Correspondent Accounts Sample Clauses

The Correspondent Accounts clause defines the terms under which one financial institution maintains accounts on behalf of another, typically to facilitate international transactions or services in regions where the latter does not have a physical presence. This clause outlines the responsibilities, permitted activities, and compliance obligations associated with such accounts, such as due diligence, anti-money laundering measures, and reporting requirements. Its core function is to ensure that both parties understand their roles and regulatory duties, thereby reducing legal and financial risks associated with cross-border banking relationships.
Correspondent Accounts. Transfer Agent shall establish procedures reasonably designed to prevent the opening of new correspondent accounts for foreign financial institutions, as defined in Section 312 of the Act and 31 CFR § 1010.610, in the Fund or at LMIS without first receiving the written (including fax or email) approval of a valid and complete application by the Transfer Agent. (1) Transfer Agent shall periodically monitor new accounts and notify the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate, if any account has been opened for a foreign financial institution and shall obtain further instruction from such officer as to such accounts. Every three years each foreign financial institution must re-certify their status as such. If Transfer Agent does not receive a response from the foreign financial institution within 30 days, Transfer Agent will notify the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate. (2) If the Fund’s AML Officer or LMIS’ chief AML compliance officer, as appropriate, directs Transfer Agent to open an account for a foreign financial institution, Transfer Agent shall conduct additional due diligence for the account in compliance with the requirements of 31 CFR § 1010.610. Transfer Agent shall determine a risk-ranking for the account pursuant to the procedures set forth below. (3) Transfer Agent shall conduct additional due diligence for the accounts described in (2) (above) in accordance with the following:
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Correspondent Accounts. Transfer Agent shall establish procedures reasonably designed to prevent the opening of new correspondent accounts for foreign financial institutions, as defined in Section 312 of the Act and 31 CFR § 103.175, in the Fund or at LMIS without first receiving the written (including fax or email) approval of the Fund’s AML Officer or LMIS’ chief compliance officer, as appropriate. (1) Transfer Agent shall periodically monitor new accounts and notify the Fund’s AML Officer if any account has been opened for a foreign financial institution and shall obtain further instruction for the Fund’s AML Officer as to such accounts. (2) If the Fund’s AML Officer directs Transfer Agent to open an account for a foreign financial institution, Transfer Agent shall conduct additional due diligence for the account in compliance with the requirements of 31 CFR § 103.176. Transfer Agent shall determine a risk-ranking for the account pursuant to the procedures set forth below. (3) Transfer Agent shall conduct additional due diligence for the accounts described in (2) (above) in accordance with the following:
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Correspondent Accounts. Correspondent shall be required to pay for securities purchased for its own Accounts on the settlement date. Notwithstanding the foregoing, Correspondent may finance any portion of the debit balance in a Correspondent Account under applicable stock exchange and Federal Reserve regulations. If such financing is extended by Southwest, Correspondent agrees to satisfy the debit balance of such Account upon demand by Southwest. Southwest shall charge interest on such debit balances at a rate set at the discretion of Southwest. Interest will be calculated by multiplying the average daily debit balance by the average interest rate (1/360 of the annual interest rate) times the number of days in the interest period. The rate of interest and method of calculation may be changed by Southwest automatically and without notice from time to time. Correspondent agrees to maintain in any Account which has a debit balance such positions and margins as may be required by applicable statutes, rules, regulations, procedures and customs, or as may be requested by Southwest from time to time. Any financing described in this Section 11(j) shall be subject to all other terms and provisions of this Agreement relating to obligations of the Correspondent to Southwest, including but not limited to being secured by the lien and security interest granted by Correspondent pursuant to Section 10(b) of this Agreement. In the case of an Event of Default, as defined below, all debit balances in any Correspondent Account, and interest thereon, shall bear interest at the highest lawful rate. An Event of Default shall be deemed to have occurred if (i) Correspondent fails to meet any call by Southwest for additional collateral to be deposited in a Correspondent Account; (ii) Correspondent fails to make payment of any debit balance in a Correspondent Account upon demand by Southwest; (iii) Correspondent becomes insolvent, makes an assignment for the benefit of creditors, applies for or consents to the appointment of a receiver, or institutes or has instituted against it any insolvency, reorganization, liquidation, dissolution or similar proceeding; (iv) a petition naming Correspondent as debtor shall be filed under the United States Bankruptcy Code; or (v) an attachment is levied against any Correspondent Account or Account in which Correspondent has an interest. Regardless of any provision of this Section 11(j), any other section of this Agreement or any other agreement between Southwest and Cor...
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Correspondent Accounts. Co-Transfer Agent shall establish procedures reasonably designed to prevent the opening of new correspondent accounts for foreign financial institutions, as defined in Section 312 of the Act and 31 CFR § 1010.610 (formerly contained in 31 CFR § 103.175), in the Fund or at LMIS without first receiving the written (including fax or email) approval of a valid and complete application by the Co-Transfer Agent.
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Correspondent Accounts. If any of the Client’s Account(s) have been introduced to ▇▇▇▇▇▇▇▇▇▇▇ and are carried by ▇▇▇▇▇▇▇▇▇▇▇ only as a clearing broker, Client agrees that ▇▇▇▇▇▇▇▇▇▇▇ is not responsible for the conduct of the introducing broker, and ▇▇▇▇▇▇▇▇▇▇▇’▇ only responsibilities to Client relate to the execution, clearing and bookkeeping of transactions for the Client’s Account(s). Furthermore, Client agrees that the introducing broker and its employees are third party beneficiaries of this Agreement.
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Related to Correspondent Accounts

