Vault Account Sample Clauses

Vault Account. The Secured Funds in the Vault Account, which are securing an outstanding balance on the Believe Card, cannot be utilized by you for any purpose. You will not earn interest on the funds in the Vault Account. After the billing cycle ends, your Statement Balance on your Believe Card can be automatically paid from the Vault Account by selecting the Safe Credit Builder option at enrollment, or by enabling automatic payments at any time thereafter. You can move funds between your Varo accounts by depositing additional funds in your Vault or by withdrawing, up to your Available Balance, funds from your Vault. If, at the end of a billing cycle, you choose to pay your Believe Card’s Statement Balance by a means permitted under the Believe Agreement other than by using funds in your Vault Account, the Available Balance in your Vault will be increased by the amount of your payment.
Sample 1
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Vault Account. Your Believe Card is secured by a Vault Account that is established when you are issued a Believe Card. As you make purchases on your Believe Card, the purchase amount will be deducted from your Varo Bank Account and moved into the Vault Account. If you try to make a purchase that cannot be secured based on the balance of your Varo Bank Account, the transaction will be declined. After the billing cycle ends, your Statement Balance can be auto paid in full from the Vault Account. Funds in the Vault Account can only be used to pay down your monthly Statement Balance. You will not earn interest on the funds in the Vault Account. The Vault Account is described more completely below in Section II (Vault Account Agreement and Disclosures).
Sample 1
Vault Account. Your Believe Card is secured by the Vault Account which is established when you are issued a Believe Card. As you make purchases on your Believe Card, the purchase amount will be deducted from your Varo Bank Account and moved into the Vault Account. If you try to make a purchase that cannot be secured based on the balance of your Varo Bank Account at the time of the purchase, the transaction will be declined. Any funds in the Vault Account which are securing an outstanding balance on the Believe Card cannot be utilized by you for any purpose. You will also not have any access to any funds in the Vault Account which are securing an outstanding balance on the Believe Card prior to the end of the billing cycle. You will not earn interest on the funds in the Vault Account. After the billing cycle ends, your Statement Balance on your Believe Card can be automatically paid from the Vault Account by selecting the Safe Credit Builder option at enrollment, or by enabling automatic payments at any time thereafter. In the event that there are excess funds in the Vault Account—above and beyond funds necessary to secure your outstanding balance on the Varo Believe Card—such excess funds will be deposited into your Varo Bank Account within 5 business days of the determination of excess funds. You cannot make deposits or withdrawals directly to or from your Vault Account other than permitted transactions between your Varo Bank Account or your Varo Believe Account including automatic deposits into the Vault Account when you use your Believe Card and withdrawals from your Vault Account to pay the Statement Balance on your Believe Card. If, at the end of a billing cycle, you choose to pay your Believe Card’s Statement Balance by a means permitted under the Believe Agreement other than by using funds in your Vault Account, Varo will transfer funds equal to the amount of your payment or your Statement Balance (whichever is less) from your Vault Account to your Varo Bank Account within 5 business days of the receipt of your payment.
Sample 1
Vault Account 
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Related to Vault Account

  • Collection Account (a) On behalf of the Trustee, the Servicer shall establish and maintain, or cause to be established and maintained, one or more segregated Eligible Accounts (such account or accounts, the “Collection Account”), held in trust for the benefit of the Trustee. On behalf of the Trustee, the Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit into the Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest (net of the related Servicing Fee) on each Mortgage Loan; (iii) all Insurance Proceeds and Condemnation Proceeds to the extent such Insurance Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the related Mortgagor in accordance with the express requirements of law or in accordance with Accepted Servicing Practices, Liquidation Proceeds and Subsequent Recoveries; (iv) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Collection Account; (v) any amounts required to be deposited by the Servicer pursuant to the second paragraph of Section 3.13(a) in respect of any blanket policy deductibles; (vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this Agreement; and (vii) all Prepayment Charges collected by the Servicer. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, NSF fees, reconveyance fees, assumption fees and other similar fees and charges need not be deposited by the Servicer in the Collection Account and shall, upon collection, belong to the Servicer as additional compensation for its servicing activities. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. (b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Servicer shall give notice to the Securities Administrator, the Master Servicer, the Trustee and the Depositor of the location of the Collection Account maintained by it when established and prior to any change thereof.

  • 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. (b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all payments of principal of or interest on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof.

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