Automatic Sweep Sample Clauses

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Automatic Sweep. Borrowers shall, and shall cause each Guarantor, ---------------- to direct all Account Debtors to mail all payments due a Borrower or Guarantor to a Lockbox. Collections on items delivered to such Lockbox shall be deposited into the Cash Collateral Account. If any Borrower or Guarantor shall receive payment by wire transfer, Borrowers agree to direct such wires, and to cause the Guarantors, to direct such wires to the Cash Collateral Account. Borrowers shall have no right to withdraw any funds from the Cash Collateral Account which shall be under the dominion and control of Bank. On each day, so long as no Default or Event of Default has occurred, Bank shall permit funds in the Cash Collateral Account to be swept into Borrowers' operating account as necessary to clear checks presented for payment against such operating account. All funds on deposit in the Cash Collateral Account at the end of each day shall be deducted by Bank and applied toward the payment of the Borrowers' Liabilities. For so long as no Default or Event of Default has occurred, payments received by Bank from the Cash Collateral Account shall be applied in the following order of priority: (i) any expenses of Bank not yet paid; (ii) any interest payment then due; (iii) to make payment according to the terms of any Letter of Credit Agreement; (iv) Revolving Loans that are not LIBOR Tranches. If, after application as provided above, funds still remain on deposit in the Cash Collateral Account, such funds shall be applied to LIBOR Tranches only if such LIBOR Tranches are due or shall be invested in Bank's standard offered overnight investments as directed by Borrowers until amounts owing as provided in (i)-(iv) arise or a LIBOR Tranche becomes due, in which case such funds will be applied.
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Automatic Sweep. Company shall direct in writing the bank at which the Company Account is maintained to transfer electronically all such amounts in the Company Account at the end of each business day of to the Service Company Account.
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Related to Automatic Sweep

  • Automatic Acceleration Upon the occurrence of an Event of Default described in Section 8.01(l) or Section 8.01(m) the Facility shall be automatically terminated and the Loans and all other Obligations shall be immediately due and payable upon the occurrence of such event, without demand or notice of any kind.

  • Automatic Early Termination provision of Section 6(a) will not apply to Party A and will not apply to Party B.

  • Automatic Renewal Each Schedule will renew automatically at the end of the then-current Schedule Term for a Schedule Renewal Term unless terminated in accordance with this Agreement by either You or Company.

  • Automatic Termination Unless earlier terminated pursuant to this Section 13, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Securities through (1) the Sales Agent on the terms and subject to the conditions set forth herein with an aggregate sale price equal to the amount set forth in Section 1 of this Agreement or (2) the Alternative Sales Agents through the Alternative Distribution Agreements on the terms and subject to the conditions set forth therein or any Placement Notice.

  • Automatic Defaults If any Event of Default referred to in Section 7.11 hereof shall occur: (a) all of the Commitment shall automatically and immediately terminate, if not previously terminated, and no Lender thereafter shall be under any obligation to grant any further Loan, nor shall the Fronting Lender be obligated to issue any Letter of Credit; and (b) the principal of and interest then outstanding on all of the Loans, and all of the other Obligations, shall thereupon become and thereafter be immediately due and payable in full (if the Obligations are not already due and payable), all without any presentment, demand or notice of any kind, which are hereby waived by each Borrower.