Common use of Deposit Account Transactions Clause in Contracts

Deposit Account Transactions. (a) Bank or its Subcustodians shall make payments from the Deposit Account only upon receipt of Instructions, as such term is defined in Section 11 of this Agreement, which include all information required by Bank. (b) In the event that any payment to be made under this Section 5 exceeds the funds available in the Deposit Account, Bank, in its discretion, may advance Customer such excess amount which shall be deemed an overdraft advance bearing interest at the rate customarily charged by Bank on similar advances. Bank shall make information regarding any such overdraft available electronically for monitoring on the next business day by providing Customer with electronic access to such information either via the Internet or by other means reasonably acceptable to Customer. (c) If Bank credits the Deposit Account on a payable date, or at any time prior to actual collection and reconciliation to the Deposit Account, with interest, dividends, redemptions or any other amount due, Customer shall promptly return any such amount upon oral or written notification: (i) that such amount has not been received in the ordinary course of business or (ii) that such amount was incorrectly credited. If Customer does not promptly return any amount upon such notification, Bank shall be entitled, upon oral or written notification to Customer, to reverse such credit by debiting the Deposit Account for the amount previously credited. Bank or its Subcustodian shall have no duty or obligation to institute legal proceedings, file a claim or a proof of claim in any insolvency proceeding or take any other action with respect to the collection of such amount, but may act for Customer upon Instructions after consultation with Customer.

Deposit Account Transactions. (a) The Bank or its Subcustodians shall will make payments from the a Deposit Account only upon receipt of Instructions, as such term is defined in Section 11 of this Agreement, Instructions which include all information required by the Bank. Instructions bust be received from one or more Authorized Person(s) and countersigned or confirmed in writing by one or more Authorized Person(s) who are different than the Authorized Person(s) that originated or drafted the Instructions. (b) In the event that any payment to be made under this Section 5 exceeds the funds available in the a Deposit Account, the Bank, in its discretion, may advance the Customer such excess amount which shall be deemed an overdraft advance a loan payable on demand, bearing interest at the rate customarily charged by the Bank on similar advances. Bank shall make information regarding any such overdraft available electronically for monitoring on the next business day by providing Customer with electronic access to such information either via the Internet or by other means reasonably acceptable to Customerloans. (c) If the Bank credits the a Deposit Account on a payable date, or at any time prior to actual collection and reconciliation to the that Deposit Account, with interest, dividends, redemptions or any other amount due, the Customer shall will promptly return any such amount upon oral or written notification: (i) that such amount has not been received in the ordinary course of business or (ii) that such amount was incorrectly credited. If the Customer does not promptly return any amount upon such notification, the Bank shall be entitled, upon oral or written notification to the Customer, to reverse such credit by debiting the Deposit Account for the amount previously credited. The Bank or its Subcustodian shall have no duty or obligation to institute legal proceedings, file a claim or a proof of claim in any insolvency proceeding or take any other action with respect to the collection of such amount, but may act for the Customer upon Instructions after consultation with the Customer.

Deposit Account Transactions. (a) Bank or its Subcustodians shall make payments from the Deposit Account only upon receipt of Instructions, as such term is defined in Section 11 of this Agreement, Instructions which include all information required by Bank. (b) In the event that any payment to be made under this Section 5 exceeds the funds available in the Deposit Account, Bank, in its discretion, may advance Customer such excess amount which shall be deemed an overdraft advance a loan payable on demand, bearing interest at the rate customarily charged by Bank on similar advances. Bank shall make information regarding any such overdraft available electronically for monitoring loans (or as otherwise agreed in writing by Customer and Bank) from the date of the advance to the date of payment (both after as well a before judgment) and otherwise on the next business day by providing Customer with electronic access terms on which Bank makes similar overdrafts available from time to such information either via the Internet or by other means reasonably acceptable to Customertime. (c) If Bank credits the Deposit Account on a payable date, or at any time prior to actual collection and reconciliation to the Deposit Account, with interest, dividends, redemptions or any other amount duedue ("AutoCredit"), Customer shall promptly return any such amount upon oral or written notification: (i) that such amount has not been received in the ordinary course of business or (ii) that such amount was incorrectly credited. If Customer does not promptly return any amount upon such notification, Bank shall be entitled, upon oral or written notification to Customer, to reverse such credit by debiting the Deposit Account for the amount previously credited. Bank or its Subcustodian shall have no duty or obligation to institute legal proceedings, file a claim or a proof of claim in any insolvency proceeding or take any other action with respect to the collection of such amount, but may act for Customer upon Instructions after consultation with Customer.

Deposit Account Transactions. (a) The Bank or its Subcustodians shall will make payments from the a Deposit Account only upon receipt of Instructions, as such term is defined in Section 11 of this Agreement, which Instructions that include all information required by the Bank. Instructions must be received from one or more Authorized Person(s) and countersigned or confirmed in writing by one or more Authorized Person(s) who are different than the Authorized Person(s) that originated or drafted the Instructions. (b) In the event that any payment to be made under this Section 5 exceeds the funds available in the a Deposit Account, the Bank, in its discretion, may advance the Customer such excess amount which shall be deemed an overdraft advance a loan payable on demand, bearing interest at the rate customarily charged by the Bank on similar advances. Bank shall make information regarding any such overdraft available electronically for monitoring on the next business day by providing Customer with electronic access to such information either via the Internet or by other means reasonably acceptable to Customerloans. (c) If the Bank credits the a Deposit Account on a payable date, or at any time prior to actual collection and reconciliation to the that Deposit Account, with interest, dividends, redemptions or any other amount due, the Customer shall will promptly return any such amount upon oral or written notification: (i) that such amount has not been received in the ordinary course of business or (ii) that such amount was incorrectly credited. If the Customer does not promptly return any amount upon such notification, the Bank shall be entitled, upon oral or written notification to the Customer, to reverse such credit by debiting the Deposit Account for the amount previously credited. The Bank or its Subcustodian shall have no duty or obligation to institute legal proceedings, file a claim or a proof of claim in any insolvency proceeding or take any other action with respect to the collection of such amount, but may act for the Customer upon Instructions after consultation with the Customer.

Deposit Account Transactions. (a) Bank or its Subcustodians shall make payments from the Deposit Account only upon receipt of Instructions, as such term is defined in Section 11 of this Agreement, which include all information required by Bank. (b) In the event that any payment to be made under this Section 5 exceeds the funds available in the Deposit Account, Bank, in its discretion, may advance Customer such excess amount which shall be deemed an overdraft advance payable on demand, bearing interest at the rate customarily charged by Bank on similar advances. Bank shall make information regarding any such overdraft available electronically for monitoring on the next business day by providing Customer with electronic access to such information either via the Internet or by other means reasonably acceptable to Customer. (c) If Bank credits the Deposit Account on a payable date, or at any time prior to actual collection and reconciliation to the Deposit Account, with interest, dividends, redemptions or any other amount due, Customer shall promptly return any such amount upon oral or written notification: (i) that such amount has not been received in the ordinary course of business or (ii) that such amount was incorrectly credited. If Customer does not promptly return any amount upon such notification, Bank shall be entitled, upon oral or written notification to Customer, to reverse such credit by debiting the Deposit Account for the amount previously credited. Bank or its Subcustodian shall have no duty or obligation to institute legal proceedings, file a claim or a proof of claim in any insolvency proceeding or take any other action with respect to the collection of such amount, but may act for Customer upon Instructions after consultation with Customer.