Secured Account Sample Clauses
A Secured Account clause establishes that a specific account is designated to hold funds or assets as collateral for a particular obligation or agreement. Typically, this account is controlled by a third party or the secured party, and only certain transactions—such as deposits, withdrawals, or transfers—are permitted under defined conditions, often requiring authorization or the fulfillment of contractual terms. The core function of this clause is to ensure that the secured party has a reliable means of accessing collateral in the event of default, thereby reducing credit risk and providing assurance that obligations will be met.
Secured Account. Bank shall issue a Secured Account to each Customer. Customer may deposit funds into the Secured Account to serve as collateral for extensions of credit by Bank to Customer under the Account. Notwithstanding anything in this Addendum, Bank shall have no obligation under this Addendum to extend credit to any Customer in amounts that exceed such Customer’s Secured Account balance and the credit available in the Line of Credit Account (if applicable).
Secured Account. Your Credit Builder Pocket is secured by a deposit account that you were required to establish and maintain in order to have the Credit Builder Pocket (referred to as the “Secured Account”), and by the Funds you have deposited in the Secured Account. If you fail to make your required payments on your Credit Builder Pocket or otherwise fail to comply with the terms of the Agreement, you could lose all Funds in your Secured Account. You were provided the Secured Account Agreement when you applied for the Credit Builder Pocket. That Security Account Agreement includes, among other important provisions, information on the security interest you have granted to -Us in your Secured Account and -our rights against all Funds in that Secured Account in the event of your Default under this Agreement.
Secured Account. The Secured Account is not allocated to the long-term insurance fund of the Account Party or subject to any legal or contractual provision that would cause the claims of any person to rank in priority to the claims of the Finance Parties in respect of the Collateral, save as expressly permitted by any Finance Document.
Secured Account. In consideration of and as a condition to our opening and permitting you to use the Step Card and Card Account and for other good and valuable consideration, You are arranging for certain Secured Funds to serve as a security for your Card Account by providing the authorization in Section 2 (Your Grant of Security Interest). You authorize us to open an account at Bank in your name and under our exclusive control the (“Secured Account”). The Secured Account and the Secured Funds shall be under the Bank’s exclusive control. No portion of the Secured Funds may be withdrawn from the Secured Account without our prior express approval and may not be used to secure other loans. Pursuant to this Security Agreement you agree that you are irrevocably and unconditionally conveying all of your possession and control over the Secured Account and Secured Funds to us.
Secured Account. The Cedent must deliver to the Facility Agent, in respect of the Secured Account, a copy of a notice to Rand Merchant Bank, a division of FirstRand Bank Limited, of the cession debiti of the Secured Account under this Agreement, together with an acknowledgement of that notice signed by Rand Merchant Bank, a division of FirstRand Bank Limited, in each case substantially in the form of Annexure B or in such other form as the Facility Agent may agree.
Secured Account. This is an application for a secured account. In consideration of the issuance of this secured account, you have authorized us to open a Secured Account, called the “Secured Account,” in your name. If you fail to make your required payments on your secured charge card or otherwise fail to comply with the terms of the Secured Account Agreement, you could lose all Funds in the Secured Account. To secure all of your obligations arising under this secured charge card, you assign, transfer, pledge, grant a security interest in, and set over to Us all rights, title and interest in the Secured Account and in all renewals, additions and proceeds of the Secured Account. You agree that this security interest, pledge, and assignment includes and gives -Us the right to redeem, collect and withdraw any part of the full amount of the Secured Account upon any Default under the Secured Account Agreement or in the event your secured charge card is terminated for any reason. You acknowledge and agree that this security interest, pledge, and assignment means that -We has exclusive control over the Secured Account. -We, in our sole discretion, may grant you rights to use the Funds in the Secured Account, subject to the terms of the Secured Account Agreement. The Secured Account is a non-interest bearing account; therefore, no interest will be paid to you on the Secured Account. This security interest, pledge, and assignment is given as security for any and all amounts you may owe, including but not limited to interest, fees and charges that may accrue under your secured charge card. You agree that if the secured charge card is closed for any reason, -we may apply Funds in the Secured Account to pay off any balance on the secured charge card account. If there are still Funds remaining in the Secured Account after doing so, these Funds may remain on deposit for up to 60 days before being remitted to you. See the Secured Account Agreement below.