DEPOSIT AVAILABILITY Clause Samples
The Deposit Availability clause defines when and how deposited funds become accessible to the account holder. Typically, it outlines the timeframes for different types of deposits—such as cash, checks, or electronic transfers—specifying when these funds will be available for withdrawal or use. For example, cash deposits may be available immediately, while check deposits might require a holding period before the funds can be accessed. This clause ensures transparency and sets clear expectations for customers, helping to prevent misunderstandings and disputes regarding access to deposited funds.
DEPOSIT AVAILABILITY. When a deposit is made to your Account, the funds may not be available immediately. This Section VIII (Deposit Availability Disclosure) describes when funds will be made available to you.
DEPOSIT AVAILABILITY. Deposits made at an ATM machine are not immediately available. Cash deposits will be available for withdrawal on the following business day. Check deposits will be available based on current check hold policies, but no more than 3 business days unless you are notified by the credit union. Deposits made after 2:00 PM are to be considered the next business day.
DEPOSIT AVAILABILITY. The Deposit is hereby agreed to stand as security for (i) the Staybridge Secured Obligations, (ii) the payment to IC Owner of all of the “Owner’s First Priority” as and when due under the IC Management Agreement determined without respect to Gross Revenue thereunder or Operating Profits thereunder, the timely performance of all of the covenants to be performed by IC Manager under the IC Management Agreement and the payment to PR Landlord of all of the “Minimum Rent” as and when due under the PR Lease and the timely performance of all of the covenants to be performed by the PR Tenant under the PR Lease (collectively, the “IC Secured Obligations”), and (iii) the payment to FC Owner of all of the “Owner’s First Priority” as and when due under the FC Management Agreement determined without respect to Gross Revenue thereunder or Operating Profits thereunder and the timely performance of all of the covenants to be performed by IHG Maryland under the FC Agreement (the “FC Secured Obligations”, and together with the Staybridge Secured Obligations and IC Secured Obligations, collectively, the “Secured Obligations”). Accordingly, the establishment and existence of the Deposit pursuant to the Staybridge Management Agreement notwithstanding, each of IC Owner, PR Landlord and FC Owner shall have the option to elect, in its sole discretion, whether and when to apply funds from the Deposit with respect to any of the IC Secured Obligations or FC Secured Obligations without regard to when and whether Staybridge Owner shall have made or shall be simultaneously electing whether and when to apply funds from the Deposit with respect to any of the Staybridge Secured Obligations; provided, however, none of Staybridge Owner, IC Owner, PR Landlord, FC Owner shall apply the Deposit to any of the Secured Obligations for which the Guarantor is responsible under the PLC Guaranty unless (a) the Guarantor shall have failed to pay any amount due under the Guaranty for a period of five (5) days after notice, or (b) an event described in Sections 17.1(a), 17.1(b) or 17.1(c) of the Staybridge Management Agreement shall have occurred with respect to the Guarantor.