Installment Account definition

Installment Account means the account provided for in Section 9.03 in which are held certain amounts distributable in installments to a Participant or his Beneficiary.
View Source
Installment Account means the legal relationship established by and betweenan Accountholder and Bank pursuant to a Credit Agreement, together with all Indebtedness owing thereunder from time to time and any current or future guaranties, securityor other credit support therefor. “Credit Agreement” means the closedendcredit agreement between Bank and each Accountholder pursuant to which such Accountholder may make a purchase financed on installment credit provided by Bank together with any modifications or amendments which may be made to such agreement, as well as any related notes.
View Source
Installment Account means an interest-bearing bank account that deposits a certain amount in monthly installment. This deposit matures on a specific date in the future, along with all the deposits made every month.
View Source

Examples of Installment Account in a sentence

  • If any installment on any Installment Account Receivable remains unpaid more than 31 days past its original due date, then such Installment Account Receivable shall cease to be an Eligible Account Receivable in its entirety.

  • The Account Receivable, other than an Installment Account Receivable, cannot be payable in installments.

  • The Account Receivable, other than an Installment Account Receivable, must not be unpaid on the date that is the earlier of 91 days after the date of the invoice evidencing such Account Receivable or 60 days after the original due date stated in such invoice or, if such unpaid, such Account Receivable shall cease to be an Eligible Account Receivable.

  • The surplus shall remain on the Installment Account for three months and in the first instance shall be offset against new purchases made by the Account Holder during this period.

  • An Account Holder wishing to pay for a purchase through their Installment Account must approve the debiting of the Installment Account with an amount corresponding to the value of the purchase.

  • Notwithstanding the foregoing, in the event of a Change of Control after the commencement of installment payments but prior to the receipt by the Participant and his Designated Beneficiary of one hundred twenty (120) payments, in the aggregate, the remaining Installment Account balance shall be distributed to the Participant or his Designated Beneficiary, as applicable, in a single lump sum payment within 30 days of such Change of Control.

  • References to “Cardholders” in the Agreement will be deemedto include individuals who have applied for and been approved for an Installment Account.

  • As of the end of each calendar quarter until such time as the full balance of the Installment Account has been distributed, the Installment Account shall be credited with interest at the rate of 7% of the average Installment Account balance during such calendar quarter.

  • The Installment Account shall be credited with the total benefit to be paid to the Participant or his Designated Beneficiary in accordance with Paragraphs 3, 4, 5 or 6 hereof.

  • No interest shall be paid on any surplus on the Installment Account.