Operating Relationship. Borrowers shall maintain all of their primary depositary and operating accounts with Comerica Bank. In addition, (i) as soon as practicable after the Closing Date, and provided that Comerica Bank offers comparable services, the Borrowers will transfer all of their depositary and operating accounts which are currently maintained with Bank of the West to Comerica Bank, and thereafter shall maintain all such accounts with Comerica Bank, and (ii) commencing on the Closing Date, the Borrowers will maintain on deposit with First Bank demand deposit balances of not less than $868,750. All deposit balances shall be calculated after reduction for the reserve requirement of the Federal Reserve Board and uncollected funds. Any deficiencies therein shall be charged directly to the Borrowers on a monthly basis.
Appears in 3 contracts
Sources: Warehousing Credit Agreement (PLM Equipment Growth Fund Vi), Warehousing Credit Agreement (PLM Equipment Growth & Income Fund Vii), Warehousing Credit Agreement (PLM Equipment Growth Fund V)