Conversion of Account Sample Clauses
The Conversion of Account clause outlines the process by which an account, such as a loan or credit facility, may be changed from one type to another under specified conditions. Typically, this clause details the circumstances under which conversion is permitted, the steps required to initiate the change, and any fees or adjustments that may apply. For example, a borrower might convert a variable-rate loan to a fixed-rate loan, subject to approval and applicable charges. The core function of this clause is to provide flexibility for account holders while ensuring that both parties understand the terms and implications of converting the account, thereby reducing potential disputes and administrative confusion.
Conversion of Account. We can convert your Account to another type of deposit Account (by giving you any required notice) if: • You use it inappropriately or fail to meet or maintain the Account’s requirements, or • We determine the Account is inappropriate for you based on your use, or • We stop offering the type of Account you have.
Conversion of Account. We will Notify You where We convert one type of Account into another type of Account.”
Conversion of Account. If an Eligible Employee’s employment with the Company and all of its Affiliates is terminated, the Committee shall convert the total number of Restricted Units credited to the Account of the Eligible Employee to a cash value equal to the number of Restricted Units credited to the Eligible Employee’s Account determined as of the date the Eligible Employee’s employment is terminated multiplied by the Fair Market Value of one Share determined as of the day immediately preceding the date an Eligible Employee’s employment is terminated. For purposes of this Section 8.01(a), the total number of Restricted Units which are credited to a Eligible Employee’s Account as of the date the Eligible Employee’s employment is terminated shall not include any Matching Units which are forfeited pursuant to the provisions of Section 6.02 hereof. The Committee shall separately identify the cash amount attributable to each Annual Base Salary Deferral and any related Matching Units and the cash amount attributable to each Annual Bonus Deferral and any related Matching Units applicable to the Eligible Employee.
Conversion of Account. The Bank may at any time without notice convert one type of account into another type of account.