FirstBusiness Sweep Sample Clauses

FirstBusiness Sweep. Initially, the City's operating and escrow accounts will utilize the Bank’s FirstBusiness Sweep product, which permits excess collected funds in the City’s FirstBusiness Sweep Accounts to be automatically withdrawn and invested in the FirstBusiness Money Market Account, as directed by the City. The City is not required to maintain a minimum balance in either account. Bank will automatically withdraw the amounts in the accounts and invest it in the FirstBusiness Money Market Account. At the end of each business day, if cash is needed to cover outstanding and unpaid checks or other items drawn on the City’s FirstBusiness Sweep Accounts or to cover fees or expenses charged to the City’s FirstBusiness Sweep Accounts, the Bank will act as the City’s agent to physically conduct an in-person withdrawal of funds from the FirstBusiness Money Market Account and deposit such funds to the City’s FirstBusiness Sweep Accounts. The City hereby authorizes the Bank to physically and in-person conduct a transfer from the City’s FirstBusiness Money Market Account to the City’s FirstBusiness Sweep Accounts if cash is needed in the FirstBusiness Sweep Accounts to cover checks or other items drawn on such account and to cover fees and expenses charged to such account. The City must keep a sufficient balance in the City’s FirstBusiness Sweep Accounts to cover checks and other items drawn on such account. The Bank may withhold from payment any check or other item until such funds sufficient to cover such outstanding checks and items have been credited to such account. The Overland Park Convention Center Account and the Overland Park Convention Center Event Account (collectively, the "OP Convention Center Accounts”) will be invested in interest bearing accounts and will not utilize the FirstBusiness Sweep product. The City, in the future, may designate any of its accounts to utilize the FirstBusiness Sweep product, by so notifying the Bank.