Federal Funds Account definition

Federal Funds Account means an Account reflecting monies that are due to be received, or have been received, from the U.S. Department of Education pursuant to a U.S. Institution Subsidiary’s participation in the Title IV Programs, where such monies are required to be held in trust or another fiduciary capacity, until and unless such monies are disbursed by the U.S. Institution Subsidiary to student beneficiaries of the Title IV Programs or returned to the U.S. Department of Education. “Pledged U.S. Institution Subsidiary Copyrights” means (i) all copyright rights in any work subject to the copyright laws of the United States or any other country or group of countries, owned by each U.S. Institution Subsidiary, and (ii) all registrations and applications for registration of any such copyright in the United States or any other country or group of countries owned by each U.S. Institution Subsidiary, including those listed on Schedule 2 and (iii) all rights, priorities and privileges relating to the foregoing, and all rights to xxx at law or in equity for any past, present or future infringement, or other impairment thereof, including the right to receive all Proceeds therefrom.
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Federal Funds Account means any deposit account of the Borrower or Subsidiary established to hold, and exclusively holding, Title IV Program Funds under the terms of 34 C.F.R. Sections 668.161(b) and 668.163 and which includes the phrase “Federal Funds” in the name of such deposit account, and which shall be segregated from any operating accounts of the Borrower or Subsidiary.
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Federal Funds Account means an Account reflecting monies that are due to be received, or have been received, from the U.S. Department of Education pursuant to a U.S. Institution Subsidiary’s participation in the Title IV Programs, where such monies are required to be held in trust or another fiduciary capacity, until and unless such monies are disbursed by the U.S. Institution Subsidiary to student beneficiaries of the Title IV Programs or returned to the U.S. Department of Education. “Pledged U.S. Institution Subsidiary Copyrights” means (i) all copyright rights in any work subject to the copyright laws of the United States or any other country or group of countries, owned by each U.S. Institution Subsidiary, and (ii) all registrations and applications for registration G-3 EAST\142256231.3 of any such copyright in the United States or any other country or group of countries owned by each U.S. Institution Subsidiary, including those listed on Schedule 2 and (iii) all rights, priorities and privileges relating to the foregoing, and all rights to xxx at law or in equity for any past, present or future infringement, or other impairment thereof, including the right to receive all Proceeds therefrom.
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Examples of Federal Funds Account in a sentence

  • No funds other than Title IV Program Funds may be deposited into any Federal Funds Account.

  • All Title IV Program Funds received by the Borrower, any Subsidiary or any School shall be (i) promptly deposited upon receipt into a Federal Funds Account to the extent such funds are subject to the cash management requirements set forth in 34 C.F.R. Section 668 Subpart K and are required to be retained in such Federal Funds Account, and (ii) disbursed to students or parents, or returned to the DOE in material compliance with 34 C.F.R. Section 668.166 or any successor regulation.

  • The interest rate on the Federal Funds Account shall be the Federal Funds Target Rate as computed by the Federal Open Market Committee.

  • CCC Maintenance Accounts is used to accept funds received from the State of Mississippi.CCC Federal Funds Account is used to drawdown funds from the Department of Education for student financial aid awards, and other federal grants and contracts.

  • On the Maturity Date, funds equal to the amount of the funds deposited into the Federal Funds Account and the applicable interest for such funds shall be available in the Sweep Account by the end of such Business Day.CUSTOMER ACKNOWLEDGES THAT INVESTMENTS IN FED FUNDS INVOLVE INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.

  • Customer understands and acknowledges that Customer's funds in the Federal Funds Account will be commingled with the funds of other customers of Bank and that Customer may not directly make deposits to or withdrawals from the Federal Funds Account.Funds in the Federal Funds Account will earn interest at a rate per annum equal to the rate set by Bank calculated on a 360-day year basis for the actual number of days elapsed.

  • On the following Banking Day, the principal amount in the Federal Funds Account, Eurodollar Account or Repo Account, plus any interest, will be automatically transferred by us from the Federal Funds Account, Eurodollar Account or Repo Account to the Sweep Account.

  • Your Sweep Account is insured by the Federal Deposit Insurance Corporation up to the current maximum insurance limit (currently generally $100,000), but your Eurodollar Account, Federal Funds Account or Repo Account is NOT INSURED BY THE FDIC.

  • In the event that we are unable to sweep funds into your Federal Funds Account or Eurodollar Account on any day for any reason, we will not charge you fees for the Sweep Services for that day but we will not be liable to you for any lost interest you may suffer.

  • If, on any Business Day, the amount of collected funds in the Sweep Account that exceed the Target Balance do not equal the Minimum Investment Amount, Bank may, at its sole option, elect to transfer funds exceeding the Target Balance to the Federal Funds Account or leave the funds in the Sweep Account.

Related to Federal Funds Account

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

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

  • Agent Account means such account of the Administrative Agent as is designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders for such purpose.

  • Liquidity Account has the meaning set forth in Section 6.22(a).

  • Collateral Fund The fund established and maintained pursuant to Section 3.01 hereof.

  • Excess Funds Subaccount is defined in Section 8.02(a) of the Indenture.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

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

  • Note Account As defined in the Indenture.

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

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

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

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Liquidity Account Investments means Deposit Securities or any other security or investment owned by the Fund that is rated not less than A3 by Moody’s, A- by Standard & Poor’s, A- by Fitch or an equivalent rating by any other NRSRO (or any such rating’s future equivalent) or if not rated, determined by the Adviser to be of comparable quality.

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

  • Investment Account As defined in Section 3.12(a).

  • Applicable Account means, with respect to any payment to be made to the Administrative Agent hereunder, the account specified by the Administrative Agent from time to time for the purpose of receiving payments of such type.

  • Related Account means an Account with respect to which a new credit account number has been issued by the applicable Account Owner or Servicer or the applicable Transferor under circumstances resulting from a lost or stolen credit card and not requiring standard application and credit evaluation procedures under the Credit Card Guidelines.

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class C( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 3.1, 4.1 and 4.

  • Borrower Account has the meaning specified in Section 2.11(a)(ii).

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Agency Account means any deposit account opened on the books of a Subcustodian or other banking institution in accordance with Section 7.1.

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).