Credit Sweep. (a) Notwithstanding the provisions of Section 3.2.3, in addition to Used Vehicle Swing Line Loans requested pursuant to Section 3.2.3, the Used Vehicle Floorplan Borrower may also obtain and repay Used Vehicle Swing Ling Loans in accordance with the provisions of this Section 3.2.7 (each, a “Used Vehicle Sweep Advance”). Used Vehicle Sweep Advances shall be Used Vehicle Swing Line Loans.
(b) Funds may be transferred between one or more deposit accounts maintained by the Used Vehicle Floorplan Borrower with the Agent (each, a “Used Vehicle Floorplan DDA”) and the Swing Line Loans. Collected funds in the Used Vehicle Floorplan DDA may be transferred to the Used Vehicle Swing Line Loans to reduce the outstanding principal balance thereof and Used Vehicle Sweep Advances may be made to maintain an agreed upon collected balance in the Used Vehicle Floorplan DDA.
(c) All Used Vehicle Sweep Advances shall be deemed to have been requested by the Used Vehicle Floorplan Borrower and shall be subject to the terms and conditions of this Agreement and the other Loan Documents, and shall also be subject to the Agent’s deposit account, treasury management and other agreements with the Used Vehicle Floorplan Borrower; provided, however, that if there is any conflict between the terms of such agreements and the Loan Documents, the terms of the Loan Documents shall control.
(d) The Used Vehicle Floorplan Borrower may terminate this service by written notice executed by the Used Vehicle Floorplan Borrower and delivered to the Agent. The Agent may change the terms or discontinue this service at any time upon written notice to the Used Vehicle Floorplan Borrower.
(e) The Used Vehicle Floorplan Borrower shall pay such fees for this sweep service as may be disclosed to the Used Vehicle Floorplan Borrower by the Agent. Such fees shall be for the sole account of the Agent.
Credit Sweep. (a) Notwithstanding the provisions of Section 3.4.3, in addition to Service Loaner Vehicle Swing Line Loans requested pursuant to Section 3.4.3, the Service Loaner Vehicle Floorplan Borrower may also obtain and repay Service Loaner Vehicle Swing Ling Loans in accordance with the provisions of this Section 3.4.7 (each, a “Service Loaner Vehicle Sweep Advance”). Service Loaner Vehicle Sweep Advances shall be Service Loaner Vehicle Swing Line Loans.
Credit Sweep. The Borrower agrees:
(a) If on any banking day there is a principal balance outstanding under this Agreement, then the Bank will automatically deduct from checking account number 14593-05000, (the "Account") and apply in repayment of such principal balance an amount equal to the lesser of such principal balance or the unrestricted ledger balance of the Account less (i) float, (ii) the total amount of checks presented for payment through the controlled disbursement account by the Bank on such banking day for payment against the Account, and (iii) the sum of One Hundred Thousand Dollars ($100,000). The ledger balance of the Account will not be "unrestricted" if, in the reasonable determination of the Bank, it is subject to hold, dispute, or legal process preventing its withdrawal.
(b) If on any banking day the Bank determines that there might be insufficient funds in the Account at the end of such banking day to pay (i) the total amount of checks presented for payment through the Borrower's controlled disbursement account on such banking day, (ii) the total amount of interest and principal payments scheduled to be paid by the Borrower on such banking day, and (iii) any other items to be debited against the Account on such banking day of which the Bank is aware, then the Bank will automatically make an advance under the line of credit in an amount equal to the lesser of the amount of the line of credit available to the Borrower under the line of credit or the amount estimated by the Bank as being necessary, in addition to the balance of funds in the Account on such banking day, to pay the items mentioned above. The proceeds of these advances will be deposited into the Account. For purposes of this subparagraph (b), a levy, notice of lien, writ or other legal process served by a third party upon the Bank shall not be construed as an instrument or other item to be debited against the Account, and the Bank shall be under no obligation to make an advance to make a payment in respect of such levy, notice of lien, writ or other legal process.
(c) In determining the beginning and the end of any banking day, the Bank may follow its customary practices for setting cutoff hours for the handling of money and items and the making of entries on its books.
(d) The arrangement provided for in this Paragraph may be terminated by the Borrower or the Bank by giving to the other at least ten (10) banking days' written notice.
(e) Except as provided above, nothing in this Paragr...
