Primary Checking Account Definition | Law Insider (2024)

Billing Account is the checking account from which all service fees will be automatically debited. “Business Day” is every Monday through Friday, excluding Federal Reserve holidays. “Scheduled Payment Date” is the day you want your Payee to receive your bill payment and is also the day your Payment Account will be debited, unless the Scheduled Payment Date falls on a non-Business Day in which case it will be considered to be the previous Business Day. “Due Date” is the date reflected on your Payee statement for which the payment is due. It is not the late date or grace period. “Scheduled Payment” is a payment that has been scheduled through the Bill Pay Service but has not begun processing.

Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

Disbursem*nt Account has the meaning ascribed to it in Section 1.1(e).

Holding Account means an interest-bearing deposit account belonging to the Agent for the benefit of the Lenders into which the Borrower may be required to make cash deposits pursuant to the provisions of this Agreement, such account to be under the sole dominion and control of the Agent and not subject to withdrawal by the Borrower, with any amounts therein to be held for application toward payment of any outstanding Letters of Credit when drawn upon.

FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

Disbursem*nt Accounts has the meaning ascribed to it in Annex C.

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

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

Settlement Account means the transactional banking account held with an Australian bank which is nominated by the Investor on its Application Form;

Client Account means the exclusive personalized account of the Client consisting of all Completed Transactions, Open Positions and Orders in the Company’s Online Trading System, the balance of the Client money and deposit/withdrawal transactions of the Client money.

Running Account Bill means a bill for the payment of "On Account" money to the Contractor during the progress of work on the basis of work done and the supply of non-perishable materials to be incorporated in the work.

Facility Account means the account numbered 0000000 maintained by Seller in the name of “PDC Funding Company, LLC” at JPMorgan, together with any successor account or sub-account.

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 4.2.

Trading Account means, with respect to each Participant, Account or Customer, each account through which the Participant will trade Swaps and through which BSEF will monitor, as applicable, the open Swap positions and closed Swap positions of such Participants, Accounts or Customers and each account through which the Participant will present a Swap for clearing to a Clearing House.

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

Prefunding Account The separate Eligible Account created and maintained by the Securities Administrator pursuant to Section 4.06 in the name of the Trustee for the benefit of the Certificateholders and designated “Prefunding Account, Wxxxx Fargo Bank, N.A., as Securities Administrator, on behalf of Deutsche Bank National Trust Company, as Trustee, in trust for the registered Holders of HarborView Mortgage Loan Trust Mortgage Loan Pass-Through Certificates, Series 2007-6.” Funds in the Prefunding Account shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement and shall not be a part of any REMIC created hereunder; provided, however, that any investment income earned from Permitted Investments made with funds in the Prefunding Account shall be for the account of the Depositor.

Collection Accounts As defined in Section 3.10(a).

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

Operating Accounts means any or all of them;

Collection Account shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

Collection Account Agreement means an agreement substantially in the form of Exhibit VI among Originator, Seller, the Agent and a Collection Bank.

Clearing Account means the account so designated and established by Section 5.04(1) hereof.

Concentration Accounts has the meaning ascribed to it in Annex C.

Separate Account shall have the respective meanings assigned to such terms in Section 3 of ERISA.

Dominion Account shall have the meaning assigned to such term in Section 5.11(b).

Lock-Box Account With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.