Controlled Disbursement Account definition
Examples of Controlled Disbursement Account in a sentence
If sufficient funds are not available Bank may, in its sole discretion, reverse the funding credit to any Controlled Disbursement Account and apply its standard rules for the treatment of insufficient checks, as defined in the Deposit Account Agreement.
Actual Clearance: CDA for EFT Payments by the Fiscal Agent (DMAS 93.767, 93.778) In a Controlled Disbursement Account (CDA) for EFT Payments by the Fiscal Agent, the State shall request funds the same day that it pays out funds in accordance with the cut-off time specified in Exhibit I and the State clearance days shown in Exhibit II.
The Funding Account, the Controlled Disbursement Account, and the Collection Account will not be subject to any deduction, set-off, banker’s lien or any other right in favor of any Person other than the Agent, for the benefit of the Lenders and any L/C Issuer and their respective Affiliates.
The Controlled Disbursement Service permits Provident to transfer specified funds from the Funding Account to the Controlled Disbursement Account on a daily basis.
Borrowers shall base their requests for Revolving Loans on, among other things, the daily balance of the Controlled Disbursement Account (or Controlled Disbursement Accounts).