Terms of this Agreement. a. Authorization to establish accounts. Customer authorizes the Bank to open an Investment Sweep Account for Customer. b. Authorization to process sweep transactions. i. Customer authorizes the Bank as its agent to debit or credit Customer’s Transaction DDA for any debit or credit transactions into or from the Transaction DDA in accordance with the terms of this Agreement and the deposit account agreement governing the Transaction DDA. Should the Transaction DDA lack available funds to cover presentments made, Customer authorizes the Bank to transfer funds from the Investment Sweep Account to cover such presentments. ii. Customer authorizes the Bank to invest balances in excess of Customer’s Target Balance into the Investment Sweep Account. All such transactions for the Investment Sweep Account shall be made in accordance with the sweep procedures described in section 3.
Appears in 10 contracts
Samples: Master Treasury Management Services Agreement, Master Treasury Management Services Agreement, Master Treasury Management Services Agreement
