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.
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).
- A demand deposit account (DDA) consists of funds held in a bank account from which deposited funds can be withdrawn at any time, such as checking accounts. DDA accounts can pay interest on a.
- Demand deposits or non-confidential money are funds held in demand accounts in commercial banks. These account balances are usually considered money and form the greater part of the narrowly defined money supply of a country. Simply put, these are deposits in the bank that can be withdrawn on demand, without any prior notice.
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.
Dda Account Closure
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.
Bb&t Dda Account
The Developmental Disabilities Administration (DDA) has gathered resources and developed guidance to assist with the delivery of community-based services in response to the coronavirus disease (COVID-19) outbreak. The Developmental Disabilities Administration is transforming lives by providing support and fostering partnerships that empower people to live the lives they want. The 2021-2023 Strategic Plan describes our work and expected outcomes to accomplish the mission.