Sweep Service Clause Samples
Sweep Service. At the close of each Business Day, we will determine the Available Balance in each Account and effect one or more sweep transactions as follows and in the following order:
(a) If the Available Balance in the Account exceeds the Account’s Paydown Target Amount, we will sweep the amount in excess of the Paydown Target Amount out of the Account to pay down the outstanding loan balance under the Loan Facility.
(b) If the Available Balance in the Account exceeds the Account’s Paydown Target Amount and there is no outstanding loan balance under the Loan Facility, we will sweep the amount in excess of the Paydown Target Amount out of the Account to the Fund. We will transfer the excess amount from the Account to the Omnibus Deposit Account that same Business Day and use the funds in the Omnibus Deposit Account to purchase Shares of the selected Fund on your behalf on the next Business Day. If for any reason the Fund you designate is unavailable, we will notify you and will not purchase Shares until you designate another Fund. Dividends on Shares are accrued daily and paid monthly by the Fund. Dividends on your Shares which we receive on your behalf from the Fund will be credited to the Account. Share transactions will be reported in your regular monthly statement for the Account and will be deemed final and conclusive unless you object in writing within thirty (30) days after receipt.
(c) If the Available Balance in the Account is less than zero, we will cause Shares to be redeemed on your behalf in an amount sufficient to restore the Available Balance in the Account to zero and the proceeds of the redemption will be swept back to the Account. We will use reasonable efforts to restore the balance in the Account to zero by provisionally crediting the Account that Business Day and redeeming the requisite available Shares of the Fund on the next Business Day.
(d) In the event the Available Balance in the Account is less than zero and any Shares you own of the Fund are not sufficient to restore the Available Balance in the Account to zero, we will cause all remaining Shares to be redeemed on your behalf and sweep the proceeds of the redemption back to the Account, and then draw loans under the Loan Facility on your behalf in an amount sufficient to restore the Available Balance in the Account to zero in increments permitted by the Loan Facility. If the amount available under the Loan Facility is not sufficient to restore the Available Balance in the Account to zero, ...
Sweep Service. At the close of each Business Day, we will determine the Available Balance in each Account and effect a sweep transaction as follows:
(a) If the Available Balance in the Account exceeds the Account’s Paydown Target Amount, we will sweep the amount in excess of the Paydown Target Amount out of the Account to the Fund. We will transfer the excess amount from the Account to the Omnibus Deposit Account that same Business Day and use the funds in the Omnibus Deposit Account to purchase Shares of the Fund on your behalf on the next Business Day. If for any reason the Fund you designate is unavailable, we will notify you and will not purchase Shares until you designate another Fund. Dividends on Shares are accrued daily and paid monthly by the Fund. Dividends on your Shares which we receive on your behalf from the Fund will be credited to the Account. Share transactions will be reported in your regular monthly statement for the Account and will be deemed final and conclusive unless you object in writing within thirty (30) days after receipt.
(b) If the Available Balance in the Account is less than zero, we will cause Shares to be redeemed on your behalf in an amount sufficient to restore the Available Balance in the Account to zero and the proceeds of the redemption will be swept back to the Account. We will use reasonable efforts to restore the balance in the Account to zero by provisionally crediting the Account that Business Day and redeeming the requisite available Shares of the Fund on the next Business Day.
Sweep Service. The Sweep Service allows you to establish automatic transfers between a master or parent deposit account and one or more designated child accounts in order to maintain a specified balance or balance range in each child account. Once established, funds will be transferred from the master account to the child accounts when the balances in the child accounts falls below the balance threshold or range that you specify, or funds will be transferred from the child accounts to the master account when the balances in the child accounts exceeds the threshold or range. The Sweep Service can also be used to designate one or more child accounts as zero-balance sweep accounts. The Sweep Service is governed by a separate Sweep Agreement that includes an application form you must use to designate master accounts, child accounts, and the sweeps you wish to establish.
Sweep Service. At the close of each Business Day, we will determine the Available Balance in each Account and effect one or more sweep transactions as follows and in the following order:
Sweep Service