Primary Deposit Account definition
Examples of Primary Deposit Account in a sentence
Primary Deposit Account means those accounts which are used as the primary accounts for the purpose of depositing funds from the receipt of revenues and disbursing funds to pay expenses as related to the operation of the Borrower's business.
Borrower hereby agrees that all payments made to such Primary Deposit Account or otherwise received by Agent will be subject to the control of Agent, for the benefit of the Lenders, as set forth in Section 9-104 of the UCC.
Unless otherwise agreed to by Banc, if at any time there is a Deposit Account Balance in the Primary Deposit Account to transfer to some, but not all Deposit Sub-Accounts, as needed to maintain the Deposit Sub-Account Target Balances, funds will be transferred to the Deposit Sub-Accounts in the descending order (for example, from A to C, as applicable).
Customer agrees that this Automated Sweep Service allows partial draws against the Loan Account to make a deposit to the Primary Deposit Account.
Authorizes Banc each business day to automatically advance funds from the Loan Account to maintain the Target Balance in the Primary Deposit Account.
If Borrower fails to maintain its Primary Deposit Account with Bank or if Bank is not able to collect all payments related to the Credit by charging Borrower's deposit account with Bank, whether because Borrower cancels the authorization to Bank to do so, or Borrower fails at any time to maintain sufficient immediately available funds in the Primary Deposit Account, or the account is closed by Borrower or Bank or for any other reason.
The deposit and loan accounts subject to this Agreement are identified in Schedule A (collectively, “Accounts”), including the Primary Deposit Account, the Deposit Sub-Accounts, the Loan Payment Source Account, and the Loan Account, each as applicable.
Notwithstanding the foregoing, nothing in this Agreement will require Banc to honor items or other debit transactions against the Primary Deposit Account when there are insufficient funds to cover the full amount of such transactions (including but not limited to insufficient available funds from the Loan Account).
If your Primary Deposit Account is closed, you will lose access to your Ac- count and your Card will no longer work.
Except as set forth above, any payments received by Borrower constituting proceeds of Collateral shall be remitted within two (2) Business Days to the Primary Deposit Account in the identical form in which such payment was made, whether by cash or check.