Zero Balance Accounts definition

Zero Balance Accounts means Deposit Accounts in which a balance of zero is maintained by the depository institution at all times by automatically transferring funds from a master Deposit Account to such Zero Balance Account in an amount only large enough to cover checks presented and other debits to such account, such that any such Zero Balance Account maintains an overnight balance of zero dollars at all times.
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Zero Balance Accounts means, collectively, Deposit Accounts in which a balance of zero is maintained by (i) automatically transferring to such Deposit Account on a daily basis only such amount as is necessary (taking into account any funds that then may be in such account) to pay items charged against such Deposit Account on such day and (ii) automatically transferring funds on a daily basis from such Deposit Account to a Deposit Account for which a control agreement has been obtained.
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Zero Balance Accounts. (collectively, the "Agent Bank Accounts"). The Borrowers shall, within ninety (90) days after the Closing Date, establish and thereafter maintain a lockbox with the Agent (herein called the "Lockbox"). Upon the occurrence of any Event of Default and at the option and direction of the Required Lenders, the Agent Bank Accounts, the Depositary Accounts and the Lockbox shall be under the sole dominion and control of the Agent, and no Loan Party shall have any right of withdrawal therefrom.
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Examples of Zero Balance Accounts in a sentence

  • During formal activation of Fast Track Procedures, the UNDP Resident Representative/Head of Office must inform the Treasurer when it is required to operate both locally domiciled and Zero Balance Accounts with single signatories for payments up to USD 5,000 or equivalent.

  • ZERO BALANCE ACCOUNTS – The City requires Zero Balance Accounts (ZBA) for all of its accounts except the General Operating and Disbursement Account which is the master funding account to the ZBAs. The Bank teller function must identify the account as a ZBA to ensure honoring of presentments made at the Bank.Yes, can provide as requested/required.

  • However, it also has at least three challenges that must be handled before applied to our real life.

  • Alongside, it created a state level pool of funds which channelled all transfers from the Center and opened Zero Balance Accounts for all districts, which suppressed any parking of funds at the district level.8 It also allowed districts to monitor GP balance and to transfer funds from the state pool to the GP account directly, without having to go through the blocks.

  • All existing Zero Balance Accounts opened either under NREGS module of Sanchaya Post or opened manually for NREGA Workers or Indira Gandhi National Old Age/Widow/Disability Pensioners will be renamed as “Basic Savings Accounts”.

  • Zero Balance Accounts: These accounts will be maintained for the disbursement of payroll and accounts payable.

  • Send written requests to: State Treasurer’s Office (IMMS C-15)Centralized Treasury and Securities Management Division Bank Reconciliation Section ManagerP.O. Box 942809 Sacramento, CA 94209-0001 Note: For accounts outside the CTS, including Zero Balance Accounts (ZBA), refer to SAM Section8002.

  • 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”).

  • 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").

  • For Zero Balance Accounts, Target Balance = 0) Account TypeAccount NameAccount No.(Please indicate accounts to be added or deleted)(Please furnish a separate form to add more sub accounts)I/we acknowledge that the Bank will undertake the transactions mentioned above subject to the availability of funds in the Master Account/ Sub-Account or Credit limit.


More Definitions of Zero Balance Accounts

Zero Balance Accounts means Accounts with a balance of zero.
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Zero Balance Accounts means deposit accounts used in the ordinary course of business for daily accounts payable and that have an ending daily balance of zero.
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Related to Zero Balance Accounts

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Collection Accounts As defined in Section 3.10(a).

  • Investment Accounts means the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Note Account As defined in the Indenture.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Principal Accumulation Account Balance means, for any date of determination, the principal amount, if any, on deposit in the Principal Accumulation Account on such date of determination.

  • Retirement Accounts has the meaning ascribed thereto in Section 2.1(F)(7) hereof.

  • Aggregate Account means, with respect to each Participant, the value of all accounts maintained on behalf of a Participant, whether attributable to Employer or Employee contributions, subject to the provisions of Section 9.2.

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Interest Collection Subaccount The meaning specified in Section 10.2(a).

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class A( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Principal Account(s means deposit accounts of the Fund carried on the books of BBH&Co. as principal in accordance with Section 7 hereof.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Collateral Accounts means any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.

  • Investment Account As defined in Section 3.12(a).

  • Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.

  • Specified Reserve Account Balance means, for any Payment Date, an amount equal to 1.00% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0.

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • Insurance Account shall have the meaning set forth in Section 8.6 hereof.