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Sweep Account Agreement

Sweep Account Agreement Template for England and Wales

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Key Requirements PROMPT example:

Sweep Account Agreement

"Need a Sweep Account Agreement for our UK manufacturing company to automatically transfer excess funds from 12 regional office accounts to a central headquarters account each evening, with implementation planned for March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries
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Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services in the UK, establishing regulatory framework and authorities

Banking Act 2009: Key legislation governing banking operations and regulations in the UK

Payment Services Regulations 2017: Regulations governing payment services, including transfer of funds and payment operations

FCA Handbook (BCOBS): Banking Conduct of Business Sourcebook providing regulatory guidelines for banking operations

PRA Rulebook: Prudential Regulation Authority rules governing banking safety and soundness

Financial Services (Banking Reform) Act 2013: Legislation implementing structural and cultural changes in the UK banking sector

Money Laundering Regulations 2017: Regulations concerning anti-money laundering and terrorist financing prevention

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of criminal conduct

UK General Data Protection Regulation: Post-Brexit data protection legislation governing personal data processing

Data Protection Act 2018: UK's implementation of data protection standards and requirements

Consumer Rights Act 2015: Legislation protecting consumer rights in goods and services transactions

Consumer Credit Act 1974: Regulation of consumer credit agreements and related activities

Unfair Contract Terms Act 1977: Legislation governing fairness in contractual terms and notices

Financial Services (Distance Marketing) Regulations 2004: Rules governing financial services marketed at a distance

Common Law Contract Principles: Fundamental principles of contract law developed through case law

Misrepresentation Act 1967: Legislation dealing with false or misleading statements inducing contracts

Late Payment of Commercial Debts (Interest) Act 1998: Legislation governing interest on late payments in commercial transactions

Electronic Communications Act 2000: Framework for electronic communications and digital signatures

Electronic Commerce (EC Directive) Regulations 2002: Regulations governing electronic commerce and online business activities

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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