Common use of Deposit Account Clause in Contracts

Deposit Account. Custodian will open and maintain a special purpose deposit accounts in the name of Custodian ("Account"), subject only to draft or order by Custodian upon receipt of instructions. All monies received by Custodian from or for the account of a portfolio shall be deposited in said Account, barring events not in the control of the Custodian such as strikes, lockouts or labor disputes, riots, war or equipment or transmission failure or damage, fire, flood, earthquake or other natural disaster, action or inaction of governmental authority or other causes beyond its control, at 9:00 a.m., Kansas City time, on the second business day after deposit of any check into Fund's Account, Custodian agrees to make Fed Funds available to the Fund in the amount of the check. Deposits made by Federal Reserve wire will be available to the Fund immediately and ACH wires will be available to the Fund on the next business day. Income earned on the portfolio securities will be credited to the applicable portfolio of the Fund based on the schedule attached as Exhibit A. The Custodian will be entitled to reverse any credited amounts where credits have been made and monies are not finally collected. If monies are collected after such reversal, the Custodian will credit the applicable portfolio in that amount. Custodian may open and maintain an Account in such other banks or trust companies as may be designated by it or by properly authorized resolution of the Board of Directors of Fund, such Account, however, to be in the name of custodian and subject only to its draft or order.

Appears in 8 contracts

Samples: Custody Agreement (Composite Equity Series Inc), Custody Agreement (Composite Northwest Fund Inc), Custody Agreement (Composite Cash Management Co Inc)

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Deposit Account. Custodian will open and maintain a special purpose --------------- deposit accounts in the name of Custodian ("Account"), subject only to draft or order by Custodian upon receipt of instructions. All monies received by Custodian from or for the account of a portfolio shall be deposited in said Account, barring events not in the control of the Custodian such as strikes, lockouts or labor disputes, riots, war or equipment or transmission failure or damage, fire, flood, earthquake or other natural disaster, action or inaction of governmental authority or other causes beyond its control, at 9:00 a.m., Kansas City time, on the second business day after deposit of any check into Fund's Account, Custodian agrees to make Fed Funds available to the Fund in the amount of the check. Deposits made by Federal Reserve wire will be available to the Fund immediately and ACH wires will be available to the Fund on the next business day. Income earned on the portfolio securities will be credited to the applicable portfolio of the Fund based on the schedule attached as Exhibit A. The Custodian will be entitled to reverse any credited amounts where credits have been made and monies are not finally collected. If monies are collected after such reversal, the Custodian will credit the applicable portfolio in that amount. Custodian may open and maintain an Account in such other banks or trust companies as may be designated by it or by properly authorized resolution of the Board of Directors of Fund, such Account, however, to be in the name of custodian and subject only to its draft or order.

Appears in 2 contracts

Samples: Custody Agreement (Sierra Trust Funds), Custody Agreement (Composite Bond & Stock Fund Inc)

Deposit Account. Custodian will open and maintain a special purpose deposit accounts account in the name of Custodian ("Account"), subject only to draft or order by Custodian upon receipt of instructions. All monies received by Custodian from or for the account of a portfolio the Fund shall be deposited in said Account, barring . Barring events not in the control of the Custodian such as strikes, lockouts or labor disputes, riots, war or equipment or transmission failure or damage, fire, flood, earthquake or other natural disaster, action or inaction of governmental authority or other causes beyond its control, at 9:00 a.m., Kansas City time, on the second business day after deposit of any check into Fund's Account, Custodian agrees to make Fed Funds available to the Fund in the amount of the check. Deposits made by Federal Reserve wire will be available to the Fund immediately and ACH wires will be available to the Fund on the next business day. Income earned on the portfolio securities will be credited to the applicable portfolio of the Fund based on the schedule attached as Exhibit A. The Custodian will be entitled to reverse any credited amounts where credits have been made and monies are not finally collected, provided that the Custodian has made reasonable efforts to collect such uncollected income. If monies are collected after such reversal, the Custodian will credit the applicable portfolio Fund in that amount. Custodian may open and maintain an Account Accounts in its own banking department, in State Street Bank and Trust Company, and in such other banks or trust companies as may be designated by it or by and as properly authorized by resolution of the Board of Directors of the Fund, such AccountAccounts, however, to be in the name of custodian and subject only to its draft or order.

Appears in 2 contracts

Samples: Custody Agreement (Berger One Hundred & One Fund Inc), Custody Agreement (One Hundred Fund Inc /Co)

Deposit Account. Custodian will open and maintain a one or more special purpose deposit accounts in the name of Custodian ("AccountAccounts"), subject only to draft or order by Custodian upon receipt of instructions. All monies received by Custodian from or for the account of a portfolio Portfolio shall be deposited in said Account, barring Account of the applicable Portfolio. Barring events not in the control of the Custodian such as strikes, lockouts or labor disputes, riots, war or equipment or transmission failure or damage, fire, flood, earthquake or other natural disaster, action or inaction of governmental authority or other causes beyond its control, at 9:00 a.m., Kansas City time, on the second business day after deposit of any check into Fund's Account, Custodian agrees to make Fed Funds available to the Fund in the amount of the check. Deposits made by Federal Reserve wire will be available to the Fund immediately and ACH wires will be available to the Fund on the next business day. Income earned on the portfolio securities will be credited to the applicable portfolio Portfolio of the Fund based on the schedule attached as Exhibit A. The Custodian will be entitled to reverse any credited amounts where credits have been made and monies are not finally collected. If monies are collected after such reversal, the Custodian will credit the applicable portfolio Portfolio in that amount. Custodian may open and maintain an Account Accounts in such other banks or trust companies as may be designated by it or by properly authorized resolution of the governing Board of Directors of the Fund, such Account, however, to be in the name of custodian Custodian and subject only to its draft or order.

Appears in 2 contracts

Samples: Custody Agreement (Pilgrim Government Securities Income Fund Inc), Custody Agreement (Pilgrim America Investment Funds Inc)

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Deposit Account. Custodian will open and maintain a special purpose deposit account or accounts in the name of Custodian ("Account"), subject only to draft or order by Custodian upon receipt of instructions. All monies received by Custodian from or for the account of a portfolio shall be deposited in said Account, barring . Barring events not in the control of the Custodian such as strikes, lockouts or labor disputes, riots, war or equipment or transmission failure or damage, fire, flood, earthquake or other natural disaster, action or inaction of governmental authority or other causes beyond its control, at 9:00 a.m., Kansas City time, on the second business day after deposit of any check into Fund's Account, Custodian agrees to make Fed Funds available to the Fund in the amount of the check. Deposits made by Federal Reserve wire will be available to the Fund immediately and ACH wires will be available to the Fund on the next business day. Income earned on the portfolio securities will be he credited to the applicable portfolio of the Fund based on the schedule attached as Exhibit A. All collected funds received on behalf of a Fund shall be deposited, according to Custodian's usual practices, into a Custody account on behalf of that Fund. The Custodian will be entitled to reverse any credited amounts where credits have been made and monies are not finally collected. If monies are collected after such reversal, the Custodian will credit the applicable portfolio in that amount. Custodian may open and maintain an Account in such other banks or trust companies as may be designated by it or and by properly authorized resolution of the governing Board of Directors of the Fund, such Account, however, to be in the name of custodian Custodian and subject only to its draft or order.

Appears in 1 contract

Samples: Custody Agreement (Empire Builder Tax Free Bond Fund)

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