Loan Sweep Sample Clauses

Loan Sweep. As used below, Our “records” refers to the records that We maintain with respect to Your sweep arrangement. Your “loan” refers to Your selected line of credit and/or other loan products associated with Your sweep arrangement (as contained in Our records). Until We receive and have a reasonable opportunity to act on any written instructions to the contrary, You authorize Us to take the following actions on Your behalf. After the close of each banking day, We will determine whether the collected balance in Your designated account is above or below Your “target balance” (as contained in Our records). Any excess over the target balance will be applied to payment of Your loan (up to Your current loan balance). If Your account does not contain at least the target balance, We will initiate an advance from Your loan in an amount (up to Your available credit) sufficient to restore Your account balance to the target balance. After Your loan matures, We may continue to initiate these advances, although We are not required to do so. If Your loan has matured. All advances shall be repayable on demand or on such other terms as We specify (such as the loan terms in place prior to maturity or the terms of Your loan as subsequently renewed, if applicable). The terms in this Exhibit are in addition to and not in lieu of the terms and conditions in effect for Your loan (which may affect or restrict, among other things, payments to and advances from Your loan notwithstanding these terms). In the event of conflict between this Agreement and Your loan terms, Your loan terms shall control. You remain fully responsible for compliance with Your loan terms and repayment of Your loan, even if these sweep arrangements do not function as described herein or elsewhere.
Sample 1
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Loan Sweep. At the end of each Business Day, Provident will determine the Collected Balance in the Main Operating Account. If the Collected Balance in the Main Operating Account exceeds the Target Balance, the excess funds will be applied as a principal payment to the Loan. If the Collected Balance in the Main Operating Account is less than the Target Balance, a principal advance against the Loan will be applied to the Main Operating Account. Provident will make advances in accordance with the terms and conditions of the Loan Documents, including but not limited to restrictions on the amount available for advances. Unless in conjunction with the exercise by Provident of its offset rights following a default under the Loan Documents, Collected Balances in excess of the Target Balance shall not be used to pay interest on the Loan. The automatic advance and repayment feature is requested by and for the benefit of Customer. Customer represents and warrants that Provident is carrying out Customer’s request and is not exercising any control over Customer’s business or making any management decisions by providing Customer with the Service.
Sample 1
Loan Sweep. The Bank and the Borrower each acknowledge that they have entered into the Loan Sweep Agreement, and while such Agreement is in effect the Bank shall have the right to make advances under the Revolving Credit Facility, and to sweep the Deposit Account (as defined in the Loan Sweep Agreement), all as provided in the Loan Sweep Agreement. Except as expressly provided in Section 4.5 below, to the extent there are any inconsistencies between the provisions of this Agreement and the provisions of the Loan Sweep Agreement, then the provisions of the Loan Sweep Agreement shall control.
Sample 1
Loan Sweep. This Sweep Service provides you with an automated process to obtain an advance on your loan when your Master Account drops below the Target Balance and, alternatively, to pay down your loan using your Target Balance Excess. Notice: Funds that have been swept out of Company’s Designated Account will be used to reduce the balance on the Credit; funds remaining in the Designated Account are Deposits and insured under the applicable FDIC insurance rules and limits.
Sample 1

Related to Loan Sweep

  • The Loan Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Loan Agreement, various currencies that shall have an aggregate value equivalent to the amount of one hundred million dollars ($100,000,000), being the sum of withdrawals of the proceeds of the Loan, with each withdrawal valued by the Bank as of the date of such withdrawal.

  • Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Loan Portfolio (1) Except as set forth in Section 2.2(w)(1) of the Company Disclosure Schedule, as of the date hereof, none of the Company, the Bank or any Subsidiary is a party to (A) any written or oral loan, loan agreement, note or borrowing arrangement (including leases, credit enhancements, commitments, guarantees and interest-bearing assets) (collectively, “Loans”), other than any Loan the unpaid principal balance of which does not exceed $50,000, under the terms of which the obligor was, as of March 31, 2010, over 90 days delinquent in payment of principal or interest or in default of any other provision, or (B) Loan in excess of $50,000 with any director, executive officer or five percent or greater shareholder of the Company, the Bank or any Subsidiary, or to the knowledge of the Company, any person, corporation or enterprise controlling, controlled by or under common control with any of the foregoing. Section 2.2(w) of the Company Disclosure Schedule sets forth (x) all of the Loans in original principal amount in excess of $50,000 of the Company, the Bank or any of the Subsidiaries that as of March 31, 2010 were classified by the Company or the Bank or any regulatory examiner as “Other Loans Specially Mentioned,” “Special Mention,” “Substandard,” “Doubtful,” “Loss,” “Classified,” “Criticized,” “Credit Risk Assets,” “Concerned Loans,” “Watch List” or words of similar import, together with the principal amount of and accrued and unpaid interest on each such Loan as of March 31, 2010 and the identity of the borrower thereunder, (y) by category of Loan (i.e., commercial, consumer, etc.), all of the other Loans of the Company, the Bank and the Subsidiaries that as of March 31, 2010 were classified as such, together with the aggregate principal amount of and accrued and unpaid interest on such Loans by category as of March 31, 2010 and (z) each asset of the Company or the Bank that as of March 31, 2010 was classified as “Other Real Estate Owned” and the book value thereof.

  • The Loan Facility (a) This Loan Facility is subject to the terms and conditions of the Master Facility Agreement as varied or supplemented by these Facility Specific Terms.

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