Foreign Cash Management Accounts Sample Clauses

Foreign Cash Management Accounts. UK Loan Parties shall and Parent shall cause each of the Foreign Subsidiaries of the Parent to (i) establish and maintain cash management services of a type and on terms reasonably satisfactory to Agent at one or more of the banks identified as a Foreign Cash Management Bank on Schedule 2.15(a) (each a “Foreign Cash Management Bank” and together with the US Cash Management Banks, each a “Cash Management Bank”), and shall request in writing and otherwise take such reasonable steps to ensure that all of their and any other Foreign Subsidiaries’ Account Debtors forward payment of the amounts owed by them directly to such Foreign Cash Management Banks, and (ii) deposit or cause to be deposited promptly, and in any event no later than the second Business Day after the date of receipt thereof, all of their Collections (other than amounts not exceeding at anytime $1,000,000 for any individual account and $1,000,000 in the aggregate for all such accounts and the amounts on deposit in payroll, payroll taxes, employee benefits and wage accounts) (including those sent directly by their Account Debtors to UK Loan Parties or the Foreign Subsidiaries of Parent), into a bank account in a UK Borrower’s name (a “Foreign Cash Management Account” and together with the US Cash Management Accounts, each a “Cash Management Account”) at one of the Foreign Cash Management Banks.
Sample 1
AutoNDA by SimpleDocs

Related to Foreign Cash Management Accounts

  • Cash Management Account Borrower hereby represents and warrants to Lender that:

  • Cash Management System Each Borrower shall, and shall cause its Subsidiaries to, establish and maintain the Cash Management Systems described below:

  • Cash Management (a) On or prior to the Closing Date:

  • Cash Management Systems On or prior to the Closing Date, Borrowers will establish and will maintain until the Termination Date, the cash management systems described in Annex C (the “Cash Management Systems”).

  • Cash Management Arrangements Borrower shall cause all Rents to be transmitted directly by tenants of the Property into an Eligible Account (the “Clearing Account”) maintained by Borrower at a local bank selected by Borrower, which shall at all times be an Eligible Institution (the “Clearing Bank”) as more fully described in the Clearing Account Agreement. A form of tenant direction letter for such purpose is attached hereto as Schedule 1. Without in any way limiting the foregoing, all Rents received by Borrower or Manager shall be deposited into the Clearing Account within one (1) Business Day of receipt. Funds deposited into the Clearing Account shall be swept by the Clearing Bank on a daily basis into Borrower’s operating account at the Clearing Bank, unless a Cash Management Period is continuing, in which event such funds shall be swept on a daily basis into an Eligible Account at the Deposit Bank controlled by Lender (the “Deposit Account”) and applied and disbursed in accordance with this Agreement. Funds in the Deposit Account shall be invested at Lender’s discretion only in Permitted Investments. Lender will also establish subaccounts of the Deposit Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”). The Deposit Account and any Subaccount will be under the sole control and dominion of Lender, and Borrower shall have no right of withdrawal therefrom. Borrower shall pay for all expenses of opening and maintaining all of the above accounts.

  • Cash Management Services Funds received by Transfer Agent in the course of performing its services hereunder will be held in demand deposit bank accounts or money market fund accounts in the name of Transfer Agent (or its nominee) as agent for the Funds.

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

  • Deposit Accounts, Securities Accounts and Commodity Accounts Attached hereto as Schedule 14 is a true and complete list of all Deposit Accounts, Securities Accounts and Commodity Accounts maintained by each Company, including the name of each institution where each such account is held, the name of each such account and the name of each entity that holds each account.

  • Deposit Account Payments Subsection (b) is amended to read as follows:

  • Management Accounts The Management Accounts:

Time is Money Join Law Insider Premium to draft better contracts faster.