Common use of Transfer of Funds from Depository Accounts Clause in Contracts

Transfer of Funds from Depository Accounts. Funds remaining on deposit in a Depository Account shall be transferred to CIT’s Bank Account on each Business Day in accordance with the terms and provisions of the applicable Depository Account Control Agreement, and the Company agrees to take all actions reasonably required by CIT or any bank at which a Depository Account is maintained in order to effectuate the transfer of funds in this manner. All amounts received by CIT from a Depository Account and any other proceeds of the Collateral deposited into CIT’s Bank Account will, for purposes of calculating Net Availability and interest, be credited to the Revolving Loan Account on the date of deposit in CIT’s Bank Account. No checks, drafts or other instruments received by CIT shall constitute final payment to CIT unless and until such instruments have actually been collected.

Transfer of Funds from Depository Accounts. Funds remaining on deposit in a Depository Account shall be transferred to CIT’s Bank Account on each Business Day in accordance with the terms and provisions of the applicable Depository Account Control Agreement, and the Company agrees to take all actions reasonably required by CIT or any bank at which a Depository Account is maintained in order to effectuate the transfer of funds in this manner. All amounts received by CIT from a Depository Account and any other proceeds of the Collateral deposited into CIT’s Bank Account will, for purposes of calculating Net Availability and interest, be credited to the Revolving Loan Account on the date of deposit in CIT’s Bank Account. No checks, drafts or other instruments received by CIT shall constitute final payment to CIT unless and until such instruments have actually been collected.

Transfer of Funds from Depository Accounts. Funds remaining on deposit in a Depository Account shall be transferred to CIT’s Bank Account on each Business Day in accordance with the terms and provisions of the applicable Depository Account Control Agreement, and the Company agrees to take all actions reasonably required by CIT or any bank at which a Depository Account is maintained in order to effectuate the transfer of funds in this manner. All Subject to charges for Collection Days, all amounts received by CIT from a Depository Account and any other proceeds of the Collateral deposited into CIT’s Bank Account will, for purposes of calculating Net Availability and interest, be credited to the Revolving Loan Account on the date of deposit in CIT’s Bank Account. No checks, drafts or other instruments received by CIT shall constitute final payment to CIT unless and until such instruments have actually been collected.

Transfer of Funds from Depository Accounts. Funds remaining on deposit in a Depository Account shall be transferred to CIT’s 's Bank Account on each Business Day in accordance with the terms and provisions of the applicable Depository Account Control Agreement(except Veterans Day), and the Company agrees to take all actions reasonably required by CIT or any bank at which a Depository Account is maintained in order to effectuate the transfer of funds in this manner. All Subject to Section 3.2.3 hereof, all amounts received by CIT from a Depository Account and any other proceeds of the Collateral deposited into CIT’s 's Bank Account will, for purposes of calculating Net Availability and interest, be credited to the Revolving Loan Account on the date of deposit in CIT’s 's Bank Account. No checks, drafts or other instruments received by CIT shall constitute final payment to CIT unless and until such instruments have actually been collected.