Net Wire Through Clearing Broker Sample Clauses

Net Wire Through Clearing Broker. Selling Agency will assure its Representatives' collection of the premiums for all Variable Contracts and the timely accounting for and submission of all premiums directly and immediately to Clearing Broker. Premiums must be in the form of check, bank draft authorization, customer-approved account transfer, or wire transfer, with funds to the order of Selling Agency. Clearing Broker will immediately deposit premium payments received from Selling Agency into an account for the benefit of Selling Agency, or into the Clearing Broker's segregated account (sometimes referred to as an "Omnibus Account") established for the benefit of Selling Agency and any Affiliates or Broker-Dealer. Selling Agency will notify, or will ensure that the Clearing Broker notifies, Company immediately of the gross receipts for each business day. Clearing Broker will, through wire transfer, remit the premiums received, net of Selling Agency's share of commissions, subject to the conditions set forth below, to a Company-owned bank account designated by Company so that the Company receives the premiums no later than the close of business on the second day after the day the application was signed by the Customer.
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Related to Net Wire Through Clearing Broker

  • Principal Depository Borrower shall maintain its principal depository and operating accounts with Bank.

  • Income Collection, Transaction Processing, Account Administration 0.25 of a basis point per annum on the average net assets of the Fund.

  • Clearing Account If the Servicer finds it necessary to use a clearing account, the following guidelines must be followed:

  • Account Number 2. This authorization shall remain in effect until revoked or until a subsequent Notice of Account Designation is provided to the Administrative Agent.

  • Units Held Through the Depository Trust Company or a Successor Clearing Agency No Unit may be registered in the name of any person other than DTC or its nominee (or such other clearing agency registered as such pursuant to Section 17A of the Exchange Act of 1934 designated as successor to DTC by the Depositors, or the Trustee or the nominee thereof) (DTC and any such successor clearing agency are herein referred to as the "Clearing Agency") unless the Clearing Agency advises the Trustee that it is no longer willing or able properly to discharge its responsibilities with respect to the Units and the Trustee is unable to locate a qualified successor clearing agency, in which case the Trustee shall notify the Clearing Agency and instruct it to provide the Trustee with the name and address of all persons who are the beneficial owners of Units as registered on the books of the Clearing Agency (the "Owners").

  • Disbursement from the Bank Account 4.1 Subject to 4.3 below, if by the close of regular banking hours on the Termination Date the Escrow Agent determines that the amount in the Fund is less than the Minimum Dollar Amount or the Minimum Securities Amount, as indicated by the Subscription Information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly refund to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which thereafter clears the banking system, without interest thereon or deduction therefrom, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer of its distribution of the Fund.

  • Bank as Principal Depository To maintain the Bank or one of its affiliates as its principal depository bank, including for the maintenance of business, cash management, operating and administrative deposit accounts.

  • Collections Payment Processing Remittance (a) Collection Efforts, Policies, Procedures.

  • Custody of Partnership Funds; Bank Accounts (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine.

  • Depository Account A trust fund account for the benefit of Owner established and maintained in an FDIC insured or guaranteed account to be opened by the Owner.

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