Sweep Service definition

Sweep Service means, collectively, one or more arrangements between Lender and the Borrower pursuant to which Lender automatically, and without requiring any Request, advances Loans to one or more deposit accounts of Borrower to fund obligations of the Borrower and/or sweeps funds from deposit accounts of Borrower to repay such Loans. Any Sweep Service may be terminated or suspended by Lender in accordance with the separate terms governing the same.
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Sweep Service a cash management service which UBOC may provide to the Borrower, at the election of UBOC and the Borrower, pursuant to which UBOC will automatically credit Revolving Loans to the General Account and automatically debit repayment of Revolving Loans to such General Account in accordance with the provision of a Loan Sweep Agreement.
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Examples of Sweep Service in a sentence

  • If My Account includes margin privileges, I agree that transactions that exceed My free credit balances and deposits in the Sweep Service may result in margin credit being extended to My Account, for which I will be charged interest.

  • Customer appoints Bank and its designees as Customer’s agent for the purpose of opening, on Customer’s behalf, the Commercial Sweep Service, placing orders, transferring funds, and taking such other steps as are reasonably necessary to carry out Customer’s directions relating to the Commercial Sweep Service.

  • We recommend that you enroll in one of the optional overdraft protection plans: Personal Savings Overdraft Service, Personal Overdraft Line of Credit, Personal Overdraft Sweep Service, Business Overdraft Line of Credit, or Commercial Credit Sweep Service.

  • The Commercial Sweep Service is an integrated financial service in which Customer’s excess collected funds above Customer’s designated target balance in the Account(s) specified on an Enrollment Request shall be transferred by the Bank daily from the Account(s) and into an investment, credit line and/or deposit account sweep selection designated by Customer in such Enrollment Request.

  • Availability of funds for purposes of the Automated Sweep Service will be determined in accordance with the Bank’s then funds availability and float policies.

  • I agree that Payments will be deducted from the Available Funds in My Account in the following order: first, from free credit balances; second, by withdrawal of funds deposited to Participating Depository Institutions as part of the Sweep Service; and third, if My Account has margin privileges, from margin loans on the eligible securities in My margin Account.

  • Under the Sweep Service, free credit balances in My Account will be deposited into interest-bearing accounts at one or more banks ("Participating Depository Institutions"), in accordance with the Insured Network Deposit Sweep Program Disclosures ("IND Disclosures") available on the Website and in the App.

  • For this purpose, "Available Funds" in My Account will fluctuate daily and means the sum of (i) free credit balances, (ii) deposits to Participating Depository Institutions through the Sweep Service, and (iii) available margin loan value if My Account has margin privileges, minus (x) uncleared funds, (y) Blocked Amounts, and (z) deposits subject to a hold.

  • If I enroll in Robinhood Financial Cash Management ("Cash Management"), I understand that I am electing to participate in the Insured Network Deposit ("IND") sweep service (the "Sweep Service").

  • Client agrees that any arrangements with the Bank to restrict access to the Deposit Accounts or the Loan Account do not impact the Bank’s ability to sweep funds or make payments as provided in this Automated Sweep Service Description.

Related to Sweep Service

  • EMV PSP Service means the Card payment gateway services, which may be powered by one or more third-party suppliers, you access and use to route Card based payments you accept from a Service User to submit for authorization and settlement to the Merchant Acquiring Bank.

  • CMU Service means the Central Moneymarkets Unit Service, operated by the Hong Kong Monetary Authority;

  • eDDA Service means a service provided by HKICL as part of HKICL FPS to facilitate customers of Participants to set up direct debit authorisation.

  • Curtailment Service Provider or “CSP” shall mean a Member or a Special Member, which action on behalf of itself or one or more other Members or non-Members, participates in the PJM Interchange Energy Market, Ancillary Services markets, and/or Reliability Pricing Model by causing a reduction in demand.

  • Generation Service means the sale of electricity, including ancillary services such as the provision of reserves, to a Customer by a Competitive Supplier.