Collection System. (i) All Collections shall be received into and deposited to a Collection Account that is subject to an Account Control Agreement (without trigger) unless the Administrative Agent approves any Collections to be received into and deposited to a Collection Account that is subject to an Account Control Agreement (with trigger). All amounts on deposit in each Collection Account that is subject to an Account Control Agreement (without trigger) shall be swept daily at the close of business to the Loan Account by the Collection Account Bank. Each Credit Party shall transfer all amounts on deposit in each Collection Account that is subject to an Account Control Agreement (with trigger) to the Loan Account at the close of business on each day.
Appears in 2 contracts
Samples: Revolving Credit and Guarantee Agreement (Mogo Inc.), Revolving Credit and Guarantee Agreement (Mogo Finance Technology Inc.)
Collection System. (i) All Collections shall be received into and deposited to a Collection Account that is subject to an Account Control Agreement (without trigger) unless the Administrative Agent approves any Collections to be received into and deposited to a Collection Account that is subject to an Account Control Agreement (with trigger). All amounts on deposit in each Collection Account that is subject to an Account Control Agreement (without trigger) shall be swept daily at the close of business to the Loan Account by the Collection Account BankBanks. Each Credit Party shall transfer all amounts on deposit in each Collection Account that is subject to an Account Control Agreement (with trigger) to the Loan Account at the close of business on each day.
Appears in 2 contracts
Samples: Twelfth Amendment Agreement (Mogo Finance Technology Inc.), Eighth Amendment Agreement
