Automatic Deduction and Credit. (a) At all times when any Swap Contract is in effect, Borrower shall maintain the Checking Account in good standing with Lender. Borrower hereby grants to Lender and Swap Counterparty a security interest in the Checking Account, and any other accounts and deposit accounts from which Borrower may from time to time authorize Lender to debit payments due on the Loan and the Swap Contracts. Borrower is granting this security interest to Lender and Swap Counterparty for the purpose of securing the Obligations.
Automatic Deduction and Credit. (a) At all times when any Swap Contract is in effect, Borrower shall maintain in good standing with Administrative Agent, Xxxxx Fargo Bank, N.A. or another financial institution reasonably satisfactory to Administrative Agent an account (the “Checking Account”) designated by Borrower.
Automatic Deduction and Credit. So long as Agent is the sole Lender hereunder, at Agent's option, payments owed by Agent as Swap Counterparty under any Swap Contract may be credited against accrued interest and other payments owed by Borrower under the Loan provided Agent will provide written notice to Borrower of any such credit. Agent will credit the applicable amounts on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Business Day, Agent will credit the applicable amounts on the first Business Day following such due date.
Automatic Deduction and Credit. At Bondowner Representative’s option, payments owed by U.S. Bank as swap counterparty under the Swap Contract may be credited against accrued interest and other payments owed by Borrower under the Construction Loan and/or the Construction Note. U.S. Bank will credit the applicable amounts on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Banking Day, U.S. Bank will credit the applicable amounts on the first Banking Day following such due date.]
Automatic Deduction and Credit. At Lender’s option, payments owed by Swap Counterparty under any Swap Contract may be credited against accrued interest and other payments owed by Borrower under the Loan. Lender will credit the applicable amounts on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Business Day, Lender will credit the applicable amounts on the first Business Day following such due date.
Automatic Deduction and Credit. (a) At all times when any Swap Contract is in effect, Borrower shall maintain the Checking Account in good standing with Administrative Agent. Borrower hereby grants to Administrative Agent and Swap Counterparty a security interest in the Checking Account, and any other accounts and deposit accounts from which Borrower may from time to time authorize Administrative Agent to debit payments due on the Loan and the Swap Contracts. Borrower is granting this security interest to Administrative Agent and Swap Counterparty for the purpose of securing the Obligations.
