Sweep of Operating Account Sample Clauses

Sweep of Operating Account. At 5:00 p.m. of each Business Day, the Company shall repay a principal amount of Swingline Loans by an amount equal to the positive balance, if any, of available funds on deposit in the Operating Account as determined by the Lender at such time. The Company hereby authorizes the Lender to deduct such amount from the Operating Account without notice to the Company, and to apply such amount in repayment of the then outstanding principal balance of Swingline Loans. Neither the provisions of Section 2.7. nor 3.3. shall apply to repayments made pursuant to this subsection.
Sample 1
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Sweep of Operating Account. At 5:00 p.m. of each Business Day, the Company shall repay a principal amount of Facility B Loans by an amount equal to the positive balance, if any, of available funds on deposit in the Operating Account as determined by the Lender at such time. The Company hereby authorizes the Lender to deduct such amount from the Operating Account without notice to the Company, and to apply such amount in repayment of the then outstanding principal balance of Facility B Loans. The provisions of this subsection shall not become effective until the Company has executed and delivered the Lender's customary documentation relating to its "Auto Borrow" and "Auto Sweep" programs.
Sample 1
Sweep of Operating Account. At 5:00 p.m. of each Business Day, the -------------------------- Company shall repay a principal amount of Acquisition Loans by an amount equal to the positive balance, if any, of available funds on deposit in the Operating Account as determined by the Lender at such time. The Company hereby authorizes the Lender to deduct such amount from the Operating Account without notice to the Company, and to apply such amount in repayment of the then outstanding principal balance of Loans. Neither the provisions of Section 2.7. nor 3.3. shall apply to repayments made pursuant to this subsection.
Sample 1

Related to Sweep of Operating Account

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Management Accounts The Management Accounts:

  • Operating Accounts (a) Maintain all of Borrower’s and its Subsidiaries’ Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent.

  • Statement of Operations d. Statement of Changes in Net Assets.

  • Resignation of Operator Subject to Article 4.11, Operator may resign as Operator at any time by so notifying the other Parties at least one hundred and twenty (120) Days prior to the effective date of such resignation.

  • Portfolio Accounting Services (1) Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund’s investment adviser.

  • Hours of Operation Account Processing Services will be available for use by Client during standard Fiserv business hours, excluding holidays, as specified in Exhibit A - 3. Account Processing Services may be available during additional hours, during which time Client may use Services at its option and subject to additional charges.

  • Control of Operations Without in any way limiting any party’s rights or obligations under this Agreement, the parties understand and agree that (a) nothing contained in this Agreement shall give Parent or the Company, directly or indirectly, the right to control or direct the other party’s operations prior to the Effective Time and (b) prior to the Effective Time, each of the Company and Parent shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its operations.

  • Definition of Operating Expenses (a) Subject to the exclusions and provisions hereinafter contained, the term "

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