Common use of NOW Accounts Clause in Contracts

NOW Accounts. A NOW account is an account which consists solely of funds in which the entire beneficial interest in such account is held by (i) one or more individuals, including a sole-proprietorship, (ii) a not-forprofit organization operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes, or (iii) a fiduciary, provided that all beneficiaries of such account are natural persons. The Bank reserves the right to require at least seven (7) days’ written notice prior to withdrawal of funds from a NOW account

NOW Accounts. A NOW account is an account which consists solely of funds in which the entire beneficial interest in such account is held by (i) one or more individuals, including a sole-proprietorship, (ii) a not-forprofit organization operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes, or (iii) a fiduciary, provided that all beneficiaries of such account are natural persons. The Bank reserves the right to require at least seven (7) days’ written notice prior to withdrawal of funds from a NOW accountNOW