Reserve Account and Prefunding Sample Clauses

Reserve Account and Prefunding. (a) Upon or at any time after execution of this Agreement, Service Providers may establish and maintain an account for future indebtedness of Merchant to Service Providers that may arise out of or relate to the obligations of Merchant to Service Providers under this Agreement, including, but not limited to Chargebacks, Credits, refunds, fines, and fees, in such amount as Service Providers from time to time may determine in its sole discretion (“Reserve Account”). Funds in the Reserve Account will be held and controlled by Bank, will not bear interest, and may be commingled with other funds. Service Providers shall determine and Service Providers shall inform Merchant of the amount required if required for the Reserve Account at the commencement of this Agreement. Service Providers may change the Reserve Account balance requirements as reasonably necessary, and Merchant shall be immediately notified of such change. The Reserve Account may be funded by deduction from payments due Merchant, a charge or setoff against Merchant Bank Account, against any of Merchant's accounts at Bank, or a deposit by Merchant. (b) If the Merchant participates in Disbursements then Merchant understands that each day, the Bank Account must have a balance in good and available funds equal to its Disbursement requests (“Prefunding Obligation”). Bank has no obligation to process any Disbursement for which the Prefunding Obligation has not been met. In the event the Prefunding Obligation is not met and Disbursements are processed, Bank may immediately charge the Reserve Account to meet the Prefunding Obligation and if insufficient funds in the Reserve Account, then Merchant shall immediately deposit the Disbursement shortfall in the Reserve Account. (c) Except for Merchant’s Prefunding Obligation hereunder which requires immediate remedy, Merchant must deposit good and available funds as necessary to satisfy the Reserve Account requirement within three business days. Bank, on its own behalf may, without notice to Merchant, apply deposits in the Reserve Account against any outstanding amounts Merchant owes under this Agreement. The Reserve Account will be maintained for an amount Service Providers deems commercially reasonable for a maximum of six months from the termination date of this Agreement or until such time as Service Providers determines that the release of the funds to Merchant is prudent, commercially reasonable and Merchant's existing and future liability with Service Pro...
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Related to Reserve Account and Prefunding

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Reserve Funds Section 7.1.

  • CUSTODIAL ACCOUNTS It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

  • Deposits into Escrow Account The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account:

  • Custodial Account Funds in any custodial accounts established by the Servicer and maintained in respect of the REMIC may be invested and, if invested, shall be invested in Eligible Investments selected by the Servicer which shall mature not later than the Business Day immediately preceding the next Remittance Date, and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the REMIC or its nominee. All income and gain realized from any such investment shall be, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, for the benefit of the Servicer as additional compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the relevant account by the Servicer out of its own funds immediately as realized. The foregoing requirements for deposit in such account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in such account and, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, payments in the nature of prepayment fees, late payment charges, assumption fees or any similar fees customarily associated with the servicing mortgage loans paid by any mortgagor need not be deposited by the Servicer in such account and may be retained by the Servicer as additional servicing compensation. If the Servicer deposits in such account any amount not required to be deposited therein, it may at any time withdraw such amount, any provision herein to the contrary notwithstanding.

  • Requirements to Establish Escrow Accounts 11.10.1 To be acceptable, the Third Party escrow agent must meet all of the following criteria:

  • Payment Account (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

  • Commitment Charge; Credit; Maturity Premium (a) The Borrower shall pay a commitment charge on the unwithdrawn amount of the Loan at the rate and on the terms specified in the Loan Agreement.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

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