Bank Failure Sample Clauses
The Bank Failure clause defines the procedures and consequences that apply if a bank involved in the agreement becomes insolvent or is otherwise unable to fulfill its obligations. Typically, this clause outlines the steps parties must take if their funds are held by a failed bank, such as transferring accounts to another institution or suspending certain transactions until the situation is resolved. Its core function is to protect the parties from financial loss or disruption by providing a clear process to follow in the event of a bank's failure, thereby allocating risk and ensuring continuity of the agreement.
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Bank Failure. The Federal Deposit Insurance Corporation (“FDIC”) requires us to disclose information to you on how your funds would be treated if a bank failure would occur. Funds that have been swept from an account(s) into the holding account at the bank will be treated as if they have not left the bank and will be insured up to the amount of the FDIC deposit insurance limit. Funds swept from the money market mutual fund to this account are deposits and will be insured up to the amount of the FDIC deposit insurance limit. Any funds in excess of the FDIC insurance limits will be treated as uninsured deposits. For funds still invested in the external money market mutual fund, you will be considered to have an ownership interest in shares in the money market mutual fund and such invested funds will either be available to your account the following business day or you will receive payment for the value of such shares in the money market mutual fund.
Bank Failure. MGA shall not be liable for any loss which occurs by reason of the default or failure of the bank in which the Depository Account and Disbursement Account are maintained and such loss shall not affect MGA’s obligations under this Agreement.
Bank Failure. The FDIC requires banks to disclose information to you on how your funds would be treated if a bank failure would occur. Funds that have been swept out of the designated Account will be used to reduce the loan balance; funds remaining in the designated Account are insured deposits up to the FDIC limitation in the event of bank failure.
Bank Failure. IRS shall not be liable for any loss which occurs by reason of the default or failure of the bank in which the Depository Account and Disbursement Account are maintained and such loss shall not affect IRS’s obligations under this Agreement.
Bank Failure. SPM shall not be liable for any loss which occurs by reason of the default or failure of the bank in which the Depository Account and Disbursement Account are maintained and such loss shall not affect SPM’s obligations under this Agreement.
Bank Failure. Recently bank failures have become a concern, and while the Firm will attempt to take precautions with any funds it holds on your behalf, this is not an area of the Firm's expertise. The Firm requires a disclaimer for loss of trust funds due to a bank failure, which is attached along with information regarding national deposit insurance programs.
Bank Failure. The Federal Deposit Insurance Corporation (“FDIC”) requires us to disclose information to you on how your funds would be treated if a bank failure would occur. Funds that have been swept from an account(s) into the holding account at the bank will be treated as if they have not left the bank and will be insured up to the amount of the FDIC deposit insurance limit. Funds swept from the money market mutual fund to this account are deposits and will be insured up to the amount of the FDIC deposit insurance limit. Any funds in excess of the FDIC insurance limits will be treated as