ACH Sweep Account definition

ACH Sweep Account means either (i) an account established at Green Bank bearing the account number ***, which is held by the Indenture Trustee on behalf of the Noteholders, and which is subject to an ACH Sweep Blocked Account Control Agreement, and for which an Obligor shall be directed to remit all ACH payments, if applicable, under its applicable Contract, or (ii) an account established at North American Bank bearing the account number ***, which is held by the Indenture Trustee on behalf of the Noteholders, and which is subject to an ACH Sweep Blocked Account Control Agreement, and for which an Obligor shall be directed to remit all ACH payments, if applicable, under its applicable Contract.

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ACH Sweep Account means an account established at Veritex, North American Banking Company, Axos Bank, or such other bank selected by the Servicer or Sponsor, which is held by the Indenture Trustee on behalf of the Noteholders, and which is subject to an ACH Sweep Blocked Account Control Agreement, and for which an Obligor shall be directed to remit all ACH payments, if applicable, under its applicable Contract.

ACH Sweep Account means each of the following accounts to which a Servicer shall direct all ACH payments, if applicable, under the applicable Portfolio Documents: (A) an account established at Axos Bank bearing the account number 890000131916 in the name of Issuer, (B) an account established at North American Banking Company bearing the account number 18057885 in the name of Issuer, (C) an account established at Veritex Community Bank bearing the account number 5502107336 in the name of Issuer and (D) each Additional ACH Sweep Account; provided that no account described herein shall qualify as an “ACH Sweep Account” for purposes of this Agreement unless it is subject to an ACH Sweep Account Control Agreement.

Examples of ACH Sweep Account in a sentence

All Collections received, net of returns, in the ACH Sweep Account shall be remitted to the Collateral Account on each Business Day by the Servicer.
IMS Entering Cash Initiates Cash Process Check Retrieve Funds ACH Sweep Account Check Received Bounced ACH Funds Credit Card Charged to Agent/ No Transferred Insured IMS Continues collection efforts No Check clears Sweep Account Credit Processed Yes Yes Notify Reliance Via Bounced ACH Email charged to Agent/ No Funds Automatic Policy Insured Transferred Issuance IMS Issues Policy Yes No IMS Cancel Policy Submit Credit Card # No Cancel Policy w/in 24 hrs.
In the event that Borrower or any Affiliate of Borrower receives any Collections (including checks) directly from or on behalf of an Account Debtor in a manner other than through a deposit into the Collection Receipt Accounts or the ACH Sweep Account, as applicable, Borrower or such Affiliate shall receive all such Collections in trust for the benefit of Agent as secured party hereunder.
In the event that Issuer or any Affiliate of Issuer receives any Collections (including checks) directly from or on behalf of an Account Debtor in a manner other than through a deposit into the Collection Receipt Accounts or the ACH Sweep Account, as applicable, Issuer or such Affiliate shall receive all such Collections in trust for the benefit of Collateral Trustee on behalf of the Secured Parties.
The Administrative Agent shall direct the Collateral Trustee in writing upon an Event of Default to send the Initial Instructions attached as an exhibit to the ACH Sweep Account Control Agreement.

More Definitions of ACH Sweep Account

ACH Sweep Account means (i) an account established at Veritex Community Bank bearing the account number 5501702624 in the name of Issuer, (ii) an account established at Axos Bank bearing the account number 890000170195 in the name of Issuer, and (iii) an account established at North American Banking Company bearing the account number 18034579 in the name of Issuer, each of which is or will be subject to an ACH Sweep Account Control Agreement, and to which a Servicer shall direct all ACH payments, if applicable, under its applicable Portfolio Documents; provided, however, that the accounts described in (ii) and (iii) shall be considered permitted ACH Sweep Accounts only upon Axos Bank and North American Banking Company’s execution of ACH Sweep Account Control Agreements.

ACH Sweep Account means an account established at Axos Bank bearing the account number 890000131916 in the name of Issuer, and which is subject to an ACH Sweep Account Control Agreement, and to which a Servicer shall direct all ACH payments, if applicable, under its applicable Portfolio Documents.

ACH Sweep Account means an account to be established prior to the Cut-Over Date at U.S. Bank National Association, bearing the account number set forth in that certain side letter dated as of July 26, 2016, by and among the Master Servicer, the Issuer, the Administrative Agent, each Variable Funding Note Noteholder and Bankers Trust, which is held by the Indenture Trustee on behalf of the Noteholders, which is subject to the ACH Sweep Blocked Account Control Agreement, and for which an Obligor shall remit all ACH payments, if applicable, under its applicable Contract.”

ACH Sweep Account means either (i) an account established at Veritex bearing the account number 5501739360, which is held by the Indenture Trustee on behalf of the Noteholders, and which is subject to an ACH Sweep Blocked Account Control Agreement, and for which an Obligor shall be directed to remit all ACH payments, if applicable, under its applicable Contract.

ACH Sweep Account means an account established at Green Bank, N.A. bearing the account number 5501272255, in the name of Borrower, and which is subject to an ACH Sweep Account Control Agreement, and to which a Servicer shall direct all ACH payments, if applicable, under its applicable Portfolio Documents.

ACH Sweep Account means an account established at Veritex Community Bank bearing the account number 5501702624 in the name of Issuer, and which is subject to an ACH Sweep Account Control Agreement, and to which a Servicer shall direct all ACH payments, if applicable, under its applicable Portfolio Documents.

ACH Sweep Account means (a) with respect to any day prior to the ACH Sweep Account Transition Date, an account to be established prior to the Cut-Over Date at U.S. Bank National Association, bearing the account number set forth in that certain side letter dated as of July 26, 2016, by and among the Master Servicer, the Issuer, the Administrative Agent, each Variable Funding Note Noteholder and Bankers Trust, which is held by the Indenture Trustee on behalf of the Noteholders and (b) with respect to any day on or after the ACH Sweep Account Transition Date, an account established at Green Bank, bearing the account number ***, which is held by the Indenture Trustee on behalf of the Noteholders, and in each case which is (prior to, and as a condition precedent to, any amounts being deposited therein) subject to the ACH Sweep Blocked Account Control Agreement, and for which an Obligor shall (once such account is subject to an ACH Sweep Blocked Account Control Agreement) be directed to remit all ACH payments, if applicable, under its applicable Contract.”