Common use of AUTHORIZATION TO DEBIT ACCOUNT Clause in Contracts

AUTHORIZATION TO DEBIT ACCOUNT. Client hereby authorizes LPL to debit all Account Fees payable pursuant to Section 18 directly from the Account and, with respect to an Account of an individual retirement account (“XXX”), the Account Fees related to another XXX or individual retirement annuity of the same beneficial owner. It is agreed by Client and LPL that the Account Fee will be payable, first, from free credit balances, if any, in the Account, second, from the liquidation or withdrawal (which the Client hereby authorizes) by LPL of the Client’s shares of any money market fund or balances in the ICA, as applicable. LPL reserves the right to liquidate at any time a portion of the other assets in the Account to cover the Account Fee or other charges. The Account Fee will not be withdrawn or deducted by LPL from any Variable Annuity that is part of the Account. The Account may establish procedures to pay the Account Fee directly rather than through a debit to the Account. Any different method of billing Account Fees may result in the imposition of additional charges to cover the administrative costs of billing.

Appears in 3 contracts

Samples: Account Agreement, Account Agreement, Account Agreement

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AUTHORIZATION TO DEBIT ACCOUNT. Client hereby authorizes LPL to debit all Account Fees payable pursuant to Section 18 directly from the Account and, with respect to an Account of an individual retirement account (“XXX”), the Account Fees related to another XXX or individual retirement annuity of the same beneficial owner. It is agreed by Client and LPL that the Account Fee will be payable, first, from free credit balances, if any, in the Account, second, from the liquidation or withdrawal (which the Client hereby authorizes) by LPL of the Client’s shares of any money market fund or balances in the ICAICA or DCA, as applicable. LPL reserves the right to liquidate at any time a portion of the other assets in the Account to cover the Account Fee or other charges. The Account Fee will not be withdrawn or deducted by LPL from any Variable Annuity that is part of the Account. The Account may establish procedures to pay the Account Fee directly rather than through a debit to the Account. Any different method of billing Account Fees may result in the imposition of additional charges to cover the administrative costs of billing.

Appears in 1 contract

Samples: Account Agreement

AUTHORIZATION TO DEBIT ACCOUNT. Client hereby authorizes LPL to debit all Account Fees payable pursuant to Section 18 directly from the Account and, with respect to an Account of an individual retirement account (“XXXIRA”), the Account Fees related to another XXX IRA or individual retirement annuity of the same beneficial owner. It is agreed by Client and LPL that the Account Fee will be payable, first, from free credit balances, if any, in the Account, second, from the liquidation or withdrawal (which the Client hereby authorizes) by LPL of the Client’s shares of any money market fund or balances in the ICA, ICA as applicable. LPL reserves the right to liquidate at any time a portion of the other assets in the Account to cover the Account Fee or other charges. The Account Fee will not be withdrawn or deducted by LPL from any Variable Annuity that is part of the Account. The Account may establish procedures to pay the Account Fee directly rather than through a debit to the Account. Any different method of billing Account Fees may result in the imposition of additional charges to cover the administrative costs of billing.

Appears in 1 contract

Samples: Account Agreement

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AUTHORIZATION TO DEBIT ACCOUNT. Client hereby authorizes LPL to debit all Account Fees payable pursuant to Section 18 directly from the Account and, with respect to an Account of an individual retirement account (“XXX”), the Account Fees related to another XXX or individual retirement annuity of the same beneficial owner. It is agreed by Client and LPL that the Account Fee will be payable, first, from free credit balances, if any, in the Account, second, from the liquidation or withdrawal (which the Client hereby authorizes) by LPL of the Client’s shares of any money market fund or balances in the ICA, ICA as applicable. LPL reserves the right to liquidate at any time a portion of the other assets in the Account to cover the Account Fee or other charges. The Account Fee will not be withdrawn or deducted by LPL from any Variable Annuity that is part of the Account. The Account may establish procedures to pay the Account Fee directly rather than through a debit to the Account. Any different method of billing Account Fees may result in the imposition of additional charges to cover the administrative costs of billing.

Appears in 1 contract

Samples: Account Agreement

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