The "Funds on Deposit" clause specifies that any funds held by a party, typically in an account or trust, are to be managed according to the agreed terms in the contract. It outlines the conditions under which these funds can be accessed, disbursed, or invested, ensuring proper handling and accountability.
LendingClub’s relationship with SVB is limited to funds on deposit of $21 million, which amount is not material to the Company’s liquidity position or capital levels, and does not pose a risk to the Company’s ongoing business or operations. The recovery of the funds will be subject to the FDIC process.
The Excess Spread Amount means, generally, with respect to the DiscoverSeries notes for any distribution date: the difference, whether positive or negative, between (a) the amount of Finance Charge Amounts allocated to the DiscoverSeries pursuant to the Indenture ; (c) an amount equal to income earned on all funds on deposit in the Principal Funding Account (including all subaccounts of such account) (net of investment expenses and losses); and (d) the amount withdrawn from the Accumulation Reserve Subaccount to cover the Accumulation Negative Spread on the Principal Funding Subaccounts , and in each case for the applicable period only.
(a)Grantor represents and warrants to Administrative Agent that it has not assigned or granted a security interest or Lien in any of the Collateral, including, without limitation, the Accounts or the funds on deposit therein (or required to be deposited pursuant to this Agreement and/or the Loan Documents), except to Administrative Agent in connection with the Loan.
The Accounts and the Collateral shall be under the sole dominion and control of Administrative Agent. Grantor shall not be entitled to and shall not close any of the Accounts or make deposits into any other account from the funds on deposit in the Accounts until this Agreement has been terminated and the Obligations have been indefeasibly paid in full to Lenders.
Funds on deposit in the Series 2017-VFN Series Account shall be invested at the written direction of the Servicer by the Paying Agent in Eligible Investments. Funds on deposit in the Series 2017-VFN Series Account on any Payment Date, after giving effect to any withdrawals from the Series 2017-VFN Series Account on such Payment Date, shall be invested in such investments that mature on or prior to the Business Day immediately preceding the following Payment Date.
Earnings from Class D Reserve Account. All interest and earnings (net of losses and investment expenses) paid on funds on deposit in the Class D Reserve Account shall be deemed to be on deposit therein and available for distribution.
The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Reserve Account and in all proceeds thereof.
Bank shall be fully protected in acting on any order, direction, or instruction by Secured Party respecting any Assigned Account and the funds on deposit therein without making any inquiry whatsoever as to Secured Party's right or authority to give such order, direction, or instruction, or as to the application of any funds by Secured Party.
Funds on deposit in the Pre-Funding Account on any Transfer Date, after giving effect to any withdrawals from the Pre-Funding Account on such Transfer Date, shall be invested in such investments that will mature so that such funds will be available for withdrawal on or prior to the following Transfer Date.
Funds on deposit refer to the amount of money that is placed in banking accounts, savings accounts, time deposits, or other financial accounts where the funds are held by a bank or financial institution on behalf of an individual, corporation, or entity. These funds are considered part of the depositor’s asset base and can typically earn interest over time. The deposits could be subject to different conditions depending on the type of account, such as withdrawal limits or minimum balance requirements.
“Funds on deposit” is used in both personal and business contexts where there is a need to refer to the monetary assets held in a financial institution. Here are common scenarios:
When writing about funds on deposit, clarity is essential, especially since these funds are often associated with financial agreements or legal documents. Clearly state the amount, account type, and any conditions attached to these funds. For example:
“The company shall maintain funds on deposit in a designated account, sufficient to cover the quarterly installment of $50,000, without withdrawal before the specified payment date.”
Additionally, be consistent with terminology throughout the document to avoid confusion. Use terms like “depositor,” “account holder,” and “financial institution” where applicable.
Funds on deposit are commonly referenced in various types of contracts. Examples include:
Such contracts will typically detail the conditions under which funds on deposit can be accessed, drawn upon, or need to be maintained.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A future consideration clause refers to an agreement within a contract where the parties commit to provide a benefit or fulfillment of obligations at a later date rather than immediately. This type of clause allows for flexibility and adaptation to evolving circumstances or additional negotiations as the contract progresses.
The "General Compliance with Laws" clause mandates that all parties to the contract adhere to applicable local, state, national, and international laws and regulations throughout the duration of their agreement. This clause ensures that all contractual activities are conducted legally and ethically, mitigating the risk of legal disputes and penalties.
A general indemnity clause is a contractual provision in which one party agrees to reimburse the other for any losses, damages, or liabilities incurred due to specified events or actions, regardless of fault. This clause is designed to allocate risk and protect the indemnified party from financial harm resulting from certain events or misconduct.
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