Primary Deposit Accounts Clause Samples
The 'Primary Deposit Accounts' clause designates specific bank accounts as the main repositories for funds related to the agreement. It typically outlines which accounts are to be used for receiving payments, holding deposits, or managing transaction flows, and may specify account details or requirements for maintaining these accounts. By clearly identifying the primary accounts to be used, this clause ensures that all parties know where funds should be directed, reducing confusion and minimizing the risk of misdirected payments.
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Primary Deposit Accounts. 16 10.13. Revolving Loan Balances.............................. 16
Primary Deposit Accounts. Borrower shall, and shall cause its Subsidiaries to, maintain with Lender all of their primary deposit accounts.
Primary Deposit Accounts. Maintain its primary deposit account at Wachovia.
Primary Deposit Accounts. The Borrowers shall use commercially reasonable efforts to concentrate the cash of the Loan Parties into the Primary Deposit Account(s) on a regular basis.
Primary Deposit Accounts. The Borrower and its Subsidiaries shall maintain their primary deposit accounts with Agent or a Lender.
Primary Deposit Accounts. Lender expects Borrower to maintain its primary deposit accounts at Lender. One of the factors the Lender will consider in modification or renewal of this Note is the status of such accounts.
Primary Deposit Accounts. Within sixty (60) days following the Closing Date, Borrower shall establish its primary deposit account (“Primary Deposit Account”) in Borrower’s name with Agent. All commercial account debtors of Borrower shall be directed to remit all payments on Borrower’s Accounts to the Primary Deposit Account or to remit its payment by check directly to Borrower. Immediately upon receipt by Borrower of any such check, Borrower shall deposit such check in the Primary Deposit Account. Any customer payments received by Borrower or any Subsidiary with respect to a Pizza Inn or Pie Five store, whether in cash or check, shall be remitted within two (2) Business Days to either a Local Deposit Account or the Primary Deposit Account. Except as set forth above, any payments received by Borrower constituting proceeds of Collateral shall be remitted within two (2) Business Days to the Primary Deposit Account in the identical form in which such payment was made, whether by cash or check. Borrower hereby agrees that all payments made to such Primary Deposit Account or otherwise received by Agent will be subject to the control of Agent, for the benefit of the Lenders, as set forth in Section 9-104 of the UCC.
Primary Deposit Accounts. Maintain, commencing within ninety ------------------------ (90) days of the Closing Date, its primary deposit account at First Union National Bank.
Primary Deposit Accounts. Unless otherwise approved by Lender, in writing, maintain each Borrower's primary depository accounts, if any, with Lender.
Primary Deposit Accounts. Maintain its primary depositary accounts, including its primary checking account, with Bank.