Clearing Bank Account definition

Clearing Bank Account means a bank account opened for a Clearing House in Settlement Organization, which is intended to keep records of cash that may be used for the purposes of settling (secured) liabilities eligible for clearing or liabilities to pay fees to the Clearing House or other institutions under the Clearing Law.
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Examples of Clearing Bank Account in a sentence

  • Lender assumes no responsibility for the Clearing Bank Account or its maintenance or operation, including, without limitation, any claim of accord and satisfaction or release with respect to deposits made by the Clearing Bank thereto.

  • During any period other than a Cash Management Period (as defined in Section 13), the Clearing Bank shall, on a daily basis, transfer funds from time to time on deposit in the Clearing Account to the operating account of Borrower at the Clearing Bank (Account No. _____) or as Borrower may otherwise direct by written notice to the Clearing Bank.

  • Borrower shall cause all funds credited to its Clearing Bank Account to be sent by federal funds wire transfer to the Payment Account.

  • The Manager shall immediately notify and advise each Person who is a tenant under any lease with respect to the Hotel, if any, whether now or hereafter in effect, to send all payments under the applicable lease, to the extent such payments constitute or will constitute Gross Operating Revenues, directly to the Manager when due for deposit in a Clearing Bank Account or the Lockbox Fund.

  • Borrower shall cause all funds credited to its Clearing Bank Account to be sent by federal funds wire transfer to the account of Lender referred to in Section 2.3 of this Agreement.

  • Clearing Bank Account - the account maintained by Borrower at the Clearing Bank in which, pursuant to the ACH Procedure Manual, all funds due and payable to Borrower are credited.

  • Borrower shall obtain the agreement by the Clearing Bank in favor of Lender to waive any offset rights the Clearing Bank may otherwise have against the funds credited to the Clearing Bank Account.

  • Party B and Party C agree that Party A has the power, capacity and authority to enter into a Transfer Contract consistent with the terms of this Agreement upon Party A’s exercise of the Equity Option.

  • Clearing Bank Account - The account maintained by Borrower at the Clearing Bank in which, pursuant to the ACH Procedure Manual, all funds due and payable to Borrower are credited.

  • During the entire Operating Term, subject to and in compliance with the Cash Management Agreement, Manager shall promptly deposit during each Business Day all Gross Operating Revenue (in excess of the ▇▇▇▇▇ Cash Amount (as defined in the Indenture) retained at the Hotel) into the Clearing Bank Account, and transfer funds in the Clearing Bank Accounts at the end of each Business Day into the Lockbox Fund.

Related to Clearing Bank Account

  • Authorized Bank Account means any Officially Designated bank account to which redemption proceeds may be sent.

  • Clearing Account means the account so designated and established by Section 5.04(1) hereof.

  • Bank Account means one or more accounts opened, maintained and operated by the Portfolio Manager with any of the Scheduled Commercial Banks in accordance with the agreement entered into with the Client.

  • Clearing Bank means the Bank or any other banking institution with whom a Payment Account has been established pursuant to a Blocked Account Agreement.

  • Designated Bank Account means the relevant bank account designated by each Holder;