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. (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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Zero Balance Accounts means Accounts with a balance of zero.
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Examples of Zero Balance Accounts in a sentence

  • On or before the date on which the designated Zero Balance Accounts are removed, the Transferor shall deliver to the Trustee a computer file or microfiche list containing a true and complete list of such Zero Balance Accounts identified by account number, which computer file or microfiche list shall as of the removal date modify and amend and be made a part of this Agreement.

  • 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").

  • On the date on which the designated Zero Balance Accounts are removed, the Trustee shall, without further action, be deemed to transfer, assign, set-over and otherwise convey to the Transferor, without recourse, representation or warranty, all right, title and interest of the Trust in and to the Receivables in such Zero Balance Accounts, all monies due or to become due and all amounts received thereafter with respect thereto and all proceeds thereof.

  • 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.

  • 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”).

  • You may use the Zero Balance Service to control and concentrate cash among Subsidiary Accounts identified by me in the Zero Balance Accounts Section of the Enrollment Form and in the Master Operating Account through preauthorized transfers to or from the Master Operating Account and each Subsidiary Account.

  • On or before the date on which the designated Zero Balance Accounts are removed, the Transferor shall deliver to the Indenture Trustee a computer file or microfiche list containing a true and complete list of such Zero Balance Accounts identified by account number, which computer file or microfiche list shall as of the removal date modify and amend and be made a part of this Agreement.

  • Borrowers shall establish, on or before the ninetieth (90th) day after the Closing Date, and thereafter shall maintain, accounts with the Agent identified as the "Master Account", "Operating Account" and "Zero Balance Accounts" (collectively, the "Agent Bank Accounts").

  • On or prior to the Removal Date for any Zero Balance Accounts, WFBNA shall have delivered to Funding an Account Schedule listing the Zero Balance Accounts that are to become Removed Accounts.

  • Zero Balance Accounts (ZBA) are maintained for clearing of the City’s accounts payable and payroll checks.


More Definitions of Zero Balance Accounts

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 and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • 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.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • 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 C( - ) 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 or a Portfolio 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 2.00% 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 General 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.