Primary Operating Account Sample Clauses
The Primary Operating Account clause designates a specific bank account as the main account through which a party will conduct its financial transactions under the agreement. Typically, this clause requires the party to maintain this account at a specified financial institution and to use it for all receipts and disbursements related to the contract. By clearly identifying the account to be used, the clause ensures transparency, facilitates monitoring of cash flows, and helps prevent commingling of funds, thereby reducing the risk of mismanagement or misuse of funds.
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Primary Operating Account. Within twelve months of the Closing Date, Borrower’s primary operating banking relationship shall be with Lender. For purposes of this Section 7.8, “Borrower’s primary operating banking relationship” shall be deemed to mean Borrower’s accounts containing funds which Borrower reasonably expects to be used in the ordinary course of business within a ninety (90) day period.
Primary Operating Account. Each Borrower agrees to maintain its Primary Operating Account with the Administrative Agent.
Primary Operating Account. The Borrower will, and will cause each Loan Party to, maintain its primary operating deposit accounts with the Administrative Agent.
Primary Operating Account. The Company agrees to maintain its Primary Operating Account with the Administrative Agent.
Primary Operating Account. Until such time as all of Borrower’s Advances have been paid in full and this Agreement has been terminated, Borrower agrees to maintain Borrower’s Primary Operating Account at Lender. Borrower authorizes Lender to automatically deduct all payments required to be made by this Agreement from Borrower’s Primary Operating Account.
Primary Operating Account. Borrower shall maintain its primary operating account with Bank, pending pricing and service by Bank acceptable to Borrower in its sole and absolute discretion.
Primary Operating Account. (a) The Borrower shall at all times maintain an Eligible Account as the deposit account into which all transfers to Borrower from the Concentration Account pursuant to Section 8.14(b) below are made.
(b) The Borrower hereby covenants and agrees that, on the last Business Day of each calendar week (each, a “Reference Date”), beginning with the last Business Day of the first week following the week of the Effective Date, if the amount contained in the Concentration Account on any such Reference Date (after deducting any amounts transferred or required to be transferred on such Reference Date from the Concentration Account to the Trust Account pursuant to the provisions of Section 5.1.1 of any Management Agreement) exceeds $5,000,000 (the portion of such amount in excess of $5,000,000 being herein referred to as the “Excess Amount”), the Borrower shall, on each such applicable Reference Date, cause to be transferred from the Concentration Account to an Eligible Account, an amount equal to the Excess Amount on such date.
(c) So long as no Designated Event of Default shall have occurred and then be continuing, the Administrative Agent shall not execute or deliver a “Notice of Exclusive Control” (or similar notice) under any Control Agreement.
Primary Operating Account. Borrower shall maintain its primary depository and disbursement accounts with Wells Fargo Bank Texas, N.A.
Primary Operating Account. 61 9. NEGATIVE COVENANTS..........................................................................61
Primary Operating Account. Maintain the Primary Operating Account with the Agent.