Sweep Account. Prior to a Extended Triggering Event Termination, all sums deposited in the Sweep Account shall remain on deposit therein as additional security for the payment of the Loan and payment and performance of all of Borrower’s obligations under the Loan Documents. Notwithstanding the foregoing, (i) so long as no Default shall exist, (a) Administrative Agent shall not unreasonably withhold its consent to Borrower’s written request for a disbursement of funds from the Sweep Account to (x) fund any Escrow Fund Deficiency Amount, (y) pay expenses that exceed the amount budgeted therefor in the Approved Annual Budget, and (z) pay unanticipated expenditures necessary to preserve or protect the Property and (b) within five (5) Business Days’ of Borrower’s written request, Administrative Agent shall disburse funds to pay all or any portion of any Optional Minimum DSCR Prepayment and (ii) upon the occurrence of an Extended Triggering Event Termination, Administrative Agent shall (or shall instruct Property Account Bank to) disburse all sums accumulated in the Sweep Account, and in any other reserves established under Section 8.5 hereof, to the Designated Account.
Sweep Account. The Sweep Account is the only account as of the date hereof as to which Account Debtor has been directed to remit payments by wire transfer or electronic funds transfer to Seller with respect to the Purchased Receivable. Seller has not granted any Person dominion or control of the Sweep Account or the right to take control of the Sweep Account at a future time or upon the occurrence of a future event. For the avoidance of doubt, the parties hereto acknowledge that the Sweep Account is the same Sweep Account designated under the Receivable Purchase Agreement, dated as of February 19, 2020, by and between Seller and Purchaser (the “Series A Agreement”) and the Sweep Account may also be used in connection with future transactions pursuant to one or more receivable purchase agreements.
Sweep Account. The Loan Parties will maintain a deposit account in the name of one of the Loan Parties with Citibank, N.A. (the “Sweep Account”), which shall be under the Control of the Administrative Agent. During each Sweep Period, all amounts deposited to the credit of the Inventory Concentration Account will be transferred to the Sweep Account pursuant to instructions given by the Administrative Agent to the depositary bank for the Inventory Concentration Account. In addition, during any Sweep Period, the Receivables Agent will cause all amounts received by it from the Receivables Concentration Account and otherwise required to be remitted to a Loan Party pursuant to the Securitization Facility to be deposited directly in the Sweep Account. All amounts so deposited to the Sweep Account shall be applied pursuant to the instructions of the Administrative Agent as required under the terms of Section 2.08 of the Credit Agreement and, so long as no Default shall then be continuing, any balance remaining after such application shall be remitted to the Loan Parties in accordance with the instructions of the Borrowers’ Agent to the Administrative Agent. Any amounts not so applied or remitted shall be deposited in the Cash Collateral Account and released to the Borrowers in accordance with the final sentence of Section 2.08(b)(ii) of the Credit Agreement.
Sweep Account. The Company shall establish a bank account at a financial institution of the Holder’s choosing, which bank account shall constitute a “lockbox-type” account (the “Lockbox Account”) and shall be under the control of the Company and the Holder. All of the accounts receivable collected by Company shall be deposited into the Lockbox Account. On the last day of each month (commencing on the first month following the ninety (90)-day anniversary of the Original Issue Date (the “Monthly Debit Commencement Date”)) during which any of the obligations of this Note remain outstanding, the Guaranteed Interest that has accrued for such month shall automatically be debited (the “Monthly Debits”) from the Lockbox Account and credited to an account to be designated by the Holder. The Company shall cause the Lockbox Account to be established and, thereafter, to cause the Monthly Debits to occur on the schedule set forth in this Section 3(d). During the period from the Original Issue Date (notwithstanding that the Monthly Debit Commencement Date may not have then commenced), the Company shall maintain a positive cash balance in the Lockbox Account equivalent to three (3) month’s of Guaranteed Interest payments.
