Customer Funds Account definition

Customer Funds Account the segregated bank account where we hold relevant funds corresponding to your Available Balance in accordance with the safeguarding provisions of the Electronic Money Regulations 2011;
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Customer Funds Account means any Deposit Account or Securities Account held in the name of Borrower or any Subsidiary for the purpose of holding cash or Cash Equivalents on behalf of and as a custodian of any Customers for purposes of making payments to employees and/or tax payments or payments of withholding taxes required under any applicable laws on behalf of such Customers, including those laws concerning F.I.C.A., F.U.T.A., and state disability.
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Customer Funds Account the segregated bank account where we hold relevant funds corresponding to your Available Balance in accordance with the safeguarding requirements of the EU 2015/2366 Directive (“PSD2”) “E-money” monetary value issued by us to your Account on receipt of funds on your behalf in our Customer Funds Account, equal to the amount of funds received;
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Examples of Customer Funds Account in a sentence

  • All relevant funds corresponding to your Available Balance are segregated from our funds and held in the Customer Funds Account in accordance with the safeguarding requirements of the Electronic Money Regulations 2011 by law.

  • Where an Available Balance remains for more than one year after the date on which this Agreement ends under Clause 12, we are not required to safeguard the corresponding funds in our Customer Funds Account, but you can still request redemption for up to 6 years.

  • For purposes of clarity, no cash or Cash Equivalents amounts held in any Customer Funds Account or in any LC Collateral Account or which otherwise secure or collateralize any obligations under any LC Line of Credit shall be deemed to be Unrestricted Cash for purposes of the Loan Documents.

  • All relevant funds corresponding to your Available Balance are segregated from our funds and held in the Customer Funds Account in accordance with the safeguarding requirements of the Electronic MoneyRegulations 2011 by law.

  • None of Borrower or any other Loan Party nor any of their respective Subsidiaries shall deposit any funds into a Segregated Customer Funds Account or direct or permit any other Person to deposit any funds into such Segregated Customer Funds Account, other than Customer Funds.

  • Prior to any Loan Party opening any Deposit Account or Securities Account after the Closing Date other than one which would constitute an LC Collateral Account, a Customer Funds Account or an Uncontrolled Account, Borrower shall first notify Agent and not deposit any funds or securities into such account until such account is subject to a Control Agreement in favor of Agent, whereupon, Borrower shall update the Disclosure Schedules to include such new account.

  • All Purchased Loan Proceeds standing to the credit of the Zopa Customer Funds Account at 5 p.m. on each Business Day shall be transferred to the Issuer Client Account by 3 p.m. on the next Business Day.

  • All Customer Fund Accounts are listed on Schedule 4.6(c), which includes the name and address of the financial institution where the Customer Fund Account is maintained, the account number, and the names of all authorized signatories having the authority to withdraw funds from such Customer Funds Account.

  • Where an Available Balance remains for more than one year after the date on which this Agreement ends under Clause 13, we are not required to safeguard the corresponding funds in our Customer Funds Account, but you can still request redemption for up to 6 years.

  • None of Borrower or any other Loan Party nor any of theirrespective Subsidiaries shall deposit any funds into a Segregated Customer Funds Account or direct or permit any other Person to deposit any funds into such Segregated Customer Funds Account, other than Customer Funds.


More Definitions of Customer Funds Account

Customer Funds Account means one or more segregated bank accounts maintained by us separately from our own funds in accordance with Applicable Law;
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Customer Funds Account means any account set forth onSchedule 4.6(c) in which any Customer Funds are maintained, kept, credited or debited. “Customer Funds Shortfall” has the meaning set forth in Section 10.6 below.
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Customer Funds Account the segregated bank account where we hold
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Customer Funds Account means any account set forth on Schedule 4.6(c) in which any Customer Funds are maintained, kept, credited or debited.
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Related to Customer Funds Account

  • Client Account means the unique personalised account of the Client consisting of all Completed Transactions, Open Positions and Orders in the Trading Platform, the balance of the Client money and deposit/withdrawal transactions of the Client money.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

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

  • Project Account means the account referred to in Section 3.03 of this Agreement;

  • Client Accounts means accounts of Clients (i) that are Controlled by an Access Person and (ii) in which no Access Person has a substantial proportionate economic interest; provided that, the Client pays a management, advisory or any other similar arms-length fee to the Access Person and the beneficiary of the Client Account is not an Immediate Family member of an Access Person.

  • Business Account means an Account used primarily for business purposes and not for personal, family, or household purposes.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Unallocated Account means the portion of the Trust to which Employer Contributions are made during the Plan Year, in which shares of Company Stock will be held prior to allocation to Participant Accounts, to which dividends paid on such shares of Company Stock will be paid, and from which will be paid expenses of the Plan and Under-Payment Expenses as defined in Section 3.5.

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Deposit Account is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Clearing Account Agreement means that certain Clearing Account - Deposit Account Control Agreement dated the date hereof among Borrower, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Clearing Account.

  • Trading Account means the unique personified register of all completed transactions, open positions, orders and nontrading operations on the trading platform.

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Excluded Account means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Loan Party’s employees and (b) any Xxxxx Cash Accounts.

  • Collection Accounts As defined in Section 3.10(a).

  • Revenue Account means the Revenue Account established pursuant to the General Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Collection Account Agreement means each agreement substantially in the form of Exhibit VI, or such other form as may be acceptable to the Agent, among the applicable Originator, a Seller, Collection Bank and the Agent, as it may be amended, restated, supplemented or otherwise modified and in effect from time to time.

  • Lockbox Account shall have the meaning set forth in Section 2.7.1 hereof.

  • Disbursement Account means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories and Accounts.

  • Concentration Account Agreement as defined in subsection 4.16(b).