  • Business Accounts If you are a business, any authorized user of your business is authorized on such terms, conditions, and agreements as we may require to: • enter into this Agreement, as amended from time to time; • access each account of yours in any manner and for any purpose available through the Service, whether now available or available at some time in the future; and • use any Online banking service in any manner and for any purpose available through the Service, whether now available or available at some time in the future.

  • Designated Accounts The Collection Account, the Note Distribution Account and the Reserve Account, collectively. Determination Date: The tenth day of each calendar month, or if such tenth day is not a Business Day, the next succeeding Business Day. Discount Rate: 0.00% per annum.

  • Separate Accounts If the Fund has more than one series or portfolio, the Bank will segregate the assets of each series or portfolio to which this Agreement relates into a separate account for each such series or portfolio containing the assets of such series or portfolio (and all investment earnings thereon). Unless the context otherwise requires, any reference in this Agreement to any actions to be taken by the Fund shall be deemed to refer to the Fund acting on behalf of one or more of its series, any reference in this Agreement to any assets of the Fund, including, without limitation, any portfolio securities and cash and earnings thereon, shall be deemed to refer only to assets of the applicable series, any duty or obligation of the Bank hereunder to the Fund shall be deemed to refer to duties and obligations with respect to such individual series and any obligation or liability of the Fund hereunder shall be binding only with respect to such individual series, and shall be discharged only out of the assets of such series.

  • Investment Accounts Schedule 2 sets forth under the headings “Securities Accounts” and “Commodity Accounts”, respectively, all of the Securities Accounts and Commodity Accounts in which such Grantor has an interest. Except as disclosed to the Administrative Agent, such Grantor is the sole entitlement holder of each such Securities Account and Commodity Account, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Administrative Agent) having “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodity Account or any securities or other property credited thereto, except for, subject to the relevant Control Agreement, the account bank party to such Control Agreement; (a) Schedule 2 sets forth under the heading “Deposit Accounts” all of the Deposit Accounts in which such Grantor has an interest and, except as otherwise disclosed to the Administrative Agent, such Grantor is the sole account holder of each such Deposit Account and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Administrative Agent) having either sole dominion and control (within the meaning of common law) or “control” (within the meaning of Section 9-104 of the UCC) over, or any other interest in, any such Deposit Account or any money or other property deposited therein, except for, subject to the relevant Control Agreement, the account bank party to such Control Agreement; and (b) Except as otherwise permitted under Section 5.6 and Section 5.7, such Grantor has taken all actions necessary or desirable to: (i) establish the Administrative Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any Certificated Securities (as defined in Section 9-102 of the UCC); (ii) establish the Administrative Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the Investment Accounts constituting Securities Accounts, Commodity Accounts, Securities Entitlements or Uncertificated Securities (each as defined in Section 9-102 of the UCC); (iii) establish the Administrative Agent’s “control” (within the meaning of Section 9-104 of the UCC) over all Deposit Accounts other than Exempt Accounts; and (iv) deliver all Instruments (as defined in Section 9-102 of the UCC) to the Administrative Agent to the extent required hereunder, provided, that the Administrative Agent shall not send a notice of sole control or similar notice unless an Event of Default has occurred and is continuing.

  • Joint Accounts If any of your accounts accessed under this Agreement are joint accounts, all joint owners, including any authorized users, shall be bound by this Agreement and, alone and together, shall be responsible for all EFT transactions to or from any share and share draft or loan accounts as provided in this Agreement. Each joint account owner, without the consent of any other account owner, may, and is hereby authorized by every other joint account owner, make any transaction permitted under this Agreement. Each joint account owner is authorized to act for the other account owners, and the Credit Union may accept orders and instructions regarding any EFT transaction on any account from any joint account owner.