Certificate of Deposit Account Sample Clauses

Certificate of Deposit Account. (“CD Account”): A CD Account allows you to make deposits by check, ACH transfer or wire transfer from an account in a financial institution that is chartered by the United States of America or a state thereof. With a CD Account, while a physical certificate is not issued, you will receive a funding letter with all the pertinent information about the certificate of deposit. If you withdraw funds before the end of the term, your CD Account is subject to a penalty as described in the Truth in Savings Disclosure.
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Certificate of Deposit Account. Minimum balance requirements. The minimum balance required to open this account is $1,000.00.
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Certificate of Deposit Account. (a) The Credit-Linked Deposits shall be held by the Administrative Agent in the Certificate of Deposit Account, and no party other than the Administrative Agent shall have a right of withdrawal from the Certificate of Deposit Account or any other right or power with respect to the Credit-Linked Deposits, except as expressly set forth in Section 2.05, 2.08 or 2.11. Notwithstanding any provision in this Agreement to the contrary, the sole funding obligation of each Synthetic LC Lender in respect of its participation in Synthetic Letters of Credit shall be satisfied in full upon the funding of its Credit-Linked Deposit on the Effective Date. (b) Each of the Borrower, the Administrative Agent, the Issuing Bank issuing any Synthetic Letter of Credit and each Synthetic LC Lender hereby acknowledges and agrees that each Synthetic LC Lender is funding its Credit-Linked Deposit to the Administrative Agent for application in the manner contemplated by Section 2.05(b) and that the Administrative Agent has agreed to invest the Credit-Linked Deposits into a single certificate of deposit issued by the Certificate of Deposit Issuer on the terms and subject to the conditions specified in Schedule 2.21(b) (the “Certificate of Deposit”). All interest accruing on the Certificate of Deposit shall be paid by the Administrative Agent ratably to each Synthetic LC Lender in accordance with its Applicable Percentage quarterly in arrears when the fees in respect of the Synthetic Letter of Credit are payable pursuant to Section 2.12. It is understood and agreed that the obligations to pay interest on the Certificate of Deposit shall be the exclusive obligation of the Certificate of Deposit Issuer and the Borrower shall not be obligated to pay such interest. During periods when, and to the extent to which, such Credit-Linked Deposits are used by the Administrative Agent to cover unreimbursed Synthetic LC Disbursements, (i) the Certificate of Deposit shall be reduced by such amount and (ii) the Synthetic LC Lenders shall be entitled to receive interest on such amounts from the Borrower at the interest rates set forth in Section 2.05(b) and 2.13(c). (c) The Borrower shall have no right, title or interest in or to the Credit-Linked Deposits and no obligations with respect thereto (except for the reimbursement obligations provided in Section 2.05), it being acknowledged and agreed by the parties hereto that the making of the Credit-Linked Deposits by the Synthetic LC Lenders, the provisi...
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Certificate of Deposit Account. Nothing contained in this Agreement shall be construed so as to make a Certificate Account a demand deposit, and we reserve the right to require at least seven days written notice of an intention to withdraw any funds in a Certificate Account. This notice time may be increased according to our Bylaws or under applicable law. You will receive a receipt for the funds you deposit into a Certificate Account, which receipt is merely evidence of your Certificate Account established with us. The receipt is non-negotiable and non-transferable. A Certificate Account shall be automatically renewed. Upon Maturity of a Certificate Account, if you do not present the receipt for payment or for renewal, we may at our option, either transfer the balance of all funds in said Certificate Account to any regular share account or other Account of yours, or pay all said funds directly to you. If we pay any of the funds in a Certificate Account before the Maturity Date, you shall forfeit the early withdrawal penalty shown on an appropriate Fee Schedule. If said account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal. To the extent necessary to comply with this penalty provision, deductions may be made from the amount withdrawn or the remaining Certificate balance. Withdrawals within the first six days of the initial deposit will incur a seven day simple interest penalty on the amount withdrawn. All interest credited to a Certificate Account may be withdrawn at any time without penalty. Certificates may not be pledged, transferred or assigned to any party other than this Credit Union. Money Mint Account: Money Mint Account(s) may be established with us according to the terms of this section and other applicable provisions of this Agreement. All general and specific provisions of this Agreement that relate to share draft accounts, including but not limited to Overdraft Protection, apply to your Money Mint Account(s). In accordance with the terms of this Agreement, you authorize us to honor your withdrawals and transfer requests and to pay your share drafts and charge all such payments against the funds of your Money Mint Account. You agree that funds in your Money Mint Account will earn dividends from the date your account has deposits totaling $1,000 or more to the date of withdrawal and shall be paid directly to said Account at the end of each calendar month. The dividend rate for your Money Mint Accoun...
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Certificate of Deposit Account. Establishing a Certificate Account. The Credit Union offers a variety of Certificate of Deposit Accounts including Jumbo Certificate Accounts, Xxxxx Panda Certificate Accounts, Cyber Savers Certificate Accounts and Share Certificate Accounts and XXX Certificate Accounts. The Credit Union offers Certificate of Deposit Accounts with terms ranging from six (6) months to sixty (60) months. Please refer to our Rate Schedule for the types of Certificate of Deposit Accounts offered. Rate Information: Your Certificate of Deposit Account will earn what are known as dividends. Dividends are like interest, except that the rate of dividends is set by the Credit Union's Board of Directors (the "Board") from time to time, and dividends are not guaranteed. The Credit Union estimates a prospective dividend rate and corresponding annual percentage yield (APY) on your Certificate of Deposit Accounts for each dividend period. The dividend rate and APY may change every calendar month as determined by the Credit Union. This is a variable rate account. The Credit Union’s current dividend rates will be available each business day at our office. Refer to our current Rate Schedule for our current dividend rates and APYs applicable to your Certificate of Deposit Account. Compounding and Crediting. We compound your dividends, even though that isn't required by law. Compounding is more favorable to you, because once dividends have been credited to your account they are added to the balance on which you will earn future dividends. Because we compound dividends, the APY on your account will be somewhat higher than the dividend rate although for lower rates the percentage figures shown on your disclosures and statements may be the same due to rounding. The APY will be posted along with the dividend rate. Minimum balance requirements: The minimum balance required to open a Certificate of Deposit Account is set forth in our Rate Schedule. You must maintain a minimum daily balance equal to the minimum balance required to open the Certificate of Deposit Account each day to obtain the disclosed APY and to keep the Certificate of Deposit Account open. Balance computation method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. Transaction limitations: After the Certificate of Deposit is opened, you cannot make additional deposits to the account until the maturity date stated on the Certificate. Your Certificate is...
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Related to Certificate of Deposit Account

