Common use of Sweep Arrangement Clause in Contracts

Sweep Arrangement. Advances, repayments, and reborrowings of Revolving Credit Loans may be made in accordance with a cash management system with the Lender, which shall be evidenced by separate, standard documentation of the Lender (the “Sweep Arrangement”). Pursuant to such cash management system, the Borrower will establish a “concentration account” with the Lender into which all of the Borrower’s deposit accounts will be swept daily, and from which payments will be made to the Borrowers to cover withdrawals from the Borrower’s deposit accounts. At the close of each Business Day, (i) any funds remaining in said concentration account will be applied by the Lender to outstanding Revolving Credit Loans and (ii) any shortages in said concentration account will be covered by an automatic advance of a Revolving Credit Loans. 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. Revolving Credit Loans made pursuant to the Sweep Arrangement may be Base Rate Loans or Daily Simple SOFR Loans, as selected by the Borrower.

Sweep Arrangement. Advances, repayments, and reborrowings of Revolving Credit Loans may be made in accordance with a cash management system with the Lender, which shall be evidenced by separate, standard documentation of the Lender (the “Sweep Arrangement”). Pursuant to such cash management system, the Borrower will establish a “concentration account” with the Lender into which all of the Borrower’s deposit accounts will be swept daily, and from which payments will be made to the Borrowers to cover withdrawals from the Borrower’s deposit accounts. At the close of each Business Day, (i) any funds remaining in said concentration account will be applied by the Lender to outstanding Revolving Credit Loans and (ii) any shortages in said concentration account will be covered by an automatic advance of a Revolving Credit Loans. 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. Revolving Credit Loans made pursuant to the Sweep Arrangement may be Base Rate Loans or Daily Simple SOFR LIBOR Market Index Rate Loans, as selected by the Borrower.