Zero Balance Accounts definition
Examples of Zero Balance Accounts in a sentence
Our Zero Balance Account ("ZBA") Service enables you to consolidate your funds automatically each Business Day from designated deposit accounts ("Zero Balance Accounts" and/or "Subsidiary Accounts") into a designated master deposit account ("Concentration Account").
On or before the date on which the designated Zero Balance Accounts are removed, the Transferor shall deliver to the Trustee a computer file or microfiche list containing a true and complete list of such Zero Balance Accounts identified by account number, which computer file or microfiche list shall as of the removal date modify and amend and be made a part of this Agreement.
On the date on which the designated Zero Balance Accounts are removed, the Trustee shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to the Transferor, without recourse, representation or warranty, all right, title and interest of the Trust in and to the Receivables in such Zero Balance Accounts, all monies due or to become due and all amounts received thereafter with respect thereto and all proceeds thereof.
You may use the Zero Balance Service to control and concentrate cash among Subsidiary Accounts identified by me in the Zero Balance Accounts Section of the Enrollment Form and in the Master Operating Account through preauthorized transfers to or from the Master Operating Account and each Subsidiary Account.
These Services currently include, but are not limited to, ACH Origination, ACH Positive Pay, Business eBanking (including Business eBanking Mobile), Daily Investment Sweep Loan, Integrated Payable Services, Lockbox, Positive Pay, Remote Deposit Capture, Wire Transfer of Funds and Zero Balance Accounts (individually a “Service,” collectively the “Services”).
By selecting the Zero Balance Accounts Services (the “Zero Balance Service”) on the Enrollment Form, you agree to the terms of this Zero Balance Accounts Service Addendum (the “Zero Balance Addendum”) and this Zero Balance Addendum thereby becomes a part of the Master Services Agreement for Treasury Management Services (the “Master Services Agreement”).
On or prior to the Removal Date for any Zero Balance Accounts, WFBNA shall have delivered to Funding an Account Schedule listing the Zero Balance Accounts that are to become Removed Accounts.
This Service Agreement as part of the Master Treasury Services Agreement sets forth additional terms and conditions under which the Customer authorizes the Bank to automatically transfer available funds between a funding Account (the “Master Account”) and other Account(s) (each a “Zero Balance Account” and, collectively, the “Zero Balance Accounts”) to cover debits presented against the Zero Balance Accounts (“Service”).
On the date on which the designated Zero Balance Accounts are removed, the Issuer shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to the Transferor, without recourse, representation or warranty, all right, title and interest of the Issuer in and to the Receivables in such Zero Balance Accounts, all monies due or to become due and all amounts received thereafter with respect thereto and all proceeds thereof.
Borrowers shall establish, on or before the ninetieth (90th) day after the Closing Date, and thereafter shall maintain, accounts with the Agent identified as the "Master Account", "Operating Account" and "Zero Balance Accounts" (collectively, the "Agent Bank Accounts").