Sweep Account definition

Sweep Account. The subsidiary Account for each Participant through which all transactions are processed, which is invested in interest bearing deposits of the Trustee.

Sweep Account. Each deposit account or other account into which any payments made by Account Debtor directly related to the Purchased Receivable are collected, remitted or deposited and which is listed on Schedule 3 hereto, as such Schedule 3 may be amended or updated from time to time.

Sweep Account has the meaning assigned in Section 15.3(1).

Examples of Sweep Account in a sentence

• Funds in Customer’s Transaction DDA and Investment Sweep Account are deposits insured by the FDIC up to the maximum amount permitted by law for funds held in transaction accounts in the same ownership capacity.

• To the extent permitted by applicable law, rule, or other regulation, the Bank may offset and charge against Customer’s Transaction DDA or Investment Sweep Account any liability, obligation, or indebtedness of Customer to the Bank and the amount of any fees owed by Customer to the Bank.

• If, upon review of the Transaction DDA, the Bank determines that the balance of collected funds is less than the Target Balance, the Bank shall transfer from the Investment Sweep Account, in minimum increments of one cent ($.01), an amount of funds equal to the difference between the Transaction DDA balance and the Target Balance or the entire balance in Customer’s Investment Sweep Account, whichever is less.

• Customer authorizes the Bank to open an Investment Sweep Account for Customer.

• If, upon review of the Transaction DDA, the Bank determines that the collected funds in the Transaction DDA exceed the Target Balance, the Bank shall transfer from the Transaction DDA to the Investment Sweep Account, in minimum increments of one cent ($.01), an amount of funds equal to the excess of the Transaction DDA account balance over the Target Balance.

More Definitions of Sweep Account

Sweep Account means an account with and controlled by Administrative Agent for the benefit of the Lenders into which all Excess Cash Flow shall be transferred in accordance with Section 8.5(b).

Sweep Account means any account or accounts of Borrowers established with Lender pursuant to the Sweep Account Agreement, now or in the future.

Sweep Account shall have the meaning specified in SECTION 4.1(a).

Sweep Account means the Deposit Account of the Seller (account number 00000000, ABA 000000000, Reference: Equistar Receivables II, LLC/A/R Sweep) maintained with Citibank at its office at 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Xxxxx Xxxxx, or such other account as the Seller and the Agent may agree.

Sweep Account means each account listed on a supplemental Schedule II-B to this Agreement (as such schedule shall be provided at such time, if any, that Xxxxx Healthcare becomes an Originator and as may be further modified from time to time in connection with the closing or opening of any Sweep Account in accordance with the terms hereof) (in each case, in the name of an Originator) for the purpose of receiving Collections on Government-Pay Health Care Receivables.

Sweep Account has the meaning set forth in Section 6.

Sweep Account means the Account identified in the Application for Investment Sweep Services (as defined in Part II Subparts J and K) or Line of Credit Sweep Services (as defined in Part II, Subpart L).