Closed Account definition

Closed Account means an account with a zero share balance, no outstanding funds or no reportable tax information.

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Closed Account is any account on the books of LFS representing record ownership of shares of a Fund which as of the first day of any calendar month has a share balance of zero and does not meet account purge criteria. The Closed Account fee shall be payable on a monthly basis, in an amount equal to 1/12 the per annum charge. "LFS Reimbursable Out-of-Pocket Expenses" means (i) out-of-pocket expenses incurred on behalf of the Fund by LFS for stationery, forms, postage and similar items, (ii) networking account fees paid to dealer firms by LFS on shareholder accounts established or maintained pursuant to the National Securities Clearing Corporation's networking system, which fees are approved by the Trustees from time to time and (iii) fees paid by LFS or its affiliates to third-party dealer firms or transfer agents that maintain omnibus accounts with a Fund in respect of expenses similar to those referred to in clause (i) above, to the extent the Trustees have approved the reimbursement by the Fund of such fees.

Closed Account means any Account that has been terminated by either the Dealer or Seller for any reason, whether or not such Account has an outstanding principal balance.

Examples of Closed Account in a sentence

• Both the Open and Closed Account Fees shall be billed by the Transfer Agent monthly in arrears on a prorated basis of 1/12 of the annualized fee for all such accounts.

• The Open Account Fee and the Closed Account Fee shall be paid only with respect to accounts serviced directly by the Transfer Agent and not with respect to accounts serviced by third parties pursuant to omnibus account service or sub-accounting agreements, as provided in Section 2.04 of the Agreement.

• Closed Account Fee (Annualized) Payable at an annual rate of $1.48.

• The Closed Account Fee will be billed monthly at a rate of 1/12 of the annual rate and will be charged in the month following the month during which such account is closed and shall cease to be charged in the month following the Purge Date.

• If any residual balance remains in your accounts then we will charge you the lesser of the then applicable Closed Account Residual Balance Fee or the remaining balance in your accounts until your balance reaches zero.

More Definitions of Closed Account

Closed Account means that an account is reporting with a zero balance

Closed Account means a toll account that has been closed.

Closed Account means a Player Account that is described in Section 11.1;

Closed Account is any account on the books of CFS representing record ownership of shares of a Fund which as of the first day of any calendar month has a share balance of zero and does not meet account purge criteria.

Closed Account means a customer account that has been closed.

Closed Account means each account of an individual who has been issued a credit card by a Seller prior to the Closing Date and whose account is closed and is not a Written-Off Account.

Closed Account means an account that has a zero balance throughout any given month, and a "purged account" shall mean a closed account which the Fund has directed the Transfer Agent to remove from the System. In consideration of an Annual Per Account Fee per open account at the rates set forth below (charged on a monthly basis), plus payment by the Fund of out-of-pocket expenses in accordance with Appendix G hereto, the Transfer Agent shall provide the services provided for in this Agreement on any Fund Business Day, except as otherwise noted. Fund Annual Fee ---- ---------- MPAM Large Cap Stock Fund $12.78 MPAM Income Stock Fund MPAM Bond Fund MPAM Intermediate Bond Fund MPAM Short-Term U.S. Government Securities Fund MPAM Balanced Fund MPAM Mid Cap Stock Fund $11.51 MPAM Small Cap Stock Fund MPAM International Fund MPAM Emerging Markets Fund MPAM National Intermediate Municipal Bond Fund $17.84 MPAM National Short-Term Municipal Bond Fund MPAM Pennsylvania Intermediate Municipal Bond Fund