Default Account definition

Default Account means the account maintained by you with us or any other Participant and set as the default account for receiving payment or funds using HKICL FPS or (if and to the extent specified or permitted by the rules, guidelines and procedures of HKICL) for debiting payment or funds using HKICL FPS.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Default Account means any Account where the equivalent of three (3) or more scheduled payments of principal and/or interest are delinquent (whether or not such scheduled payments are consecutive).

Default Account means the account maintained by the Customer with the Bank or any other Participant and set as the default account with respect to the use of a Proxy ID for receiving payment or funds using HKICL FPS or (if and to the extent specified or permitted by the rules, guidelines and procedures of HKICL) for debiting payment or funds using HKICL FPS.

Examples of Default Account in a sentence

• If an account is terminated as the Default Account by the Customer or by the relevant Participant for any reason (including suspension or termination of the account), the system of HKICL will automatically assign the most recently registered record in the Addressing Service that is associated with the same Proxy ID to be the Default Account.

• The Default Account holds all Purchase Payments and transfers pending investment into a Cycle prior to the Cycle Start Date and Purchase Payments from a maturing Cycle.

• If the Customer wishes to set another account as the Default Account, the Customer has to change the registration through the Participant where the Customer maintains that other account.

• By instructing the Bank to set or change the Default Account for the Customer, the Customer consents and authorises the Bank to submit the request on the Customer’s behalf to HKICL FPS to override the existing Default Account registered in HKICL FPS.

• Prior to the Cycle Start Date all Purchase Payments and transfers designated to a Cycle will be moved to the Default Account prior to being allocated into a Cycle.

More Definitions of Default Account

Default Account means your KBC Current Account or KBC Demand Deposit Account that you have nominated in your Application to be used for any cash payments that you will have to make or receive relating to buying or selling Units in your KBC Investment Fund(s). ‘Nominated Account’ where referenced on the App or in documentation provided to you, has the same meaning as Default Account.

Default Account means the Account maintained by you with us and set as your default account for receiving payment or funds under the QR Code Collection Services;

Default Account means the account maintained by you with us set as the default account for receiving payments or funds from HKICL FPS.

Default Account means the primary BSP account which is linked to your Card

Default Account shall have the meaning set forth in Section 7.03(e).

Default Account has the meaning set forth in the Fee Letter.

Default Account means the primary bank account which is linked to your Card.