of $8,000,000 in Preferred Shares are converted during a quarter, then an amount equal to 1/4 of the remaining funds in the account will be refunded to the Company less the amount of dividends paid for that quarter on such tenth Business Day following such Dividend Date. Except for withdrawals on the dates and for the amounts specified above and pursuant to Section 10(c), the Company agrees that it shall not be entitled to request withdrawals from the Account. The Company hereby covenants and agrees that the Account shall be exclusively used as the deposit account in connection with the transactions contemplated by the Transaction Documents and shall not be used for any other purpose.
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Account Funds. Except for funds which are earned by Vendor in the form of SVP costs, Account Maintenance Fees, Expiration Fees, Account fees, interest, dividends, breakage, estimated breakage and other income as set forth herein, all funds held in the accounts established in this Exhibit B shall be held for the benefit of SVP holders and the participating merchants who are entitled to payment in connection with the use of the SVPs. With the exception of commissions due by Vendor to Adaptive, funds are not the property of Adaptive and shall be paid to Vendor, the Consumer, or Merchants, as applicable, and upon redemption.
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Account Funds. Seller agrees to continue to serve as a depository bank for funds held in the Accounts during the period commencing on the Effective Date and ending on such date as Buyer, in its capacity as Trustee or custodian of the Accounts, elects to transfer the Account funds from Seller, in its capacity as a depository bank (the "Conversion Date"). All funds held in the Accounts will continue to be governed by the respective Account Agreements, as the same may be amended from time to time, and related disclosures provided to the Account Holders. Notwithstanding anything to the contrary set forth in this Article 4, Buyer shall acquire all of Seller's right, title and interest in and to the Account Agreements as of the Closing. During the period commencing on the Effective Date and ending on the Conversion Date, Buyer agrees to provide Seller with copies of any documents reasonably requested by Seller that are necessary to establish Buyer's custodial relationship over the Accounts. For the avoidance of doubt, nothing in this Agreement shall preclude Buyer, in its capacity as Trustee or custodian of the Accounts, from directing Seller to transfer any Account funds to a successor depository bank.
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Account Funds. (a) Within seven (7) days after the Closing, the Parent shall open a dedicated bank account (at a bank mutually agreed to between the Parent and a Majority Interest of the Series E Preferred Stock, provided that the Parties confirm and acknowledge that Veritex Community Bank is a “mutually agreed to” bank) which shall be separate from the Parent’s standard operating bank account (the “Account”). An officer designated by the Parent and one person designated by the Series E Preferred Stock holders (which person shall initially be T▇▇ ▇▇▇▇▇▇▇▇) (the “Preferred Authorized Representative”), shall have to approve all disbursements, payments and draws on the Account. The Preferred Authorized Representative may be removed or replaced from time to time with the written consent of a Majority Interest of the Series E Preferred Stock and the holder of the Series F Preferred Stock. (b) Immediately thereafter, the Parent shall deposit the Deposit in immediately available funds into the Account. The Parent shall hold the Deposit, together with all products and proceeds thereof, including all interest, gains and other income earned with respect thereto (collectively, the “Earnings” and together with the Deposit but less any disbursements, the “Account Funds”) in the Account, in accordance with the terms and subject to the conditions of this Agreement. (c) All Earnings, to the extent applicable, shall be retained by the Parent and reinvested in the Account Funds, shall become part of the Account Funds, and shall be disbursed in accordance with the terms and subject to the conditions of this Agreement.
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Related to Account Funds

