Deposit Account and Eligibility Sample Clauses

Deposit Account and Eligibility. The Deposit Account is a non-interest-bearing online demand deposit account used to hold your deposits and permits you to make payments and transfers to and from the Deposit Account. You may access your Deposit Account via the Site or the Mobile App. Use of your Debit Card (“Card”) is governed by the Mercury Commercial Debit Cardholder Agreement (“Cardholder Agreement”), and the Cardholder Agreement is also a part of this agreement. You may not apply for or access your Deposit Account or any of the banking services unless your Mercury Account is in good standing. The Deposit Account is a commercial account and is only available to legal entities or individuals who will use the Deposit Account for business purposes. Commercial accounts are those established by any partnership, corporation, association or other entity operated on a for-profit basis; all corporations and associations operated on a not-for-profit-basis; and any individual who intends to use the account for carrying on a trade or business. This agreement and the relationship between you and Banking Provider is that of debtor and creditor, and neither Banking Provider nor Xxxxxxx owes any fiduciary duty to you.
Sample 1See All (4)
Deposit Account and Eligibility. The Deposit Account is an interest-bearing online demand deposit account used to hold your deposits and permits you to make payments and transfers to and from the Deposit Account. You may access your Deposit Account via the Site or the Mobile App. Use of your Debit Card (“Card”) is governed by the Mercury Consumer Debit Cardholder Agreement (“Cardholder Agreement”), and the Cardholder Agreement is also a part of this agreement. You may not apply for or access your Deposit Account or any of the banking services unless your Mercury Account is in good standing. To open a Deposit Account, you must be at least 18 years of age, have a U.S. physical address, and have a valid Social Security number. The Deposit Account is a consumer account, which may not be used for business purposes, and is only available to individuals who will use the Deposit Account for personal, family or household purposes. Consumer accounts are those established by any individual and operated on a personal, family or household basis. This agreement and the relationship between you and Banking Provider is that of debtor and creditor, and neither Banking Provider nor Xxxxxxx owes any fiduciary duty to you.
Sample 1

Related to Deposit Account and Eligibility

  • Deposit Accounts As of the date hereof, no Pledgor has any Deposit Accounts other than the accounts listed in Schedule 14 to the Perfection Certificate. Within 45 days after the Closing Date (or such longer period as the Collateral Agent may agree in its sole discretion), the Collateral Agent shall have a first priority security interest in each such Deposit Account, which security interest is perfected by Control (except for those Deposit Accounts (the “Excluded Deposit Accounts”) (i) for which Control is prohibited by Governmental Authority so long as the balance of each such Deposit Account is swept daily to a Deposit Account subject to the Collateral Agent’s Control, (ii) the available balance of which is swept daily to a Deposit Account subject to the Collateral Agent’s Control or (iii) the balance of which is not swept daily to a Deposit Account subject to the Collateral Agent’s Control and which, in the aggregate, contain no more than 15% of total cash of Borrower and its Subsidiaries at any time). No Pledgor shall change the instructions directing the daily sweep of amounts in the Excluded Deposit Accounts to Deposit Accounts subject to the Collateral Agent’s Control. Other than in the case of an Excluded Deposit Account, no Pledgor shall hereafter establish and maintain any Deposit Account unless (1) it shall have given the Collateral Agent 30 days’ prior written notice of its intention to establish such new Deposit Account with a Bank, (2) such Bank shall be reasonably acceptable to the Collateral Agent and (3) such Bank and such Pledgor shall have duly executed and delivered to the Collateral Agent a Deposit Account Control Agreement with respect to such Deposit Account. No Pledgor shall hereafter establish and maintain an Excluded Deposit Account referenced in clause (i) or (ii) of the definition thereof unless such Pledgor shall have issued sweep instructions directing the bank to sweep funds from the Excluded Deposit Account to a Deposit Account subject to the Collateral Agent’s Control. The Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights from such Pledgor with respect to funds from time to time credited to any Deposit Account unless an Event of Default has occurred and is continuing. The provisions of this Section 3.4(b) shall not apply to the LC Account. No Pledgor shall grant Control of any Deposit Account to any person other than the Collateral Agent. No Pledgor shall revise or revoke any instructions to a Bank under any Deposit Account Control Agreement without the written consent of the Collateral Agent.