Bank Failure Sample Clauses

Bank Failure. The FDIC requires banks to disclose information to you on how your funds would be treated if a bank failure would occur. Funds that have been swept out of the designated Account will be used to reduce the loan balance; funds remaining in the designated Account are insured deposits up to the FDIC limitation in the event of bank failure.
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Bank Failure. The Federal Deposit Insurance Corporation (“FDIC”) requires us to disclose information to you on how your funds would be treated if a bank failure would occur. Funds that have been swept from an account(s) into the holding account at the bank will be treated as if they have not left the bank and will be insured up to the amount of the FDIC deposit insurance limit. Funds swept from the money market mutual fund to this account are deposits and will be insured up to the amount of the FDIC deposit insurance limit. Any funds in excess of the FDIC insurance limits will be treated as uninsured deposits. For funds still invested in the external money market mutual fund, you will be considered to have an ownership interest in shares in the money market mutual fund and such invested funds will either be available to your account the following business day or you will receive payment for the value of such shares in the money market mutual fund.
Bank Failure. MGA shall not be liable for any loss which occurs by reason of the default or failure of the bank in which the Depository Account and Disbursement Account are maintained and such loss shall not affect MGA’s obligations under this Agreement.
Bank Failure. Recently bank failures have become a concern, and while the Firm will attempt to take precautions with any funds it holds on your behalf, this is not an area of the Firm's expertise. The Firm requires a disclaimer for loss of trust funds due to a bank failure, which is attached along with information regarding national deposit insurance programs.

Related to Bank Failure

  • Payment Failure Any Credit Party (i) fails to pay any principal when due under this Agreement or (ii) fails to pay, within three Business Days of when due, any other amount due under this Agreement or any other Credit Document, including payments of interest, fees, reimbursements, and indemnifications;

  • Default; Breach A “Default” is defined as a failure by the Lessee to comply with or perform any of the terms, covenants, conditions or Rules and Regulations under this Lease. A “Breach” is defined as the occurrence of one or more of the following Defaults, and the failure of Lessee to cure such Default within any applicable grace period:

  • Failure to Make Payment In the event a participating Authorized User fails to make payment to the Contractor for Products delivered, accepted and properly invoiced, within thirty calendar days of such delivery and acceptance, the Contractor may, upon five business days advance written notice to both the Commissioner and the Authorized User’s purchasing official, suspend additional shipments of Product or provision of services to such entity until such time as reasonable arrangements have been made and assurances given by such entity for current and future Contract payments.

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