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Collection Accounts (a) On behalf of the Trustee, each Servicer shall establish and maintain, or cause to be established and maintained, one or more separate Eligible Accounts (each such account or accounts, a "Collection Account"), held in trust for the benefit of the Trustee. On behalf of the Trustee, each Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after such Servicer's receipt thereof, and shall thereafter deposit in the related Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest (net of the related Servicing Fee) on each Mortgage Loan; (iii) all Insurance Proceeds and Condemnation Proceeds to the extent such Insurance Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the related Mortgagor in accordance with the express requirements of law or in accordance with Accepted Servicing Practices and Liquidation Proceeds; (iv) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the related Collection Account; (v) any amounts required to be deposited by such Servicer pursuant to the second paragraph of Section 3.13(a) in respect of any blanket policy deductibles; (vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this Agreement; and (vii) all Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by such Servicer. The foregoing requirements for deposit in the Collection Accounts shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, NSF fees, reconveyance fees, assumption fees and other similar fees and charges need not be deposited by each Servicer in the related Collection Account and shall, upon collection, belong to the applicable Servicer as additional compensation for its servicing activities. In the event a Servicer shall deposit in the related Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from its Collection Account, any provision herein to the contrary notwithstanding. (b) Funds in the Collection Accounts may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. Each Servicer shall give notice to the Trustee of the location of the related Collection Account maintained by it when established and prior to any change thereof in accordance with Section 3.07(f).

  • Concentration Account Concentration Account" has the meaning set forth in Section 2.3.

  • Operating Accounts (a) Maintain all of Borrower’s Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent, which Control Agreement must be in such form and substances as is reasonably acceptable to Collateral Agent (it being agreed and understood that the Control Agreements that Collateral Agent is entering into with respect to Borrower’s Collateral Accounts maintained with Bank of America on the Effective Date are not in such form and substance as is not reasonably satisfactory to Collateral Agent). (b) Borrower shall provide Collateral Agent five (5) days’ prior written notice before Borrower or any of its Subsidiaries establishes any Collateral Account. In addition, for each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Agent’s Lien in such Collateral Account in accordance with the terms hereunder prior to the establishment of such Collateral Account, which Control Agreement must be in such form and substance as is reasonably satisfactory to Collateral Agent and may not be terminated without prior written consent of Collateral Agent. The provisions of the previous sentence and subsection (a) above shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates and (ii) BofA Credit Card Account so long as such account is maintained exclusively for the purpose of securitizing Borrower’s Indebtedness described in clause (g) of the definition of Permitted Indebtedness and the balance in such account does not exceed Three Hundred One Thousand Dollars ($301,000.00). (c) Neither Borrower nor any of its Subsidiaries shall maintain any Collateral Accounts except Collateral Accounts maintained in accordance with Sections 6.6(a) and (b); provided, however, Borrower may continue to maintain its Collateral Accounts, set forth on the Perfection Certificates on the Effective Date, with Bank of America; provided, further, that Borrower shall close all of its Collateral Accounts maintained with Bank of America on the Effective Date (other than the BofA Credit Card Account) and deliver to Collateral Agent evidence (in such form and substance as is reasonably acceptable to Collateral Agent) of closure of all of such Collateral Accounts within thirty (30) days after the Effective Date.

  • Collection Account (a) On behalf of the Trustee, the Servicer shall establish and maintain, or cause to be established and maintained, one or more segregated Eligible Accounts (such account or accounts, the “Collection Account”), held in trust for the benefit of the Trustee. On behalf of the Trustee, the Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit into the Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest (net of the related Servicing Fee) on each Mortgage Loan; (iii) all Insurance Proceeds and Condemnation Proceeds to the extent such Insurance Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the related Mortgagor in accordance with the express requirements of law or in accordance with Accepted Servicing Practices, Liquidation Proceeds and Subsequent Recoveries; (iv) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Collection Account; (v) any amounts required to be deposited by the Servicer pursuant to the second paragraph of Section 3.13(a) in respect of any blanket policy deductibles; (vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this Agreement; and (vii) all Prepayment Charges collected by the Servicer. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, NSF fees, reconveyance fees, assumption fees and other similar fees and charges need not be deposited by the Servicer in the Collection Account and shall, upon collection, belong to the Servicer as additional compensation for its servicing activities. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. (b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Servicer shall give notice to the Securities Administrator, the Master Servicer, the Trustee and the Depositor of the location of the Collection Account maintained by it when established and prior to any change thereof.