Sweep Account. Prior to a Extended Triggering Event Termination, all sums deposited in the Sweep Account shall remain on deposit therein as additional security for the payment of the Loan and payment and performance of all of Borrower’s obligations under the Loan Documents. Notwithstanding the foregoing, (i) so long as no Default shall exist, (a) Administrative Agent shall not unreasonably withhold its consent to Borrower’s written request for a disbursement of funds from the Sweep Account to (x) fund any Escrow Fund Deficiency Amount, (y) pay expenses that exceed the amount budgeted therefor in the Approved Annual Budget, and (z) pay unanticipated expenditures necessary to preserve or protect the Property and (b) within five (5) Business Days’ of Borrower’s written request, Administrative Agent shall disburse funds to pay all or any portion of any Optional Minimum DSCR Prepayment and (ii) upon the occurrence of an Extended Triggering Event Termination, Administrative Agent shall (or shall instruct Property Account Bank to) disburse all sums accumulated in the Sweep Account, and in any other reserves established under Section 8.5 hereof, to the Designated Account.
Sweep Account. The Sweep Account is the only account as of the date hereof as to which Account Debtor has been directed to remit payments by wire transfer or electronic funds transfer to Seller with respect to the Purchased Receivable. Seller has not granted any Person dominion or control of the Sweep Account or the right to take control of the Sweep Account at a future time or upon the occurrence of a future event. For the avoidance of doubt, the parties hereto acknowledge that the Sweep Account is the same Sweep Account designated under the Receivable Purchase Agreement, dated as of February 19, 2020, by and between Seller and Purchaser (the “Series A Agreement”).
Sweep Account. The Company shall establish a bank account at a financial institution of the Holder’s choosing, which bank account shall constitute a “lockbox-type” account (the “Lockbox Account”) and shall be under the control of the Company and the Holder. All of the accounts receivable collected by Company shall be deposited into the Lockbox Account. On the last day of each month (commencing on the first month following the ninety (90)-day anniversary of the Original Issue Date (the “Monthly Debit Commencement Date”)) during which any of the obligations of this Note remain outstanding, the Guaranteed Interest that has accrued for such month shall automatically be debited (the “Monthly Debits”) from the Lockbox Account and credited to an account to be designated by the Holder. The Company shall cause the Lockbox Account to be established and, thereafter, to cause the Monthly Debits to occur on the schedule set forth in this Section 3(d). During the period from the Original Issue Date (notwithstanding that the Monthly Debit Commencement Date may not have then commenced), the Company shall maintain a positive cash balance in the Lockbox Account equivalent to three (3) month’s of Guaranteed Interest payments.
Sweep Account. The Loan Parties will maintain a deposit account in the name of one of the Loan Parties with Citibank, N.A. (the “Sweep Account”), which shall be under the Control of the Administrative Agent. During each Sweep Period, all amounts deposited to the credit of the Inventory Concentration Account will be transferred to the Sweep Account pursuant to instructions given by the Administrative Agent to the depositary bank for the Inventory Concentration Account. In addition, during any Sweep Period, the Receivables Agent will cause all amounts received by it from the Receivables Concentration Account and otherwise required to be remitted to a Loan Party pursuant to the Securitization Facility to be deposited directly in the Sweep Account. All amounts so deposited to the Sweep Account shall be applied pursuant to the instructions of the Administrative Agent as required under the terms of Section 2.08 of the Credit Agreement and, so long as no Default shall then be continuing, any balance remaining after such application shall be remitted to the Loan Parties in accordance with the instructions of the Borrowers’ Agent to the Administrative Agent. Any amounts not so applied or remitted shall be deposited in the Cash Collateral Account and released to the Borrowers in accordance with the final sentence of Section 2.08(b)(ii) of the Credit Agreement.
Sweep Account. The Sweep Account is the only account as of the date hereof as to which Account Debtor has been directed to remit payments by wire transfer or electronic funds transfer to Seller with respect to the Purchased Receivable. Seller has not granted any Person dominion or control of the Sweep Account or the right to take control of the Sweep Account at a future time or upon the occurrence of a future event. For the avoidance of doubt, the parties hereto acknowledge that the Sweep Account is the same Sweep Account designated under the Receivable Purchase Agreement, dated as of February 19, 2020 (which is also the same Sweep Account designated under the other receivable purchase agreements between Seller and Purchaser entered into prior to the date hereof), by and between Seller and Purchaser (the “Series A Agreement”) and the Sweep Account may also be used in connection with future transactions pursuant to one or more receivable purchase agreements.
