Account Funds. Account funds do not represent deposits guaranteed, or insured by us, the issuer, or the Federal Deposit Insurance Corporation (FDIC), or any other state or federal governmental agency, and are subject to typical uninsured, non-guaranteed risk.
Account Funds. The Account funds shall be applied as a credit to Company, and all amounts due and owing to Comodo by Company for, but not limited to, Certificate issuance shall be deducted from the Account. Comodo shall xxxx Company monthly for the sale of certificates by Company. Each month, Comodo will first deduct all charges due and owing to Comodo from the Account, until the Account balance reaches $ (“Minimum Account Balance”). If the Account balance reaches the Minimum Account Balance, Company may not purchase additional certificates until additional funds are deposited into the Account to bring the balance back to at least the Minimum Account Balance. Company may deposit additional funds into the Account at any time. Unused Account funds shall roll over to the next Renewal Term. Unused Account funds are non-refundable and will not be refunded to Company upon termination or expiration of this Agreement.
Account Funds. The Company hereby represents and warrants to Secured Party that the Company has deposited into the Account cash in the amount of $1,900,000. In connection with the payment of Dividends in cash on any Dividend Date pursuant to and in accordance with the Certificate of Designations, the Company shall deliver to Depository Bank written instructions not later than five business days prior to each Dividend Payment Date, with a copy of such notice to Secured Party, directing the release to the holders of the Preferred Shares on such Dividend Payment Date from the Account of an amount in cash equal to the value of the Dividends paid in cash to the holders of the Preferred Shares with respect to such Dividend Date. Such notice shall contain payment amounts and wire instructions for each holder of the Preferred Shares as of such Dividend Payment Date. In connection with the payment of Dividends in capital stock of the Company on any Dividend Date or the conversion of Preferred Shares prior to such Dividend Date, the Company shall deliver to Depository Bank written instructions not later than five business days prior to each Dividend Payment Date, with a copy of such notice to Secured Party, directing the release to the Company on the tenth Business Day following such Dividend Date of an amount in cash equal to the value of Dividends paid in capital stock of the Company to holders of the Preferred Shares with respect to such Dividend Date or the ratable amount of Dividends corresponding to any Preferred Shares no longer outstanding as of such Dividend Date. For example, if $2,000,000 of a total of $8,000,000 in Preferred Shares are converted during a quarter, then an amount equal to 1/4 of the remaining funds in the account will be refunded to the Company less the amount of dividends paid for that quarter on such tenth Business Day following such Dividend Date. Except for withdrawals on the dates and for the amounts specified above and pursuant to Section 10(c), the Company agrees that it shall not be entitled to request withdrawals from the Account. The Company hereby covenants and agrees that the Account shall be exclusively used as the deposit account in connection with the transactions contemplated by the Transaction Documents and shall not be used for any other purpose.
Account Funds. Except for funds which are earned by Vendor in the form of SVP costs, Account Maintenance Fees, Expiration Fees, Account fees, interest, dividends, breakage, estimated breakage and other income as set forth herein, all funds held in the accounts established in this Exhibit B shall be held for the benefit of SVP holders and the participating merchants who are entitled to payment in connection with the use of the SVPs. With the exception of commissions due by Vendor to Adaptive, funds are not the property of Adaptive and shall be paid to Vendor, the Consumer, or Merchants, as applicable, and upon redemption.
Account Funds. Seller agrees to continue to serve as a depository bank for funds held in the Accounts during the period commencing on the Effective Date and ending on such date as Buyer, in its capacity as Trustee or custodian of the Accounts, elects to transfer the Account funds from Seller, in its capacity as a depository bank (the "Conversion Date"). All funds held in the Accounts will continue to be governed by the respective Account Agreements, as the same may be amended from time to time, and related disclosures provided to the Account Holders. Notwithstanding anything to the contrary set forth in this Article 4, Buyer shall acquire all of Seller's right, title and interest in and to the Account Agreements as of the Closing. During the period commencing on the Effective Date and ending on the Conversion Date, Buyer agrees to provide Seller with copies of any documents reasonably requested by Seller that are necessary to establish Buyer's custodial relationship over the Accounts. For the avoidance of doubt, nothing in this Agreement shall preclude Buyer, in its capacity as Trustee or custodian of the Accounts, from directing Seller to transfer any Account funds to a successor depository bank.
Account Funds. (a) Within seven (7) days after the Closing, the Parent shall open a dedicated bank account (at a bank mutually agreed to between the Parent and a Majority Interest of the Series E Preferred Stock, provided that the Parties confirm and acknowledge that Veritex Community Bank is a “mutually agreed to” bank) which shall be separate from the Parent’s standard operating bank account (the “Account”). An officer designated by the Parent and one person designated by the Series E Preferred Stock holders (which person shall initially be Txx Xxxxxxxx) (the “Preferred Authorized Representative”), shall have to approve all disbursements, payments and draws on the Account. The Preferred Authorized Representative may be removed or replaced from time to time with the written consent of a Majority Interest of the Series E Preferred Stock and the holder of the Series F Preferred Stock.
Account Funds. Except for funds which are earned by NBO in the form of Admin Fees, Expiration Fees, Breakage, Estimated Breakage, Account fees, interest, dividends and other income as set forth herein, all funds held in the accounts established in this Addendum B shall be held for the benefit of consumers and the merchants who are entitled to payment in connection with the use of Mall Gift Cards. Funds are not the property of Customer and shall be paid to NBO, the Consumer, or Merchants, as applicable, and upon redemption.
