Zero Balance Account definition

Zero Balance Account means an Account with a Receivable balance of zero which the Transferor designates under subsection 2.07(d).

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Zero Balance Account means an account which, according to the Servicer's records, has had a balance of zero for a period of time in accordance with the Credit Guidelines.

Zero Balance Account means a zero balance account of a Loan Party maintained by Bank of America, N.A. (or any other financial institution with the consent of the Administrative Agent, such consent not to be unreasonably withheld or delayed); provided that, (a) such account must have the zero balance function active at all times, (b) no Loan Party may have the ability to disable the zero balance function on such account, and (c) such account may not contain a balance of more than $0 for more than twenty four hours (for the avoidance of doubt, (i) zero balance accounts shall be considered Deposit Accounts and (ii) should any Deposit Account fail to meet any of the requirements in the foregoing proviso, then such Deposit Account shall cease to be a Zero Balance Account at such time and shall be subject to the applicable requirements of Section 6.26).

Examples of Zero Balance Account in a sentence

• Within 30 days after the Effective Date, the Servicer will send to each Affected Consumer, by first class U.S. mail, the Notice, consisting of (i) a copy of the Notice to Affected Consumers of Discontinuance of Billing and Collection, in the form of Exhibit A hereto, and (ii) an account statement reflecting an updated balance of $0 for each of the Affected Consumer’s Affected Loans, in the form of the sample Form of Zero Balance Account Statement attached hereto as Exhibit B.

• Bank shall provide to Customer the Zero Balance Account (“ZBA”) service, in which Bank shall initiate automatic transfers of funds from certain accounts designated by Customer (“Subsidiary Accounts”) into a single account designated by Customer to hold funds transferred from one or more Subsidiary Accounts (the “Master Account”) in order to arrive at a specified ending balance (“target” balance) in each Subsidiary Account.

• To the extent that a Zero Balance Account, having a zero balance for less than 180 consecutive days, is the subject of a removal pursuant to Section 2.10 of the Transfer and Servicing Agreement, the Issuer shall provide, or cause to be provided, written notice of such removal to Standard & Poor's.

• 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").

• PROVIDED, HOWEVER, that in respect of a Zero Balance Account, the Transferor or, as the case may be, such Additional Transferor, shall remove or have removed such designation on the Redesignation Date (which, consequently, shall also be the Removal Date for such Account) and such Zero Balance Account shall also constitute a Removed Account.

More Definitions of Zero Balance Account

Zero Balance Account means an Account with a Receivable -------------------- balance of zero.

Zero Balance Account means an Account with a Receivable balance of zero which the Servicer will remove from its computer master file of VISA, MasterCard and American Express accounts.

Zero Balance Account means an Account with a Receivable balance of zero which the Servicer will remove from its computer master file of VISA and MasterCard accounts.

Zero Balance Account any Deposit Account that at the end of any given Business Day contains a balance of zero due to automatic transfers of amounts held in such Deposit Account into other Deposit Accounts subject to a Control Agreement.

Zero Balance Account means an account that allows daily transaction activity and at the end of the day sweeps the resulting balance to another account so that the account balance is zero at the end of the day.

Zero Balance Account is defined as a bank account(s) on which Checks are written or other transactions occur even though the balance in the Account(s) is targeted to be maintained at zero. Debits to the Zero Balance Account are covered by a transfer of funds from the concentration or primary account (“Concentration Account”), and Credits are transferred to the Concentration Account. Bank shall not be liable for the failure to pay any Item presented for payment against any Zero Balance Account due to insufficient funds in the Concentration Account. The transfer of funds to or from a Money Market Deposit Account is subject to maximum limitations established by Bank.

Zero Balance Account means, as of any date of determination, an Account with a Receivable balance of zero and in which there has been no activity for the twelve calendar months preceding such date of determination.