Closed Account definition

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

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 that an account is reporting with a zero 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 - Funds no longer available for new obligations or available for disbursement.

• 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.

• The Closed Account will be charged fees, calculated on the value of the Closed Account independent of any of the other accounts, for that month.

More Definitions of Closed Account

Closed Account means a toll account that has been closed.

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.

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 Player Account that is described in Section 11.1;

Closed Account means a customer account that has been closed.

Closed Account. An Account for which Purchaser has received full payment.

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.