External Account Institution definition

External Account Institution means a third party financial institution where an External Account may be maintained.
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Examples of External Account Institution in a sentence

  • You are responsible for ensuring the accuracy of any information you provide in order to use the Service (including, but not limited to, identifying information for the External Account, the account number of the External Account, and proper identification of the External Account Institution) and for informing us as soon as possible if you become aware that any information is inaccurate.

  • You must provide the information we request in order to establish an External Account and enable it for Service fund transfers, which information may include the account type, the account number, and an identification or routing number for the External Account Institution.

  • Subject to your rights under applicable law, you agree to resolve any errors, delays, or other problems caused by or resulting from the action or inaction of the External Account Institution directly with the External Account Institution according to the terms, conditions, and agreements governing your relationship with the External Account Institution.

  • You agree that we shall not be liable to you for any acts or omissions of the External Account Institution, including, without limitation, any failure of the External Account Institution properly to handle any fund transfer or to make any account you maintain with the External Account Institution available for Service fund transfers, or any action the External Account Institution takes to limit or prohibit fund transfers to or from the External Account.

  • You agree to indemnify us and hold us harmless from and against any and all liabilities, claims, and losses we incur as a result of the breach of your Authority Warranty, including, without limitation, any liabilities to any External Account Institution or to any third party with an interest in any Eligible Account or External Account.

Related to External Account Institution

  • Depository Institution Any depository institution or trust company, including the Trustee, that (a) is incorporated under the laws of the United States of America or any State thereof, (b) is subject to supervision and examination by federal or state banking authorities and (c) has outstanding unsecured commercial paper or other short-term unsecured debt obligations that are rated P-1 by Moody's, F1+ by Fitch and A-1 by Standard & Poor's.

  • Qualified Trust Institution means an institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity, (ii) has capital, surplus and undivided profits of not less than $250,000,000 as set forth in its most recent published annual report of condition and (iii) has a long term deposits rating of not less than “BBB+” by S&P.