WFB Payment Account definition
WFB Payment Account means such bank accounts (a) owned and maintained by WFB in its name and for its benefit and (b) designated from time to time by WFB as the WFB Payment Account hereunder. Client acknowledges and agrees that the Collection Accounts, and any other depository accounts of Client, whether maintained at WFB or otherwise, do not constitute the WFB Payment Account.
Examples of WFB Payment Account in a sentence
WFB is irrevocably authorized, at any time, to give instructions pursuant to such Deposit Account Control Agreements directing the disposition of funds in the Collection Accounts to the WFB Payment Account.
Without limiting the foregoing, until such time as WFB shall elect, in its discretion, to give such instructions, Client shall remit to WFB at the WFB Payment Account, on a daily basis, all funds on deposit in or deposited into the Collection Accounts from Purchased Customers or constituting Proceeds of Accounts of Purchased Customers.