Loan Sweep definition
Examples of Loan Sweep in a sentence
Notwithstanding anything to the contrary contained in this Section 2.3, all borrowing requests and all disbursements in connection with Cash Management Swingline Loans shall be made pursuant to, and in accordance with, the Loan Sweep Agreement.
A “Loan Sweep Transfer Fee” will be charged to Borrower’s Checking Account for each Loan Sweep Transfer and may appear as a “Credit Line Transfer Fee”, “Loan Sweep Transfer Fee” or “Immediate Service Fee” on the Borrower’s Checking Account statement.
The Bank will make a transfer from Borrower's Business Access Line of Credit to Borrower's Checking Account in the amount necessary to bring the Borrower’s Checking Account to a positive balance, less the Loan Sweep Transfer Fee (up to the credit limit) (“Loan Sweep Transfer”).
Upon fulfillment of the applicable conditions set forth in Article III, or as otherwise described in the Loan Sweep Agreement, the Bank may disburse the amount of the requested Advance by crediting the same to the Borrower’s demand deposit account maintained with the Bank or in such other manner as the Bank and the Borrower may from time to time agree.
The Bank and the Borrower each acknowledge that they have entered into the Loan Sweep Agreement, and while such Agreement is in effect the Bank shall have the right to make advances under the Revolving Credit Facility, and to sweep the Deposit Account (as defined in the Loan Sweep Agreement), all as provided in the Loan Sweep Agreement.
Notwithstanding anything in this Agreement or any other Loan Document to the contrary, Administrative Agent is hereby authorized by Borrower and the Lenders, from time to time, in accordance with the terms of the Loan Sweep Agreement to make Revolving Loans to, or for the benefit of Borrower, on behalf of the Lenders.
As described further below, we offer you the following Sweep Service options: Basic Sweep (Target Balance and Zero Balance), Investment Sweep, and Loan Sweep.
Notwithstanding anything in this Section 2.5 to the contrary, on and after the Loan Sweep Activation Date, the Borrower shall not be permitted to reduce the Revolving Credit Commitments to an amount that is less than the Swingline Commitment (unless the Swingline Commitment is reduced to an amount that is equal to or less than the aggregate amount of the Revolving Credit Commitments).
The Loan Sweep may be available when customer maintains a Sweep Account at Bank and Bank also has extended a loan to Customer that is eligible for participation in the Loan Sweep Service.
The Lender and the Co-Borrowers hereby acknowledge that the Co-Borrowers and the Lender have executed that certain Cash Management Agreement pursuant to which, inter alia, the Co-Borrowers have availed themselves of the Loan Sweep Services in connection with the Loan Facility.