Common use of Representations, Warranties and Covenants Regarding Open Accounts Clause in Contracts

Representations, Warranties and Covenants Regarding Open Accounts. Schedule 1 sets forth the owner, depository, account number and balance of the Open Accounts, as of the date hereof. Borrower shall close the Open Accounts and move all depository and treasury services business conducted through the Open Accounts to Heartland Bank within thirty (30) days of the date hereof; provided, that in no event shall the balance of any such Open Account exceed $10,000. Notwithstanding the foregoing, Agent may at any time require Borrower to deliver a control agreement, in form and content acceptable to Agent, for all or any of the Open Accounts, and if Borrower fails to provide such control agreement within three (3) days of Agent’s request, Agent may require Borrower to immediately close such Open Account and move all amounts on deposit therein to Heartland Bank.