Dda Account

The Servicer will cause all collected and identified funds on deposit in the Master DDA Account to be swept to the Collection Account within one (1) Business Day after identification.

Personal Checking DDA Personal Account Minimum Balance Requirements You must deposit $100.00 to open this account. If the account balance falls below $700 during a statement cycle, then an account Service Charge (maintenance fee) of $6.00 will be cha. Account DDA abbreviation meaning defined here. What does DDA stand for in Account? Get the top DDA abbreviation related to Account. Most demand deposit accounts (DDAs) let you withdraw your money without advance notice, but the term also includes accounts that require six days or less of advance notice. NOW accounts are essentially checking accounts where you earn interest on the money you have deposited. DDA is a term usually used in finance that is an abbreviation for “ Demand Deposit Account ”. This is a type of a checking account where the account holder can withdraw their funds “on demand”, or anytime. Oftentimes, employers like to use these types of accounts to deposit their employees’ salary.

Dda Account Definition

The Servicer and the Borrower shall direct the Obligor of each Pledged Receivable to remit all Collections owed by such Obligor to the Lockbox or by wire transfer to the Master DDA Account or the Collection Account (and except as provided in the Intercreditor and Lockbox Administration Agreement shall use its best efforts to ensure that only funds constituting Collections shall be deposited into the Lockbox and Master DDA Account).

Until the Collection Date, the Borrower shall have no rights of direction or withdrawal, with respect to amounts held in the Collection Account (other than amounts remaining after giving effect to the application of Section 2.06(a)(I)(i) through (xi) and Sections 2.06(a)(II)(i) of this Agreement) or the Master DDA Account, except with respect to funds not related to any Pledged Assets, which were incorrectly deposited into any such account.

The Borrower shall ensure that the Backup Servicer has access to account information with respect to all deposits, withdrawals and reconciliations with respect to the Lockbox, Master DDA Account and the Collection Account.

As soon as reasonably practicable and in any event within two (2) Business Days after occurrence, notice of any change in (i) the name, account number, or similar information pertaining to the Lockbox, the Master DDA Account and/or the Collection Account, (ii) the Custodial Agreement as it relates to the Collection Account or (iii) any other documents, agreement or arrangement concerning any of the above-mentioned accounts.

Each applicable BANK is authorized to charge the applicable DDA Account in accordance with the Reverse Wire provisions of this Agreement.REVERSE WIRE BANK is authorized to charge the DDA ACCOUNT in accordance with the ACH provisions of this Agreement.

By 5:00 PM (Eastern Time) of the business day following the business day the Escrow Agent has deposited a particular Conforming Payment into the Consolidated DDA Account on behalf of a person who is not eligible under Federal banking laws and Regulation D to hold a NOW account, the Escrow Agent shall transfer amounts corresponding to such Conforming Payment into the Escrow (Non-Eligible) Account.

On each Check Presentation Date, Disbursement Agent will disburse funds in the Disbursement Account to the DDA Account by 5:15 p.m. New York time, provided that (A) Disbursement Agent shall have performed the procedures set forth in Section 11(c) and all conditions to disbursement set forth therein shall have been satisfied; and (B) sufficient funds exist in the Disbursement Account (taking into account amounts required to be transferred from the related Wire-out Account pursuant to Section 11 (a)(ii)).

Dda Account Closure

Investors with respect to whom the Escrow Agent has deposited one or more Conforming Payments into the Consolidated DDA Account are referred to herein as “Purchasers”.

Dda Bank Account Definition

By 5:00 PM (Eastern Time) of the business day following the business day the Escrow Agent receives a Conforming Instrument or Conforming Wire Payment (collectively, “ Conforming Payments”) the Escrow Agent shall deposit the Conforming Payment into the Consolidated DDA Account.