Depository Institution Clause Samples
The 'Depository Institution' clause defines what entities qualify as depository institutions within the context of the agreement. Typically, this refers to banks or financial institutions that are authorized to accept deposits and may be involved in holding, transferring, or managing funds related to the contract. For example, the clause may specify that only institutions regulated by certain authorities or located in specific jurisdictions are acceptable. Its core function is to ensure that all parties have a clear and mutual understanding of which financial entities can be used for deposit and transaction purposes, thereby reducing ambiguity and potential disputes regarding the handling of funds.
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Depository Institution. The term U.S. depository institution means any entity (including its foreign branches) organized under the laws of the United States or any jurisdiction within the United States, or any agen- cy, office, or branch located in the United States of a foreign entity, that is engaged primarily in the business of banking (for example, banks, savings banks, savings associations, credit unions, trust companies, and United States bank holding companies) and is subject to regulation by federal or state banking authorities.
Depository Institution. The term ‘‘de- pository institution’’ has the same meaning as in section 3 of the Federal Deposit Insurance Act.
Depository Institution. “Depository institution” has the meaning set forth in
Depository Institution an Entity that accepts deposits in the ordinary course of a banking or similar business.
Depository Institution. The term U.S. depository institution means any entity (including its foreign branches) organized under the laws of the United States or any jurisdiction within the United States, or any agen- cy, office, or branch located in the United States of a foreign entity, that is engaged primarily in the business of banking (for example, banks, savings banks, savings associations, credit unions, trust companies, and United States bank holding companies) and is subject to regulation by federal or state banking authorities. The term U.S. financial institution means any U.S. entity (including its foreign branches) that is engaged in the business of accepting deposits, making, granting, transferring, hold- ing, or brokering a loan or other exten- sion of credit, or purchasing or selling foreign exchange, securities, com- modity futures or options, or procuring purchasers and sellers thereof, as prin- cipal or agent. It includes but is not limited to depository institutions, banks, savings banks, trust companies, securities brokers and dealers, com- modity futures and options brokers and dealers, forward contract and foreign exchange merchants, securities and commodities exchanges, clearing cor- porations, investment companies, em- ployee benefit plans, and U.S. holding companies, U.S. affiliates, or U.S. sub- sidiaries of any of the foregoing. This term includes those branches, offices, and agencies of foreign financial insti- tutions that are located in the United States, but not such institutions’ for- eign branches, offices, or agencies. The term U.S. registered broker or dealer in securities means any U.S. cit- izen, permanent resident alien, or enti- ty organized under the laws of the United States or of any jurisdiction within the United States (including its foreign branches), or any agency, of- fice, or branch of a foreign entity lo- cated in the United States, that:
Depository Institution. “Depository institution” means an entity described in
Depository Institution. The Company, if the Company is a depository institution, has complied with the requirements of 12 U.S.C. Section 1823(e), as amended from time to time, in connection with the authorization, execution, delivery, and retention of this Agreement and any commitment or loan document required to be issued or entered into by the Company under or in connection with this Agreement.
Depository Institution. It refers to the authorized institution or organization where the capital market instruments are kept registered on behalf of the CUSTOMER.
Depository Institution. The Bank of New York Mellon Trust Company, N.A., in its capacity as depository bank under the Control Agreement (the “Depository Institution”), is a “bank,” as defined in Section 9-102(a)(8) of the Texas UCC, with which the Deposit Accounts (as hereinafter defined) are maintained.
Depository Institution. Merchant authorizes its depository institution to grant Elavon and/or Member access to any and all information or records regarding the DDA. You hereby release ▇▇▇▇▇▇ and Member for any action they take against the DDA or Reserve Account pursuant to the Agreement.