Settlement Deposit definition
Examples of Settlement Deposit in a sentence
Correspondent shall immediately transfer to the Settlement Deposit Account sufficient cash and/or U.S. Government Securities to satisfy the increased amount of the Security Deposit.
All funds transferred to the Settlement Deposit Account shall be in immediately available United States funds.
Any third-party costs for publishing the Second Notice shall be Non-Refundable Expenses to be paid from the Settlement Deposit.
Ridge shall not be obligated to pay interest to Correspondent on any cash held in the Settlement Deposit Account.
As soon as practicable after the end of each month, Ridge will credit the Settlement Deposit Account (as defined in Section X.B. of this Agreement) with the amount of Commissions collected by Ridge on Correspondent’s behalf, net of all amounts to be deducted as set forth above and any other amounts due to Ridge from Correspondent, however arising, as determined by Ridge.
Any failure by Ridge to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by Ridge shall not act as a waiver of Ridge’s right to demand payment of, or to charge Correspondent’s Accounts for, the full amount due at any time.
All securities transferred to the Settlement Deposit Account (a) shall be in suitable form for transfer or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other documentation as Ridge may request, and (b) shall be transferred on the book-entry system of a Federal Reserve Bank, or by any other method acceptable to Ridge.
HKSCC shall be entitled from time to time and at any time to compute Mainland Settlement Deposit and Mainland Security Deposit using the formulae set forth in the Operational Procedures or such other methods and assumptions as HKSCC may consider appropriate.
The Contributing Parties shall pay the Settlement Amount, less the Settlement Deposit, to Class Counsel for deposit into the Escrow Account no later than thirty (30) days after the Effective Date.
Correspondent further agrees that Ridge may debit any cash balances and/or liquidate any securities held in the Settlement Deposit Account or in any Proprietary Account and credit the proceeds to Ridge in such amounts as are necessary to satisfy Correspondent’s obligations under this Agreement and at such times as Ridge, in its sole and exclusive discretion, deems appropriate.