Examples of Borrower’s Deposit Account in a sentence
Any account fees and charges may be deducted from the balance, if any, in the Borrower’s Deposit Account.
The Borrower’s Deposit Account may be established and held in such name or names as Lender shall deem appropriate, including in the name of Lender.
Borrower grants to Lender a security interest in the Borrower’s Deposit Account and all such deposited funds hereafter deposited to such deposit account, and any proceeds thereof, as security for the Obligations.
Lender shall have the exclusive right to manage and control all funds in the Borrower’s Deposit Account, but Lender shall have no fiduciary duty with respect to such funds.
Borrower agrees that it shall include all interest and earnings on any such deposit as its income (and, if Borrower is a partnership or other pass-through entity, the income of its partners, members or beneficiaries, as the case may be), and shall be the owner of all funds on deposit in the Borrower’s Deposit Account for federal and applicable state and local tax purposes.
Accrued interest shall be payable monthly for each month on the first day of the following month, and shall be debited to Borrower’s Deposit Account maintained with the Lender designated by Borrower (or as selected by Lender in the absence of such a designation).
Any and all Obligations due and owing hereunder may be charged to Borrower’s Deposit Account at Administrative Agent and Borrower hereby authorizes Administrative Agent to debit Borrower’s Deposit Account at Administrative Agent.
Borrower shall direct all Debt Investment Obligors and Portfolio Companies in respect of any amounts payable to Borrower to make payment of all such amounts to the Borrower’s Deposit Account maintained with the Agent and otherwise take all reasonable actions to cause such payments to be made to the Borrower’s Deposit Account maintained with the Agent.
Such funds shall be held in such Borrower’s Deposit Account, which shall be an interest-bearing account, with all accrued interest to become part of Borrower’s deposit.
Each of the Borrower and its respective employees, agents and Subsidiaries (other than MVC PE Fund) shall, acting as trustee for Agent, receive, as the property of Borrower, any monies, checks, notes, drafts or any other payment relating to and/or proceeds of Debt Investments, Equity Interests or other Collateral which come into its possession or under its control and promptly upon receipt thereof, shall deposit or cause the same to be deposited in the Borrower’s Deposit Account maintained with the Agent.