Sweep arrangement definition

Sweep arrangement means an arrangement that provides for a temporary or permanent transfer of funds from 1 trust account to another trust account when a predetermined time, account balance, or other condition occurs or is fulfilled.

Sweep arrangement has the meaning assigned thereto in Section 2.2(a).

Sweep arrangement means that term as defined in Section 2.2(c)(i)(B) hereof.

Examples of Sweep arrangement in a sentence

• The borrowing and disbursement provisions set forth in Section 2.3 and any other provision hereof with respect to the timing or amount of payments on the Swingline Loans (other than Section 2.4(a)) shall not be applicable to Swingline Loans made and prepaid pursuant to the Sweep Arrangement.

• Unless sooner paid pursuant to the provisions hereof or the provisions of the Sweep Arrangement, the principal amount of the Swingline Loans shall be paid in full, together with accrued interest thereon, on the Revolving Credit Maturity Date.

• The borrowing and disbursement provisions set forth in Section 3.1(h) and any other provision hereof with respect to the timing or amount of payments on the Swingline Loans (other than the requirement that the Swingline Loans be repaid in full on the Maturity Date set forth herein) shall not be applicable to Swingline Loans made and prepaid pursuant to the Sweep Arrangement.

• Principal and interest on Swingline Loans deemed requested pursuant to the Sweep Arrangement shall be paid pursuant to the terms and conditions agreed to between Borrower and Swingline Lender (without any deduction, setoff or counterclaim whatsoever).

• Unless sooner paid pursuant to the provisions hereof or the provisions of the Sweep Arrangement, on the Maturity Date, the outstanding balance of the Swingline Loans (including principal, accrued and unpaid interest and other amounts due and payable with respect thereto) shall be due and be payable and the Swingline Commitment shall terminate.

• To the extent not otherwise being paid pursuant to the Sweep Arrangement, each payment by the Borrower on account of the principal of or interest on the Revolving Credit Loans or of any fee, commission or other amounts (including the Reimbursement Obligation) payable to the Lender hereunder shall be made not later than 1:00 p.m. on the date specified for payment under this Agreement in immediately available funds and shall be made without any setoff, counterclaim or deduction whatsoever.

• Any remaining funds in said concentration account at the end of each Business Day after repayment of all outstanding Revolving Credit Loans shall be invested overnight in accordance with the Sweep Arrangement.

• Principal and interest on Swingline Loans deemed requested pursuant to the Sweep Arrangement shall be paid pursuant to the terms and conditions agreed to between the Borrower and the Swingline Lender (without any deduction, setoff or counterclaim whatsoever).

• Except in connection with Borrowings made pursuant to any Sweep Arrangement, each Borrowing of Tranche Rate Loans advanced or converted shall be in an amount equal to $100,000 or such greater amount that is an integral multiple of $50,000.

• Notwithstanding the foregoing, so long as the Sweep Arrangement is in effect for a particular Borrower, (i) such Borrower shall not be required to deliver a Notice of Borrowing in respect of any proposed Borrowing, and the terms of Section 2.27 shall govern the making and prepayments of Revolving Loans to such Borrower, and (ii) any such Borrowing under the Revolving Commitment pursuant to Section 2.27 shall be a Tranche Rate Loan.

More Definitions of Sweep arrangement

Sweep arrangement is defined in Section 2.1(c).

Sweep arrangement shall have the meaning assigned to such term in Section 2.04(b).

Sweep arrangement has the meaning assigned to it in Section 2.18(g).

Sweep arrangement means the arrangements addressing deemed request for a Loan as set forth in Section 2.3(b).