Depository Relationship. To induce the Lender to establish the interest rates provided for in the Notes, the Borrower will use the Lender as its principal depository bank and the Borrower covenants and agrees to maintain the Lender as its principal depository bank, including for the maintenance of business, cash management, operating and administrative deposit accounts.
Depository Relationship. Borrower shall, and shall cause each of its Subsidiaries to, use BMO Xxxxxx Bank or Bank of Montreal as its principal depository bank and Borrower shall, and shall cause each of its Subsidiaries to, maintain BMO Xxxxxx Bank or Bank of Montreal as its principal depository bank, including for the maintenance of business, cash management, operating and administrative deposit accounts; provided that, notwithstanding the foregoing, Borrower and its Subsidiaries shall be permitted to maintain deposit accounts with banks other than BMO Xxxxxx Bank or Bank of Montreal (each such account, a “Permitted Account”) in each city or town in which (a) Borrower or one or more of its Subsidiaries regularly pay the wages of employees residing in such city or town, (b) the applicable Laws of such state require that checks issued by employers in payment of employee wages in such state be payable in cash without discount at an established place of business in such state, and (c) neither BMO Xxxxxx Bank nor Bank of Montreal nor any Affiliate thereof maintains retail banking branches in such city or town; provided, further, that within thirty (30) days after the Closing Date (or ten (10) Business Days after the opening of any Permitted Account after the Closing Date), Borrower shall, and shall cause any applicable Subsidiary to, deliver to Administrative Agent an account control agreement with respect to each Permitted Account in form and substance satisfactory to Administrative Agent in its reasonable discretion.
Depository Relationship. Borrowers shall maintain their primary depository and cash management relationship with Lender at all times during the term of the Revolving Loan.
Depository Relationship. To induce Lender to establish the interest rates provided for in the Notes, Borrowers shall, and shall cause each of the Subsidiaries to, use Lender as its principal depository bank and Borrowers shall, and shall cause each of the Subsidiaries to, maintain Lender as its principal depository bank, including for the maintenance of business, cash management, operating and administrative deposit accounts.
Depository Relationship. At all times during the term of the Loan, the Borrower shall maintain with Lender (i) its primary depository account(s), including its primary Operating Account(s), and (ii) its primary Treasury Management Services. As used herein, “Operating Account(s)” shall mean bank accounts that facilitate the collection of sales, including accounts receivable, and the payment of expenses and payroll disbursements; and “Treasury Management Services” shall mean commercial banking platforms that facilitate the origination of wire transfers and ACH transactions, the transfer of funds between accounts, positive pay decisioning, remote capture of check deposits and/or other electronic banking services. The Operating Accounts must be opened, and the Treasury Management Services established prior to closing or funding of the Loan. In addition, at all times during the term of the Loan, Borrower shall maintain a minimum deposit ledger balance with Lender in an amount equal to the lesser of (i) $655,479.00, or (ii) fifteen percent (15%) of the outstanding principal balance of the Loan (based on the principal balance in effect as of the end of each applicable quarter) (the “Minimum Deposit Relationship”), to be tested and applied on a quarterly basis. Failure to maintain the Minimum Deposit Relationship will result in a fee payable to Lender equal to two percent (2%) per annum of the amount of the deficiency (the “Deficiency Fee”), which Deficiency Fee shall be charged automatically without any notice to Borrower. The Deficiency Fee shall not be deemed to be or constitute additional interest under the Loan, as it relates specifically and directly to the required deposit balances. In the event Borrower fails to maintain the required Minimum Deposit Relationship and the Deficiency Fee becomes due and payable by Borrower, Lender shall be entitled to either (i) exercise its rights of setoff against the Borrower’s accounts held with Lender in order to collect the Deficiency Fee, or (ii) send a written demand to Borrower that the Deficiency Fee be paid within ten (10) days of written notice thereof. At Lender’s sole discretion, the Minimum Deposit Relationship may be satisfied not only with Borrower accounts, but also with (a) accounts maintained with Lender by any guarantor of the Loan, and/or Borrower’s affiliates and shareholders, or (b) any accounts owned or controlled by the Borrower, any guarantor of the Loan, and/or Borrower’s affiliates and shareholders (collectively, the “Rel...
Depository Relationship. Borrower shall, and shall cause each of its Subsidiaries to, use LegacyTexas Bank as its principal depository bank, and Borrower shall, and shall cause each of its Subsidiaries to, maintain LegacyTexas Bank as its principal depository bank, including for the maintenance of business, cash management, operating and administrative deposit accounts.
Depository Relationship. From and after the date hereof, Borrower shall establish and maintain deposits consisting of cash and operating accounts with Lender in the amount of not less than $2,000,000.00, and Borrower shall cause Xxxxxxxx Street Partners LP, to maintain additional deposits consisting of cash and operating accounts with Lender in the amount of not less than $1,000,000.00.
Depository Relationship. Broker/Dealer shall cause the primary banking depository relationship of Broker/Dealer to continue to be maintained with the Lender within ninety (90) days of the Closing Date. For the avoidance of doubt, this provision is not intended to, and shall not, require the Broker/Dealer to retain proceeds of the Loans for any period of time in its depository accounts. No Obligor shall maintain any other deposit, investment, securities, custodial or other account of any kind whatsoever with any bank, brokerage house or financial institution other than Lender, except for (i) those existing accounts set forth on those listed on Schedule 7(j) (for a period of ninety (90) days after Closing Date), (ii) Obligors’ clearing brokerage accounts entered into in the Ordinary Course of Business, and (iii) and custody and prime brokerage accounts with lenders providing Indebtedness of the type permitted by Section 7(n).
Depository Relationship. Cause the Credit Parties to maintain their primary depository and operating accounts, and all treasury management services with the Lender.
