Deposit Sequence definition

Deposit Sequence has the meaning set forth in Section 11.03(b)
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Deposit Sequence means a sequence of Depository Institutions that specifies the identity of Depository Institutions in which Customer funds of a Custodial Agent may be placed and the order in which the identified Depository Institutions will receive such funds.
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Examples of Deposit Sequence in a sentence

  • If there are insufficient funds at that Program Bank, funds will be withdrawn from each Program Bank in your Deposit Sequence (lowest priority to highest priority) until the debit is satisfied.

  • If a withdrawal of funds from your Deposit Accounts is necessary to satisfy a net debit in your Account, funds will be withdrawn on a "last in, first out" basis, meaning that funds will be withdrawn from your TAs at the Program Banks beginning with the Program Bank with the lowest priority in your Deposit Sequence at which your funds have been deposited.

  • A Deposit Sequence may include a position in the sequence containing alternate Depository Institutions to which Customer funds may be allocated.

  • Promontory Network will promptly modify the Deposit Sequence for that Account ID to exclude such Depository Institutions.

  • Promontory Network will use its commercially reasonable efforts to notify Company in advance of any such changes; however, if there are new Depository Institutions that are added to a Deposit Sequence pursuant to this Section 11.03(c), Promontory Network shall provide advance notice to Company of such addition.

  • From up to five business days from when free credit balances in your Account are available for deposit, Robinhood, as your agent, will open either two TAs or an MMDA and a linked TA on your behalf at one or more of the Program Banks on the then-current Priority List in the order set forth in your Deposit Sequence.

  • From up to five business days from when eligible free credit balances in your Account are available for deposit, RHS, as your agent, will open either two TAs or an MMDA and a linked TA on your behalf at one or more of the Program Banks on the then-current Priority List in the order set forth in your Deposit Sequence.

Related to Deposit Sequence

  • Depository Institution Any depository institution or trust company, including the Trustee, that (a) is incorporated under the laws of the United States of America or any State thereof, (b) is subject to supervision and examination by federal or state banking authorities and (c) has outstanding unsecured commercial paper or other short-term unsecured debt obligations that are rated P-1 by Moody's, F1+ by Fitch and A-1 by Standard & Poor's.

  • Deposit-type contract means contracts that do not incorporate mortality or morbidity risks and as may be specified in the valuation manual.

  • Deposit Securities means, as of any date, any United States dollar-denominated security or other investment of a type described below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date, Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security:

  • Depository Account includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a Financial Institution in the ordinary course of a banking or similar business. A Depository Account also includes an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon.

  • Deposit Secured Loan means a loan in which the only collateral securing the loan is Assumed Deposits or deposits at other insured depository institutions