Destination Account definition

Destination Account means, in respect of any Funds Transfer, the account that is to be credited with the funds to be transferred.

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Destination Account means, in respect of an Account Transfer, the Account to which the Positions, and any associated Collateral, are to be transferred; "Direct Gross Omnibus Segregated Client Account" means an Omnibus Segregated Client Account having the features described in Rule 4.2.3(b); "Direct Individual Segregated Client Account" means an Individual Segregated Client Account that records the Contracts and their associated Collateral and Positions Registered by a Member in respect of a single Client of the Member; "Direct Net Omnibus Segregated Client Account" means an Omnibus Segregated Client Account having the features described in Rule 4.2.3(a); "Discharged Rights and Obligations" has the meaning set out in Default Procedure D2.11; "Disciplinary Committee" has the meaning set out in Membership Procedure A 2.1; "Discounted Contingent Variation Margin" (or "DCVM") has the meaning set out in Clearing Procedure C4.2(b); "DSS" means the Detailed Service Specification document published by LME Clear on the Website, as such document may be updated by LME Clear from time to time; "Eligible Cash" means cash in an Eligible Currency and which complies with any criteria specified in the Rules including the Clearing Procedures; "Eligible Collateral" means assets in the form of Eligible Cash, Eligible Securities, LME Warrant Collateral and Eligible Gold, and such other assets with such eligibility criteria as LME Clear may from time to time specify, and which comply with any criteria specified in the Rules including the Clearing Procedures; "Eligible Compressible Contracts" means Contracts in those Eligible Products that are identified in Annex 1 (Eligible Products) as "Eligible Compressible Contracts"; "Eligible Currency" means:

Destination Account means a bank account in the name of a Beneficiary held with a Destination Bank.

Examples of Destination Account in a sentence

Secured Party may at any time instruct Bank to discontinue transferring funds to the original Destination Account and begin transferring funds to a new Destination Account, in accordance with the notice provisions of this Agreement.
Aspiration may cause its Customers’ cash balances to be deposited and withdrawn from the Sweep Destination Account.
The purpose of the Operating Account is to accumulate revenues to Aspiration and fund minimum fees, expenses or losses due to either Coastal or to the Sweep Destination Account.
Notwithstanding any provision of this Agreement that may provide for any other remedy, Coastal shall have no right to use or to apply any funds in a Sweep Destination Account to set off any obligation that Aspiration may have to Coastal, in the Event of Default or otherwise.
Upon 60 days’ written notice, Coastal may amend the Sweep Program to implement a capacity for deposits of Customers’ cash balances into the Sweep Destination Account.
Aspiration will maintain the information set forth in Section 7.7(a) with respect to the amount of each Customer’s beneficial interest in the Sweep Destination Account, and will maintain the information set forth in Section 7.7(b) with respect to the Sweep Destination Account and the amount of each Customer’s beneficial interest in such account.
Aspiration shall not have any obligation to pay Coastal in relation to a negative balance in any settlement account until after Aspiration has swept cash from the Sweep Destination Account to the Sweep Operating Account.
Coastal recognizes that all money deposited into the Sweep Destination Account belongs to Aspiration’s Customers and will be kept separate from all other accounts maintained by Coastal for Aspiration; and Coastal will not subject the monies in the Sweep Destination Account to any right, charge, security interest, lien or claim of any kind against Aspiration in favor of Coastal or any person claiming through Coastal.
Aspiration shall: (a) settle net deposits into the Sweep Operating Account before sweeping them to a Sweep Destination Account; and (b) settle net withdrawals out of a Sweep Destination Account before settling them into a settlement account.
Aspiration shall sweep cash balances from the Sweep Destination Account to the Sweep Operating Account, if necessary, only to cover end of day settlement obligations resulting from Aspiration’s Customer’s activity.

More Definitions of Destination Account

Destination Account. An Account to which a transfer is made.

Destination Account means a bank account in the name of a Customer held with a Destination Bank in respect of which the Customer issues a Mandate.

Destination Account means the Account(s) held by the Introduced Client.

Destination Account shall have the meaning set forth in Section 11.2(a) hereof.

Destination Account means segregated non-interest bearing bank accounts outside Singapore in which NIUM hold the Liquidity on behalf of the Client and in accordance with the express instructions of Customer and the Law;

Destination Account means the bank account, or bank accounts, which the parties agree in a Transaction is the bank account(s) to which the Customer Currency is to be sent by eFX.