Processing Account definition

Processing Account. Means a bank account or securities account maintained or used by PCS or the Trustee or Custodian to handle amounts to be processed for a contribution, investment, reinvestment, distribution, or otherwise regarding the Plan and other retirement plans.
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Processing Account is defined in Section 6.8(d).
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Examples of Processing Account in a sentence

  • The cost for services, not to exceed $30,000.00, will be paid from Unrestricted General Fund—MIS/Data Processing, Account No. 032.

  • The purpose of the Processing Account is for (i) the deposit of all subscription monies (ACH, EFT, checks, or wire transfers) which are received from U.S. resident prospective purchasers of our securities, (ii) the holding of amounts of subscription monies which are collected through the U.S. banking system, and (iii) the disbursement of collected funds.

  • Release of the funds to us is based upon the Escrow Agent reviewing the records of the depository institution holding the Processing Account to verify that the funds received have cleared the banking system prior to releasing the funds to us.

  • All funds received will be promptly deposited in a non-interest-bearing bank account ("Processing Account") maintained by the Escrow Agent as processing agent for the investors in the offering.

  • Upon the Escrow Agent's receipt of such monies, they shall be credited to the Processing Account.

  • On the closing date(s) for the offering, proceeds in the Processing Account maintained by the Escrow Agent will be delivered to us.Funds received by cheque or bank draft by will be forwarded immediately to the Escrow Agent.

  • Wire transfers representing payments by prospective purchasers shall not be deemed deposited in the Processing Account until the Escrow Agent has received the subscription information required with respect to such payments.No interest will be available for payment to either us or the investors (since the funds are being held in a non-interest-bearing account).

  • The Escrow Agent will exercise signature control on the Processing Account and will act based on joint instructions from us and Dalmore.

  • The total cost of $24,900.00 will be paid from Unrestricted General Fund – MIS/Data Processing, Account No. 032.

  • The cost, not to exceed $19,600.00, will be paid from Unrestricted General Fund – MIS/Data Processing, Account No. 032.

Related to Processing Account

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Client Account means the unique personalized account of the Client consisting of all Completed Transactions, Open Positions and Orders on the Platform, the Balance of the Client money and deposit/withdrawal transactions of the Client money. It is understood that the Company may use the term Trading Account or Account on its Website or communications, which shall mean your Client Account.

  • User Account means an account under the name of the Customer in relation to the Service subscribed by the Customer.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Online Account means the Bank account from which you will be conducting transactions using a Service;

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Collection Account Agreement means that certain Collection Account Agreement, dated the Closing Date, among the Borrower, the Servicer, the Account Bank, the Administrative Agent and the Collateral Agent, governing the Collection Account and which permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in the Collection Account, as such agreement may be amended, modified or supplemented from time to time in accordance with its terms.

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Disbursement Account means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Collection Accounts As defined in Section 3.10(a).

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Concentration Account Agreement as defined in subsection 4.16(b).

  • Seller Account shall have the meaning set forth in the preamble of this Agreement.

  • Holding Account means an account:

  • Cardholder Account is the account of a Cardholder as represented by a Card.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Subsidy Account If the Trust Estate contains any Subsidy Loans, the deposit account or accounts created and maintained by the Servicer for deposit of Subsidy Funds and amounts payable under interest subsidy agreements relating to mortgage loans other than the Mortgage Loans.

  • Running Account Bill means a bill for the payment of "On Account" money to the Contractor during the progress of work on the basis of work done and the supply of non-perishable materials to be incorporated in the work.

  • Client Accounts means accounts of Clients (i) that are Controlled by an Access Person and (ii) in which no Access Person has a substantial proportionate economic interest; provided that, the Client pays a management, advisory or any other similar arms-length fee to the Access Person and the beneficiary of the Client Account is not an Immediate Family member of an Access Person.

  • In-Service Account means a separate account to be kept for each Participant that has elected to take in-service distributions as described in Section 5.4. The In-Service Account shall be adjusted in the same manner and at the same time as the Deferred Compensation Account under Section 8 and in accordance with the rules and elections in effect under Section 8.

  • Merchant Account means any account with an Acquirer or other Financial Institution, service provider, payment processor, independent sales organization, or other entity that enables an individual, a business, or other organization to accept payments of any kind.