  • Deposit Account If you are issued a secured Card, you have signed or will be required to sign a separate security agreement pledging a specific, non-withdrawable portion of your shares and/or deposits in BECU to secure your Card. The amount of the security for such a Card is the amount of your credit limit and you may not have any access to or control of that amount.

  • Establishment of Deposit Account The Deposit Account shall be established and maintained pursuant to Section 5.01 of the Sale and Servicing Agreement. The Deposit Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of Noteholders and the Certificateholders, as applicable in accordance with the Sale and Servicing Agreement.

  • Deposit Accounts; Securities Accounts The only Deposit Accounts or Securities Accounts maintained by any Grantor on the date hereof are those listed on Schedule 6 (Bank Accounts; Control Accounts), which sets forth such information separately for each Grantor.

  • Deposit Account Control Agreement control agreement satisfactory to Agent executed by an institution maintaining a Deposit Account for an Obligor, to perfect Agent’s Lien on such account.

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

  • Securities Account All Permitted Investments have been and will be credited to a Securities Account. The securities intermediary for each Securities Account has agreed to treat all assets credited to the Securities Accounts as “financial assets” within the meaning of the applicable UCC.

  • Deposit Account Control Agreements the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for an Obligor, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations.

  • Deposit Accounts and Securities Accounts Set forth on Schedule 4.15 (as updated pursuant to the provisions of the Security Agreement from time to time) is a listing of all of the Loan Parties’ and their Subsidiaries’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary (a) the name and address of such Person, and (b) the account numbers of the Deposit Accounts or Securities Accounts maintained with such Person.

  • Certificate Distribution Account The Certificate Distribution Account shall be established as a non-interest bearing trust account pursuant to Section 4.1 of the Sale and Servicing Agreement. Funds on deposit in the Certificate Distribution Account shall be held uninvested. The Certificateholders shall possess all beneficial right, title and interest in and to all funds on deposit from time to time in the Certificate Distribution Account and all proceeds thereof. Except as otherwise provided herein, in the Indenture or in the Sale and Servicing Agreement, the Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account, the Servicer on behalf of the Issuer, shall, within ten (10) Business Days (or such longer period) after becoming aware of the fact, establish a new Certificate Distribution Account as an Eligible Account and shall direct the Certificate Paying Agent to transfer any cash then on deposit in the Certificate Distribution Account to such new Certificate Distribution Account.

  • Certificate Account (a) The Master Servicer on behalf of the Trustee shall establish and maintain a Certificate Account in which the Master Servicer shall cause to be deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each Certificate Account Deposit Date by wire transfer of immediately available funds an amount equal to the sum of (i) any Advance for the immediately succeeding Distribution Date, (ii) any amount required to be deposited in the Certificate Account pursuant to Section 3.12(a), (iii) any amount required to be deposited in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount required to be paid pursuant to Section 9.01 and (v) all other amounts constituting the Available Distribution Amount for the immediately succeeding Distribution Date. (b) The Trustee shall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate Account to invest the funds in the Certificate Account in Permitted Investments designated in the name of the Trustee for the benefit of the Certificateholders, which shall mature or be payable on demand not later than the Business Day next preceding the Distribution Date next following the date of such investment (except that (i) any investment in the institution with which the Certificate Account is maintained may mature or be payable on demand on such Distribution Date and (ii) any other investment may mature or be payable on demand on such Distribution Date if the Trustee shall advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be sold or disposed of prior to maturity. Subject to Section 3.16(e), all income and gain realized from any such investment shall be for the benefit of the Master Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the Certificate Account by the Master Servicer out of its own funds immediately as realized without any right of reimbursement. The Trustee or its Affiliates are permitted to receive compensation that could be deemed to be in the Trustee's economic self-interest for (i) serving as investment adviser (with respect to investments made through its Affiliates), administrator, shareholder servicing agent, custodian or sub-custodian with respect to certain of the Permitted Investments, (ii) using Affiliates to effect transactions in certain Permitted Investments and (iii) effecting transactions in certain Permitted Investments.

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