Deposit Network Service definition

Deposit Network Service. Has the meaning given to it in Section 5.01.
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Examples of Deposit Network Service in a sentence

  • In the event funds from the Omnibus Account are deposited into Network Banks via the Deposit Network Service, ▇▇▇▇▇▇ Bank will deliver funds to a custody bank (“Custodian Bank”) participating in the Deposit Network Service.

  • By utilizing the services, you authorize ▇▇▇▇▇▇ Bank to utilize a Deposit Network Service as described and acknowledge that any associated beneficial principal balance and any accrued interest may or may not benefit from FDIC insurance.

  • You acknowledge you may not earn any net interest on balances beneficially held in Network Banks via the Deposit Network Service.

  • At any given time, all, none or a portion of the funds deposited into your Account may be placed into the Deposit Network Service and held beneficially in your name at other depository institutions which are insured by the Federal Deposit Insurance Corporation (“FDIC”) and are participants in such Deposit Network Service.

  • As a part of its Deposit Network Service, StoneCastle has developed a network of FDIC-insured depository institutions located throughout the United States (each a “Network Bank” and together, the “Network Banks”).

  • Bank utilizes the Deposit Network Service provided by StoneCastle Cash Management, LLC, a Delaware limited liability company (“StoneCastle”).

  • In the event you have funds at any of the Network Banks, your deposit insurance coverage may be adversely affected, and your principal and any accrued interest may not be fully insured by the FDIC, even if the total amount deposited in that Network Bank through the Deposit Network Service is less than the SMDIA.

  • In the event Bank requests your funds to be returned from the Deposit Network Service to Bank, it will send notice to the Custodian Bank and StoneCastle.

  • In the event funds from Account are deposited into Network Banks via the Deposit Network Service, Bank will deliver funds as your agent to a custody bank participating in the Deposit Network Service (the “Custodian Bank”).

  • The Deposit Network Service allocates funds solely on data provided to it by Bank.