Store Accounts. Depository accounts in depository institutions for, or on behalf of, the Borrower or any of its Subsidiaries and listed on Schedule 7.20 hereto (as such may be amended from time to time in accordance with the terms hereof).
Store Accounts. The Loan Parties shall deposit all cash proceeds from sales of Inventory in every form, including, without limitation, cash and checks from each Store into the Store Account of such Loan Party used solely for such purpose in accordance with the then current practices of such Loan Party, but in any event no less frequently than once every Business Day. All collected funds on deposit in the Store Accounts shall be sent by wire transfer or other electronic funds transfer on each Business Day to the Blocked Accounts, except nominal amounts which are required to be maintained in such Store Accounts under the terms of such Loan Party’s arrangements with the bank at which such Store Accounts are maintained, and except as the Agent may otherwise agree.
Store Accounts. If the Boat Owner request a store account for the purpose of charging store goods and /or Marina services to said account a charge card must be placed on file with the Marina for the purpose of drafting automatic payments on the Monday following any account charges. An immediate suspension of said store account, and launch privileges, will be imposed in the event a payment is not secured on the designated billing date.
Store Accounts. The Loan Parties shall deposit all cash proceeds from sales of Inventory in every form, including, without limitation, cash and checks from each Store into the Store Account of such Loan Party used solely for such purpose in accordance with the then current practices of such Loan Party, but in any event no less frequently than once every Business Day. All collected funds on deposit in the Store Accounts shall be sent by wire transfer or other electronic
Store Accounts. The definition of “Store Accounts” shall be amended and restated in its entirety to read as follows:
Store Accounts. Borrowers have granted a security interest to Lender in the Collateral, including, without limitation, all Inventory, Credit Card Receivables and other Accounts. Except as otherwise set forth in Section 2.3(b) hereof with respect to Credit Card Receivables and other Accounts, and except for cash on hand maintained at store locations in the ordinary course of Borrowers’ business and consistent with historical practices (but in an amount not to exceed $1,000 for any store location at the beginning of any Business Day), or as otherwise agreed by Lender in writing, all Proceeds of Inventory and other Collateral, upon receipt or collection, shall be deposited each Business Day into the collection Account No. xxxxx maintained by Borrowers with the Cash Management Bank (the “Collection Account”), or into a Store Account for transfer not less than once during each business week (except to the extent that Lender in its sole discretion agrees to less frequent transfers) from such Store Account to the Collection Account; provided that all Proceeds of Inventory and other Collateral in the Bank of America Collection Account shall be deposited each Business Day into the Collection Account. Funds so deposited are the Collateral of Lender, and may only be withdrawn from Store Accounts for deposit to the Collection Account. Borrowers and/or Lender shall cause the transfer of all collected funds in the Collection Account to be transferred by the Cash Management Bank to Lender on each Business Day for application by the Lender to the outstanding balance of the Line of Credit Usage. In the event there are no Obligations outstanding under the Line of Credit, Lender shall promptly transfer any excess funds to the Cash Management Bank for credit to the Borrowers’ Operating Account. Until deposited into a Store Account or the Collection Account, Borrowers will hold all such payments and Proceeds in trust for Lender without commingling with other funds or property. All deposits held in any Store Account or the Collection Account shall constitute Proceeds of Collateral and shall not constitute payment of Obligations.
Store Accounts. The Seller will not open or close any Store Account, unless the Purchaser and its assigns shall have received prior notice of such change (including an updated Exhibit E) and a fully executed Bank Direction Agreement with respect to each new Store Account.