Sweep Account. As of the Closing Date, Borrower shall open and shall thereafter at all times during the term of this Agreement maintain with Bank an account (the "Sweep Account"), into which all funds received by Borrower from any source shall be deposited and to which, without limitation, all credit card receivables of Borrower shall be directed. Borrower shall direct the company that processes its credit card transactions to deliver all funds and/or direct all wire transfers in connection with such transactions to the Sweep Account. Borrower shall hold in trust for Bank all amounts that Borrower receives despite the directions to make payments to the Sweep Account and immediately deliver such payments to Bank in their original form as received from the customer or credit card processing company, with proper endorsements (if applicable) for deposit into the Sweep Account. Borrower irrevocably authorizes Bank to transfer to the Sweep Account any funds that have been deposited or transferred into any other accounts or that Bank has received by wire transfer, check, cash or otherwise that should have been deposited into the Sweep Account pursuant to the foregoing. No party other than Bank shall have any right to access the funds in the Sweep Account, provided, however that Borrower's credit card processors may obtain access to funds in the Sweep Account if and to the extent of Borrower's agreement with such credit card processors. Bank shall, on a daily basis, apply all funds in the Sweep Account to repay amounts loaned to Borrower by Bank (including principal and outstanding interest) pursuant to Credit Extensions, and, subject to Section 2.4(b), Bank shall thereafter credit Borrower's investment account at Bank to the extent of any remaining funds in the Sweep Account.
Sweep Account. This program is an integrated approach for businesses wishing to maximize profitability by sweeping funds held in non-interest-bearing Accounts. Automatic transfers are made between deposit Accounts based on pre-determined target levels. This service provides income on excess funds and eliminates any surplus cash position and allows your business to maintain balances sufficient to offset service charges or to maintain specified cash levels. As required by federal regulations, we limit the number of withdrawals including sweeps from Savings and Money Markets to six (6) per Analysis Period, month or statement cycle. Refer to the Regulatory Transaction Limitations section of this Agreement for further detail. We may change interest rates daily. Automated Clearing House This program allows the origination of credit and debit transactions using a variety of transmission methods. The ACH product offers quick, accurate, secure payment and collection of funds including the transmission of payroll. Merchant Credit Card Services Applications are accepted for merchants to process Visa®, MasterCard® and Discover® transactions through the Bank. With an approved application, the Bank will supply complete administrative support for ease of processing credit card sales. Business Express Online Banking First Midwests Business Express Online Banking blends your need for secure and flexible cash flow management with the power and convenience of the Internet. This service will give you a clear picture of your financial position whenever you want improving your cash management productivity and control. Remote Deposit Capture Remote Deposit Capture enables you to scan and electronically deposit your customers checks without leaving your office. This service will also allow you the ability to deposit checks the same day you receive them, eliminating the need to go to the Bank before the daily deposit deadline. ACH Debit Block This service allows you the ability to block all ACH debit transactions to your Account.
Sweep Account. The Lien Grantors will maintain a deposit account with Citibank, N.A. in the name of the Lien Grantor set forth, and with such account number as set forth, under the heading Sweep Account in Schedule 11 to the Perfection Certificate (the Sweep Account), which shall be under the Control of the Administrative Agent. During each Sweep Period, all amounts deposited to the credit of the Inventory Concentration Account will be transferred to the Sweep Account pursuant to instructions given by the Administrative Agent to the depositary bank for the Inventory Concentration Account. In addition, during any Sweep Period, the Receivables Agent will cause all amounts received by it from the Receivables Concentration Account and otherwise required to be remitted to a Lien Grantor pursuant to the 2007 Securitization Facility to be deposited directly in the Sweep Account. All amounts so deposited to the Sweep Account shall be applied pursuant to the instructions of the Administrative Agent as required under the terms of Section 2.08 of the Credit Agreement and, so long as no Default shall then be continuing, any balance remaining after such application shall be remitted to the Lien Grantors in accordance with the instructions of the Borrowers Agent to the Administrative Agent. Any amounts not so applied or remitted shall be deposited in the Cash Collateral Account and released to the Borrowers in accordance with the final sentence of Section 2.08(b)(ii) of the Credit Agreement.
Sweep Account. At the election of Borrowers, the Revolving Note may be linked to the Sweep Account pursuant to the Sweep Account Agreement. Borrowers may unilaterally terminate the Sweep Account at any time. To the extent, if any, the terms of the Sweep Account are inconsistent with or contradict the terms of the Loan Documents, the terms of the Loan Documents shall govern. All references in the Sweep Account Agreement to a “Commercial Loan Line” or similar references to a line of credit are amended to refer to the Revolving Loan. If such election is made, (i) Lender is authorized and directed to disburse funds under the Revolving Note for deposit into the Sweep Account on each Banking Business Day as needed to cover all checks and other charges against the Sweep Account; (ii) upon occurrence of an Event of Default or an event which, with the passage of time or the giving of notice, or both, would constitute an Event of Default, Lender may, in its sole discretion, cease all disbursements under the Revolving Note into the Sweep Account; and (iii) Lender is authorized and directed to disburse all collected funds in the Sweep Account on each Banking Business Day to Lender to be applied on the Revolving Note. It is acknowledged that posting of credits and debits to and from the Sweep Account are made on the same Business Banking Day the transactions occur and that the posting of credits and debits to and from the Revolving Note are made one Banking Business Day after the transactions occur but are deemed effective as of the prior Banking Business Day.
Sweep Account. At the election of Borrower, the Revolving Loan may be linked to any account or accounts of Borrower established by Borrower with Lender (“Sweep Account”) pursuant to any agreement between Borrower and Lender establishing a sweep account arrangement (together with all amendments, modifications, and replacements thereof, the “Sweep Account Agreement”). All references in the Sweep Account Agreement to a line of credit are amended to refer to the Revolving Loan.
