Common use of Sweep Service Clause in Contracts

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. 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 We’re here to help. 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.