Automatic Sweep Sample Clauses

Automatic Sweep. Company shall direct in writing the bank at which the Company Account is maintained to transfer electronically all such amounts in the Company Account at the end of each business day of to the Service Company Account.
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Automatic Sweep. Borrowers shall, and shall cause each Guarantor, ---------------- to direct all Account Debtors to mail all payments due a Borrower or Guarantor to a Lockbox. Collections on items delivered to such Lockbox shall be deposited into the Cash Collateral Account. If any Borrower or Guarantor shall receive payment by wire transfer, Borrowers agree to direct such wires, and to cause the Guarantors, to direct such wires to the Cash Collateral Account. Borrowers shall have no right to withdraw any funds from the Cash Collateral Account which shall be under the dominion and control of Bank. On each day, so long as no Default or Event of Default has occurred, Bank shall permit funds in the Cash Collateral Account to be swept into Borrowers' operating account as necessary to clear checks presented for payment against such operating account. All funds on deposit in the Cash Collateral Account at the end of each day shall be deducted by Bank and applied toward the payment of the Borrowers' Liabilities. For so long as no Default or Event of Default has occurred, payments received by Bank from the Cash Collateral Account shall be applied in the following order of priority: (i) any expenses of Bank not yet paid; (ii) any interest payment then due; (iii) to make payment according to the terms of any Letter of Credit Agreement; (iv) Revolving Loans that are not LIBOR Tranches. If, after application as provided above, funds still remain on deposit in the Cash Collateral Account, such funds shall be applied to LIBOR Tranches only if such LIBOR Tranches are due or shall be invested in Bank's standard offered overnight investments as directed by Borrowers until amounts owing as provided in (i)-(iv) arise or a LIBOR Tranche becomes due, in which case such funds will be applied.

Related to Automatic Sweep

  • Automatic Debit In order to effectuate the timely payment of any of the Obligations when due, Borrower hereby authorizes and directs Lender, at Lender’s option, to: (i) debit, or cause or instruct the debit of, the amount of the Obligations to any ordinary deposit account of Borrower; or (ii) make a Revolving Loan hereunder to pay the amount of the Obligations.

  • Automatic Acceleration Upon the occurrence of an Event of Default described in Section 8.01(l) or Section 8.01(m) the Facility shall be automatically terminated and the Loans and all other Obligations shall be immediately due and payable upon the occurrence of such event, without demand or notice of any kind.

  • Automatic Early Termination provision of Section 6(a) will not apply to Party A and will not apply to Party B.

  • Automatic Renewal Each Schedule will renew automatically at the end of the then-current Schedule Term for a Schedule Renewal Term unless terminated in accordance with this Agreement by either You or Company.

  • Automatic Termination This Agreement shall automatically and immediately terminate in the event of its “assignment” (as defined in the 1940 Act).

  • Automatic Defaults If any Event of Default referred to in Section 7.11 hereof shall occur: (a) all of the Commitment shall automatically and immediately terminate, if not previously terminated, and no Lender thereafter shall be under any obligation to grant any further Loan, nor shall the Fronting Lender be obligated to issue any Letter of Credit; and (b) the principal of and interest then outstanding on all of the Loans, and all of the other Obligations, shall thereupon become and thereafter be immediately due and payable in full (if the Obligations are not already due and payable), all without any presentment, demand or notice of any kind, which are hereby waived by each Borrower.

  • Automatic Payments You can agree with a seller who accepts PayPal to use PayPal as the payment method for future purchases with that seller. This agreement is between you and the seller and allows you to pay the seller on a one-time, regular or sporadic basis. Depending on the seller you wish to pay, you might also be able to directly instruct PayPal to make future payments to the seller on your behalf on a one-time, regular or sporadic basis. Examples of automatic payments that can be arranged by you either with a seller or with PayPal include those that PayPal calls a “billing agreement,” "subscription," "recurring payment,” “reference transaction,” "preauthorised transfer" or "preapproved payment." You authorise and instruct PayPal to pay the third party (or another person they direct) amounts from your payment method for the amounts you agree to owe and as presented to PayPal by that third party. You may cancel an automatic payment up to 3 business days before the date of the next scheduled payment from your account settings or by contacting us. Once you contact PayPal to cancel an automatic payment, all future automatic payments under your agreement with that seller will be stopped. If you cancel an automatic payment, you may still owe the seller money for the purchase or have additional obligations to the seller for any goods or services that you receive but have not paid for. If you have authorised an automatic payment and PayPal performs currency conversion for an automatic payment transaction, PayPal will use the transaction exchange rate (including PayPal's currency conversion fee) in effect at the time the automatic payment transaction is processed.

  • Automatic Upon the occurrence of an Event of Default specified in Sections 10.1.(e) or 10.1.(f), (1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties, and (2) the Commitments and the Swingline Commitment and the obligation of the Issuing Banks to issue Letters of Credit hereunder, shall all immediately and automatically terminate.

  • Automatic Extension At the end of the initial term and any subsequent ------------------- term, this Agreement shall automatically renewed for a five (5) year term unless one of the parties provides the other party with written notice of intent not to renew, not less than one hundred eighty (180) day prior to the expiration of the then current term.

  • Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

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