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.
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 pay down the outstanding loan balance under the Loan Facility. 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, any Available Balance in the Account in excess of the Paydown Target Amount will remain in the Account. We’re here to help.
(b) If the Available Balance in the Account is less than zero, we will 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, we may, in our discretion, draw loans under the Loan Facility on your behalf in the maximum amount available under the terms of the Loan Facility, or we may not draw any loans under the Loan Facility. All loans drawn from the Loan Facility under this Service may be subject to a minimum amount as we may establish from time to time (or as may be required by the Loan Facility), and are subject to the terms and conditions of the agreements governing the Loan Facility. You understand that the lender (i.e., us or our affiliates, as applicable) may, subject to the terms of the Loan Facility, at any time, elect not to make any advance to you, or terminate the Loan Facility. In the event of such suspension or termination of the Loan Facility and our ability to otherwise obtain automated loan advances, we may suspend or terminate the Service immediately and you are responsible for promptly transferring immediately available funds to the Account to pay any overdraft in the Account. Nothing contained in this Service Description obligates us or any of our affiliates to extend credit to you to cover a deficiency in the Account. You shall at all times remain responsible for monitoring the balance in the Account and under the Loan Facility.
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