Sweep Account. As of the Closing Date, Borrower shall open and shall thereafter at all times during the term of this Agreement maintain with Bank an account (the "Sweep Account"), into which all funds received by Borrower from any source shall be deposited and to which, without limitation, all credit card receivables of Borrower shall be directed. Borrower shall direct the company that processes its credit card transactions to deliver all funds and/or direct all wire transfers in connection with such transactions to the Sweep Account. Borrower shall hold in trust for Bank all amounts that Borrower receives despite the directions to make payments to the Sweep Account and immediately deliver such payments to Bank in their original form as received from the customer or credit card processing company, with proper endorsements (if applicable) for deposit into the Sweep Account. Borrower irrevocably authorizes Bank to transfer to the Sweep Account any funds that have been deposited or transferred into any other accounts or that Bank has received by wire transfer, check, cash or otherwise that should have been deposited into the Sweep Account pursuant to the foregoing. No party other than Bank shall have any right to access the funds in the Sweep Account, provided, however that Borrower's credit card processors may obtain access to funds in the Sweep Account if and to the extent of Borrower's agreement with such credit card processors. Bank shall, on a daily basis, apply all funds in the Sweep Account to repay amounts loaned to Borrower by Bank (including principal and outstanding interest) pursuant to Credit Extensions, and, subject to Section 2.4(b), Bank shall thereafter credit Borrower's investment account at Bank to the extent of any remaining funds in the Sweep Account.
Sweep Account. The Sweep Account is the only account as of the date hereof as to which Account Debtor has been directed to remit payments by wire transfer or electronic funds transfer to Seller with respect to the Purchased Receivable. Seller has not granted any Person dominion or control of the Sweep Account or the right to take control of the Sweep Account at a future time or upon the occurrence of a future event. For the avoidance of doubt, the parties hereto acknowledge that the Sweep Account is the same Sweep Account designated under the Receivable Purchase Agreement, dated as of February 19, 2020 (which is also the same Sweep Account designated under the other receivable purchase agreements between Seller and Purchaser entered into prior to the date hereof), by and between Seller and Purchaser (the “Series A Agreement”) and the Sweep Account may also be used in connection with future transactions pursuant to one or more receivable purchase agreements.
Sweep Account. The Lien Grantors will maintain a deposit account with Citibank, N.A. in the name of the Lien Grantor set forth, and with such account number as set forth, under the heading Sweep Account in Schedule 11 to the Perfection Certificate (the Sweep Account), which shall be under the Control of the Administrative Agent. During each Sweep Period, all amounts deposited to the credit of the Inventory Concentration Account will be transferred to the Sweep Account pursuant to instructions given by the Administrative Agent to the depositary bank for the Inventory Concentration Account. In addition, during any Sweep Period, the Receivables Agent will cause all amounts received by it from the Receivables Concentration Account and otherwise required to be remitted to a Lien Grantor pursuant to the 2007 Securitization Facility to be deposited directly in the Sweep Account. All amounts so deposited to the Sweep Account shall be applied pursuant to the instructions of the Administrative Agent as required under the terms of Section 2.08 of the Credit Agreement and, so long as no Default shall then be continuing, any balance remaining after such application shall be remitted to the Lien Grantors in accordance with the instructions of the Borrowers Agent to the Administrative Agent. Any amounts not so applied or remitted shall be deposited in the Cash Collateral Account and released to the Borrowers in accordance with the final sentence of Section 2.08(b)(ii) of the Credit Agreement.
Sweep Account. Throughout the term of this Agreement, Borrower shall maintain with Lender a demand deposit operating account, with a minimum balance of average collected funds that is established by Lender after consulting with Borrower (the "Peg Balance"). If the account balance is less than the Peg Balance, then, to the extent available, an Advance on the Loan shall be deposited to the Operating account in the amount of that difference. If the account balance exceeds the Peg Balance, the excess shall be withdrawn by Lender from that account and applied on the Loan.
Sweep Account. The Sweep Account is the only account as of the date hereof as to which Account Debtor has been directed to remit payments by wire transfer or electronic funds transfer to Seller with respect to the Purchased Receivable. Seller has not granted any Person dominion or control of the Sweep Account or the right to take control of the Sweep Account at a future time or upon the occurrence of a future event.
Sweep Account. Each of the Borrowers will maintain a Deposit Account with Citibank in the name of the Administrative Agent, and with such account number as set forth under the heading “Sweep Account” opposite such Borrower or US Guarantor’s name in Schedule 12 to the Perfection Certificate (collectively, the “Sweep Account”), which shall be under the “control” (as defined in Section 9-104 of the UCC) of the Administrative Agent. No amounts shall be deposited in the Sweep Account except as expressly contemplated by Section 5.23(a) and Section 5.24. All amounts deposited to the Sweep Account shall be applied pursuant to the instructions of the Administrative Agent for repayment of the Loans as required under Section 2.08 and, so long as no Default shall then be continuing, any balance remaining after such application shall be released to the Borrowers in accordance herewith.