Credit Sweep. If the Services selected by you include the Credit Sweep Service, as defined below, then the following provisions will be applicable.
Credit Sweep. Borrower’s operating account will be linked to this Note, so upon the last transaction of each Business Day, any shortfall in the operating account will be funded by a drawdown of a Base Rate Loan. Paydown on this Note is similar in that any positive collected balance in the operating account at the end of each Business Day will reduce any Base Rate Loans as contemplated by Section 4.1. For amounts greater than the terms outlined above, Borrower will give the Bank one Business Day advance notice of its intent to borrow hereunder as contemplated in Section 2.1.D of the Loan Agreement.
Credit Sweep. Notwithstanding the provisions of Section 3.2.3, in addition to Used Vehicle Swing Line Loans requested pursuant to Section 3.2.3, the Used Vehicle Floorplan Borrower may also obtain and repay Used Vehicle Swing Ling Loans in accordance with the provisions of this Section 3.2.7 (each, a “Used Vehicle Sweep Advance”). Used Vehicle Sweep Advances shall be Used Vehicle Swing Line Loans.
Credit Sweep. Clients in the Platinum and Diamond Programs will receive a Credit Sweep on their Social Security Credit Files which will remove all negatives including public records.
Credit Sweep. Notwithstanding the provisions of Section 2.4, in addition to Revolving Loans requested pursuant to Section 2.4, Borrower may also obtain and repay Revolving Loans in accordance with the provisions of this Section 2.7 (each, a “Sweep Advance”). Sweep Advances shall be Revolving Loans.
Credit Sweep. 3.8.1 Notwithstanding the provisions of Section 3.4, in addition to Swingline Loans requested pursuant to Section 3.4, Borrower may also obtain and repay Swingline Loans in accordance with the provisions of this Section 3.8 (each, a “Sweep Advance”). Sweep Advances shall be Swingline Loans.
3.8.2 Funds may be transferred between one or more deposit accounts maintained by Borrower with U.S. Bank (each, a “DDA”) and the Swingline Loans. Collected funds in the DDA may be transferred to the Swingline Loans to reduce the outstanding principal balance thereof and Sweep Advances may be made to maintain an agreed upon collected balance in the DDA.
3.8.3 All Sweep Advances shall be deemed to have been requested by Borrower and shall be subject to the terms and conditions of this Agreement and the other Loan Documents, and shall also be subject to U.S. Bank’s deposit account, treasury management and other agreements with Borrower; provided, however, that if there is any conflict between the terms of such agreements and the Loan Documents, the terms of the Loan Documents shall control.
3.8.4 Borrower may terminate this service by written notice executed by Borrower and delivered to Agent. Agent or U.S. Bank may change the terms or discontinue this service at any time upon written notice to Borrower.
3.8.5 Borrower shall pay such fees for this sweep service as may be disclosed to Borrower by Agent. Such fees shall be for the sole account of U.S. Bank.
Credit Sweep. (a) Notwithstanding the provisions of Section 3.2.4, in addition to Revolving Swingline Loans requested pursuant to Section 3.2.4, the Revolving Loan Borrower may also obtain and repay Revolving Swingline Loans in accordance with the provisions of this Section 3.2.8 (each, a “Sweep Advance”). Sweep Advances shall be Revolving Swingline Loans.
(b) Funds may be transferred between one or more deposit accounts maintained by the Revolving Loan Borrower with Agent (each, a “DDA”) and the Swingline Loans. Collected funds in the DDA may be transferred to the Revolving Swingline Loans to reduce the outstanding principal balance thereof and Sweep Advances may be made to maintain an agreed upon collected balance in the DDA.
(c) All Sweep Advances shall be deemed to have been requested by the Revolving Loan Borrower and shall be subject to the terms and conditions of this Agreement and the other Loan Documents, and shall also be subject to Agent’s deposit account, treasury management and other agreements with the Revolving Loan Borrower; provided, however, that if there is any conflict between the terms of such agreements and the Loan Documents, the terms of the Loan Documents shall control.
(d) The Revolving Loan Borrower may terminate this service by written notice executed by the Revolving Loan Borrower and delivered to Agent. Agent may change the terms or discontinue this service at any time upon written notice to the Revolving Loan Borrower.
(e) The Revolving Loan Borrower shall pay such fees for this sweep service as may be disclosed to the Revolving Loan Borrower by Agent. Such fees shall be for the sole account of Agent.
