The Sweep Account Agreement is essential for businesses and financial institutions operating in England and Wales seeking to optimize their cash management and liquidity positions. This document establishes the legal framework for automated fund transfers between accounts, typically used when organizations need to maintain specific balance levels across multiple accounts or consolidate funds for better interest earnings or cash flow management. The agreement details all operational aspects, including transfer timing, target balances, fee structures, and dispute resolution procedures, while ensuring compliance with UK banking regulations and financial services laws.
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1. Parties: Identifies the financial institutions and account holders involved in the sweep arrangement
2. Background: Sets out the context and purpose of the sweep account arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Sweep Account', 'Primary Account', 'Target Balance', 'Sweep Time'
4. Sweep Mechanism: Details of how and when the sweep will operate, including timing and calculation methods
5. Bank's Obligations: Specifies the bank's responsibilities in managing the sweep arrangement
6. Customer's Obligations: Details the customer's responsibilities and requirements
7. Fees and Charges: Specifies all applicable fees and how they will be charged
8. Term and Termination: Duration of the agreement and circumstances for termination
1. Credit Facility Terms: Required if the sweep arrangement includes overdraft facilities
2. Multi-Currency Provisions: Specific terms for handling multiple currencies
3. Group Company Provisions: Terms for handling multiple related entities
4. Interest Provisions: Detailed interest calculation and payment terms
1. Account Details Schedule: Lists all accounts involved in the sweep arrangement
2. Fee Schedule: Detailed breakdown of all applicable fees and charges
3. Operating Procedures: Detailed procedures for the operation of the sweep mechanism
4. Authorized Signatories: List of persons authorized to give instructions
5. Service Level Agreement: Details of service levels and performance metrics
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