Client Deposit Account definition
Examples of Client Deposit Account in a sentence
The Client authorizes and directs the opening of and the holding of all or any part of the Property in such further accounts forming part of the Custody Account and the Client Deposit Account, as the case may be, with each Citibank Affiliate as selected by the Client in Exhibit A hereof.
In any case where Custodian is a Citibank Affiliate, Client shall execute such further documents and provide such materials and information as may be reasonably requested by such Citibank Affiliate to facilitate the opening and maintenance of the Custody Account and Client Deposit Account with such Citibank Affiliate.
Any deficiency between the Client Deposit Account and the amount owed to the Firm shall be paid by the Client immediately.
Unless otherwise agreed to by the Custodian and the Client, the Custodian shall, or shall instruct any other entity authorized to hold Property in accordance with Section 12 hereof to, receive or deliver Securities and credit or debit the Custody Account or Client Deposit Account, as the case may be, only in accordance with proper Instructions or as otherwise specifically provided in this Agreement.
Any proceeds from the sale or exchange of Property purchased or acquired in the Custody Account shall be credited to the Client Deposit Account on the date such proceeds or such Property, as the case may be, are actually received by the Custodian.
The Client agrees and understands that the Bank or its agent may disclose information regarding the Custody Account and/or the Client Deposit Account if required to do so by any court order or similar process in any relevant jurisdiction or by order of an authority having power to do so over the Bank or its agents within the jurisdiction of such court or authority.
All costs and expenses relating to the Sale and transfer of funds shall be for the Client’s account and debited from the Client Deposit Account.
Subject to specific Instructions from the Client to the contrary, the Custodian is further authorized to debit (as well after as before the date of any termination pursuant to Section 19 hereof) any account of the Client with the Custodian including (without limitation) the Client Deposit Account for any amount owing to the Custodian from time to time under this Agreement.
Subject to specific Instructions from the Client to the contrary, the Bank is further authorized to debit (after as well as before the date of any termination pursuant to Section 18 hereof) any account of the Client with the Bank, including without limitation the Client Deposit Account, for any amount owing to such Bank from time to time under this Agreement only out of income unless otherwise required by applicable law or regulatory authority.
The Bank shall also, subject to restrictions under applicable law, seek to obtain from any entity with which the Bank maintains the physical possession of any of the Property in the Custody Account and the Client Deposit Account, such records of the Custody Account or the Client Deposit Account as may be required by the Client or its agents in connection with an internal examination by the Client of its own affairs.