Transferred Accounts Cash Letter definition

Transferred Accounts Cash Letter. For purposes of paying the Purchaser’s obligations to the Seller under this Section 3.8, the Purchaser will establish a settlement account with the Seller at the Closing Date in a collected amount equal to One Hundred Thousand Dollars ($100,000), which amount shall be maintained by the Purchaser for a period of sixty (60) days following the Closing Date, against which will be (i) debited the checks, returns, ACH charges or debits and items hereafter referred to in this sentence, and (ii) charged amounts in accordance with this Section 3.8(c) to provide, among other things, for the settlement by the Purchaser of checks, ACH charges or debits, returns and items which are presented to the Seller within sixty (60) days after the Closing Date and which are drawn on or chargeable to Deposit Liabilities transferred to the Purchaser. After the expiration of such 60-day period following the Closing Date, the Seller shall dishonor all checks, drafts, withdrawal orders and other instruments and items drawn on the Deposit Liabilities which are presented in any manner to the Seller, unless the Seller and the Purchaser agree to extend such 60-day period and extend the provision for a settlement account as necessary. The Purchaser agrees to arrange for the transportation directly and to pay the expenses of transporting from the Seller to the Purchaser all checks, drafts, orders of withdrawal, cash letters, magnetic tapes and other items related to the Seller’s receipt of items relating to the Deposit Liabilities after the Closing Date. Such transportation expenses may be charged against the settlement account of the Purchaser.
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Transferred Accounts Cash Letter. The Purchaser shall indemnify the Seller against all claims, suits, damages or losses and expenses (including reasonable attorneys' fees) arising out of any claim by an owner of a Transferred Account that the Seller is the "Payor Bank" with respect to such items. 168
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Transferred Accounts Cash Letter. For purposes of paying Buyer’s obligations to Seller under this Section 2.7(b)(iii), the Buyer will establish a settlement account with the Seller at the Closing Date in a collected amount equal to one percent (1%) of the Deposits that are demand deposits (the “Settlement Account”), which amount will be maintained by the Buyer for a period of sixty (60) days following the Closing Date, against which will be (i) debited the checks, returns and items hereafter referred to in this sentence and (ii) charged amounts in accordance with this Section 2.7(b)(iii) to provide, among other things, for the settlement by the Buyer of checks, returns and items which are presented to the Seller within sixty (60) days after the Closing Date and which are related to the Deposits in subsection (i) of this Section 2.7(b). In order to reduce the continuing charges to the Seller through the check clearing system of the banking system which shall result from check forms of the Seller being used after the Closing Date by the depositors whose accounts are assumed, the Buyer agrees, at its cost and expense, and without charge to such depositors, to notify such depositors promptly after the Closing Date of the Buyer’s assumption of the Deposits and, not more than 10 calendar days after the Closing Date, to furnish each depositor of an assumed account with new checks on the forms of the Buyer reflecting the Buyer’s routing number and with instructions to utilize the Buyer’s checks and to destroy unused checks of the Seller. After the expiration of the 60-day period following the Closing Date, the Seller shall dishonor checks, drafts, or withdrawal orders related to the Deposits in subsection (i) of this Section 2.7(b) unless the Seller and the Buyer agree to extend the 60-day period and extend the provision for the Settlement Account as necessary. The Buyer agrees to arrange for the transportation directly and pay the expenses of transporting from the Seller to the Buyer all checks, drafts, orders of withdrawal, cash letters, magnetic tapes and other items related to the Seller’s receipt of items relating to the Deposits after the Closing Date. These transportation expenses may be charged against the Settlement Account of the Buyer.
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Examples of Transferred Accounts Cash Letter in a sentence

  • Items received for processing against the Transferred Accounts shall be grouped and delivered to Purchaser within the time limits provided by the Alabama Uniform Commercial Code in a special cash letter separately identified as "Transferred Accounts Cash Letter".

  • Upon presentment of a Transferred Accounts Cash Letter, the Purchaser will transmit via same day wire transfer the funds owed to the Seller.


More Definitions of Transferred Accounts Cash Letter

Transferred Accounts Cash Letter. Section 3.7(c) “Transferred Employees” Section 4.1
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Transferred Accounts Cash Letter. For the purposes of paying the Purchaser’s obligations to the Seller under this Section 3.7, the Purchaser will establish a daily settlement account on its books and records at the Closing Date, which account will be maintained by the Purchaser for a period of one hundred eighty (180) days following the Closing Date, and against which will be (i) debited the checks, returns, and items hereafter referred to in this sentence and (ii) charged amounts in accordance with Section 3.7(d) hereof to provide, among other things, for the settlement by the Purchaser of checks, returns, and items which are presented to the Seller within one hundred eighty (180) days after the Closing Date and which are drawn on or chargeable to accounts associated with the Deposit Liabilities transferred to the Purchaser. Upon presentment of a Transferred Accounts Cash Letter, the Purchaser will transmit via same day wire transfer the funds owed to the Seller.
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Transferred Accounts Cash Letter has the meaning set forth in Section 2.7(b)(iii) of this Agreement.
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Related to Transferred Accounts Cash Letter

  • Transferred Account means each account into which an Account is transferred, provided that (i) such transfer is made in accordance with the Credit Card Guidelines and (ii) such account can be traced or identified as an account into which an Account has been transferred.

  • Designated Accounts means any and all unsecured credit facilities (including without limitation unsecured card or non-card credit facility) that you have with the Participating FIs and excludes joint accounts, any renovation loan, education loan, credit facility granted for businesses or business purposes and such other credit facility that is excluded under the MAS regulations relating to unsecured credit facilities to individuals.

