The Bank’s Repo Sweep Service option offers Customer a way to invest Excess Funds by entering into an overnight Repurchase Agreement with the Bank as described herein. The status of funds swept under the terms of Bank’s Repo Sweep Service as described below. In all cases, funds in an Account that are not swept to a sweep product prior to the applicable Cutoff Time will be treated as a Deposit with Bank and insured under the applicable FDIC insurance rules and limits (a “Deposit”). The FDIC requires that Bank gives its depositors notice of the status of their deposits and transactions in the event of a Bank failure. The Target Balance will be as indicated by Customer in the applicable Operational Instructions, subject to Bank’s approval. “Target Balance” means the amount of funds that Customer desires to maintain in an Account in connection with a specific Sweep Service. “Repurchase Agreement” means an agreement whereby Customer purchases undivided fractional ownership interests in Securities owned by Bank, and Bank agrees to repurchase such Securities at the Repurchase Price. “Excess Funds” means the amount of Collected Funds in the Account(s) designated in the Operational Instructions as of the close of business on any Business Day that exceeds the Target Balance. “Collected Funds” means those funds that are made available in accordance with Bank’s applicable funds availability schedule less any holds on an Account. Any reference to the Agreement herein shall be deemed to include these Service Terms. Unless otherwise defined herein, any capitalized terms shall have the meaning as set forth in the Agreement. In the event of a conflict between these Service Terms and other terms in the Agreement, these Service Terms shall control. The Service is also subject to the General Provisions of the Treasury Management Terms and Conditions Agreement (the “Agreement”) as if fully incorporated herein and all Applicable Laws. These Sweep Service Terms (the “Service Terms”) set forth the terms under which Customer can have Excess Funds automatically transferred out of an Account at the end of each Business Day and applied in accordance with the Sweep Service option Customer has elected, as described further below (the “Service”).
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