Primary Depository. Borrower shall maintain all its depository, operating and investment accounts with Bank or Bank’s Affiliates.
Primary Depository. At all times when the aggregate balance of Borrower’s Cash at Bank and Bank’s affiliates is less than the Deposit Account Threshold, Borrower shall maintain, and shall cause all of its Subsidiaries to maintain, all depository and operating accounts with Bank and all investment accounts with Bank or Bank’s affiliates. At all times when the aggregate balance of Borrower’s Cash at Bank and Bank’s affiliates equals or exceeds the Deposit Account Threshold, Borrower and its Subsidiaries may maintain Cash balances that exceed the Deposit Account Threshold in depository, operating, and investments accounts outside of Bank or Bank’s affiliates, so long as each such account outside of Bank is subject to a dulyexecuted account control agreement in favor of Bank, and in form and substance reasonably satisfactory to Bank. Notwithstanding the foregoing, Precision UK may maintain a bank account in the United Kingdom, with such account not subject to an account control agreement in favor of Bank, so long as the balance in such account does not exceed $150,000 (or its USD equivalent) at any time. Prior to Borrower maintaining any investment accounts with Bank’s affiliates, Borrower, Bank, and any such affiliate shall have entered into a securities account control agreement with respect to any such investment accounts, in form and substance reasonably satisfactory to Bank.
2) A new Section 7.13 is hereby added to the Agreement, as follows:
Primary Depository. Each of Borrower and its wholly owned Subsidiaries (excluding the operating depositing account of PRA Receivables Management, LLC, d/b/a Anchor Receivables Management) shall maintain their primary operating depository accounts with the Banks during the term of the Revolving Facility. At least one operating deposit account shall be maintained with each Bank.
Primary Depository. As long as this Agreement or any other credit agreement between Borrower and Bank remains in effect, Borrower shall make Bank its primary depository and cash management financial institution. All of Borrower’s Operating accounts shall provide for automatic payments of interest, late charges and service charges.
Primary Depository. Within 90 days of the Closing Date (or such later date as Bank may agree in writing), Borrower shall maintain its primary depository and operating accounts with Bank. At all times from and after the date that is 10 days after the Closing Date (or such later date as Bank may agree in writing), Borrower shall cause all banks or other depositary institutions with which Borrower maintains any deposit account to enter into a deposit account control agreement with Bank, in form and substance reasonably satisfactory to Bank.
Primary Depository. Borrower shall, within one Business Day of the Closing Date, maintain substantially all of its depository and operating accounts with Square 1 and substantially all of its primary investment accounts with Square 1 or Square 1’s Affiliates; provided that, for a period of 60 days following the Closing Date, Borrower may maintain at Silicon Valley Bank (a) up to $85,000 to secure a letter of credit issued for the benefit of Borrower’s landlord with respect to Borrower’s lease of its offices at 000 Xxxxxx Xxxxxx, Xxxxx 000, Xxxxxxx, XX 00000, (b) up to $35,000 to secure credit card reimbursement obligations and (c) up to $300,000 in its operating account. Borrower shall, within 60 days of the Closing Date, maintain all of its depository and operating accounts with Square 1 and its primary investment accounts with Square 1 or Square 1’s Affiliates. Prior to maintaining any deposit accounts with Square 1 or any investment accounts with Square 1’s Affiliates, Borrower, Agent, and any such Affiliate, as applicable, shall have entered into a deposit account control agreement or a securities account control agreement, as applicable, with respect to any such deposit accounts and investment accounts, in form and substance satisfactory to Agent and the Required Lenders.
Primary Depository. At all times when the aggregate balance of Borrower’s Cash at Bank and Bank’s affiliates is less than the Deposit Account Threshold, Borrower shall maintain, and shall cause all of its Subsidiaries to maintain, all depository and operating accounts with Bank and all investment accounts with Bank or Bank’s affiliates. At all times when the aggregate balance of Borrower’s Cash at Bank and Bank’s affiliates equals or exceeds the Deposit Account Threshold, Borrower and its Subsidiaries may maintain Cash balances that exceed the Deposit Account Threshold in depository, operating, and investments accounts outside of Bank or Bank’s affiliates, so long as each such account outside of Bank is subject to a duly-executed account control agreement in favor of Bank, and in form and substance reasonably satisfactory to Bank. Prior to Borrower maintaining any investment accounts with Bank’s affiliates, Borrower, Bank, and any such affiliate shall have entered into a securities account control agreement with respect to any such investment accounts, in form and substance reasonably satisfactory to Bank.
Primary Depository. Within 60 days after the Third Amendment Date, Borrower shall maintain and shall cause of its Subsidiaries to maintain the lesser of (a) $100,000,000, or (b) substantially all cash (other than cash held in Excluded Accounts) in depositary and operating accounts with Bank, provided all cash held outside Bank shall be subject to an account control agreement in favor of Bank. Notwithstanding the foregoing, Precision UK may maintain a bank account in the United Kingdom, with such account not subject to an account control agreement in favor of Bank, so long as the balance in such account does not exceed £1,500,000 (or its US Dollar equivalent) at any time.
Primary Depository. Each of Borrower and each of its Subsidiaries shall maintain its primary operating depository accounts with Bank or, in the alternative, if it elects to maintain them with another Person, Borrower or any Subsidiary shall grant to Bank a perfected, first priority security interest in its primary depository and operating accounts maintained by it with such other Person. The security interest in any deposit and operating accounts with another Person shall secure the Obligations and the same shall be evidenced by such security documents as Bank and its counsel deem necessary or appropriate, in their discretion.
Primary Depository. Subject to the provisions of Section 3.1(1) and 3.2(b), within 60 days of the Closing Date, Borrower and Parent shall maintain at least 80% of their depository, transaction, and investment accounts with Bank or Bank’s affiliates.