  • Audited Accounts means the audited accounts of the Company and of each of the Subsidiaries and the audited consolidated group accounts of the Group for the financial period ended on the Balance Sheet Date;

  • Management Accounts Date means 30 September 2010;

  • Seller Account shall have the meaning set forth in the preamble of this Agreement.

  • Excluded Accounts means any deposit account or securities account used exclusively as (a) payroll and other employee wage and benefit accounts, (b) tax accounts, including sales tax accounts, (c) escrow, fiduciary or trust accounts, (d) zero balance accounts and (e) the funds or other property held in or maintained in any such account identified in clauses (a) through (d).

  • Seller’s Account means such account as the Seller may specify to the Guarantor from time to time;

  • Designated Account Property The Designated Accounts, all cash, investments, Financial Assets, securities and investment property held from time to time in any Designated Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities or otherwise), including the Reserve Account Deposit, and all proceeds of the foregoing but excluding all Investment Earnings thereon.

  • Collection Account Control Agreement means that certain Account Control Agreement, dated as of the date hereof, by and among Seller, Buyer, and U.S. Bank National Association, in form and substance acceptable to Buyer, as the same may be amended, restated, supplemented or otherwise modified from time to time, and which shall provide for Buyer control of the Collection Account as of the date of execution.

  • Management Accounts means, in relation to any Reporting Period, the Franchisee’s management accounts which: (a) comply with paragraph 3.10 of Schedule 13 (Information and Industry Initiatives); and (b) are required to be delivered to the Secretary of State by the Franchisee in accordance with paragraphs 3.2 and 3.3 of Schedule 13 (Information and Industry Initiatives);

  • 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.

  • Yield Supplement Account Deposit means the initial deposit of cash in the amount of $[_________] made by or on behalf of the Seller into the Yield Supplement Account on the Closing Date.

  • 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.

  • Earnings Accounts means the bank accounts of each of the Obligors from time to time each of which shall be held with the Agent or any of the Agent’s corresponding banks and to which all the Earnings and any proceeds of the Insurances shall be paid.

  • 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.

  • Accounts Receivable means in respect of any Person, (a) all trade accounts and notes receivable and other rights to payment from customers and all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or otherwise disposed of or services rendered to customers, (b) all other accounts and notes receivable and all security for such accounts or notes, and (c) any claim, remedy or other right relating to any of the foregoing.

  • Yield Supplement Account means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Proceeds Account Pledge Agreement means the pledge agreement entered into between the Issuer and the Agent on or prior to the First Issue Date in respect of a first priority pledge over the Proceeds Account and all funds held on the Proceeds Account from time to time, granted in favour of the Agent and the Bondholders (represented by the Agent).

  • 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.

  • Restricted Account means an account at Xxxxx Fargo Bank, N.A. associated with the Loan to which Borrower’s access is restricted. Capitalized terms used in these Additional Terms and Conditions to Disbursement Instruction Agreement and not otherwise defined herein shall have the meanings given to such terms in the body of the Agreement.

  • Escrow Account Pledge Agreement means the pledge agreement entered into between the Issuer and the Agent in respect of a first priority pledge over the Escrow Account and all funds held on the Escrow Account from time to time, granted in favour of the Noteholders.

  • Consolidated Account means an account which is a consolidation of any separate accounts of a person who is liable for payment to the Municipality.

  • Investment Property Control Agreement means an agreement in writing, in form and substance satisfactory to Agent, by and among Agent, any Borrower or Guarantor (as the case may be) and any securities intermediary, commodity intermediary or other person who has custody, control or possession of any investment property of such Borrower or Guarantor acknowledging that such securities intermediary, commodity intermediary or other person has custody, control or possession of such investment property on behalf of Agent, that it will comply with entitlement orders originated by Agent with respect to such investment property, or other instructions of Agent, and has such other terms and conditions as Agent may require.

  • 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.

  • Eligible Accounts Receivable means, at any time, the invoice value of Canadian Dollar and U.S. Dollar Accounts Receivable (net of all goods and services Taxes, harmonized sales Taxes and other sales Taxes and net of any credit balance, returns, trade discounts, unapplied cash, unbilled amount or retention or finance charges) owing to the Restricted Parties (or any of them) arising under any sales of Inventory from the operation of the business of the Restricted Parties made by the Restricted Parties to any Person in the ordinary course of business, which invoice value shall be periodically reported to the Lender in the form of Schedule “B” to be delivered (i) at the time of each Drawdown during the Covenant Holiday Period, if at the time of such Drawdown there is no principal amount outstanding under any Prime Rate Loans, Base Rate Loans, CDOR Loans, and there are no outstanding Bankers’ Acceptances or Letters of Credit (other than Letters of Credit issued under the Credit Facility that are fully secured with cash collateral provided by a Restricted Party to the Lender), and (ii) within fifteen days after the end of each calendar month during the Covenant Holiday Period, if during such month any Prime Rate Loans, Base Rate Loans, CDOR Loans, Bankers’ Acceptances or Letters of Credit (other than Letters of Credit issued under the Credit Facility that are fully secured with cash collateral provided by a Restricted Party to the Lender) are outstanding; provided that no Account Receivable shall be deemed an Eligible Account Receivable unless each of the following statements is accurate and complete (and by including such Account Receivable in any calculation of the Borrowing Base, the Borrower shall be deemed to represent and warrant to the Lender the accuracy and completeness of such statements):

  • Cash Collateral Account Agreement With respect to any Mortgage Loan, the cash collateral account agreement, if any, between the originator of such Mortgage Loan and the related Mortgagor, pursuant to which the related Cash Collateral Account, if any, may have been established.