Common use of THE OPERATING ACCOUNT Clause in Contracts

THE OPERATING ACCOUNT. (a) Except as otherwise specifically provided in, or permitted by, this Agreement, funds in the Operating Account of each Division shall be utilized to fund disbursements made by such Division, including, without limitation, from any expense accounts maintained by such Division, provided that funds in the Operating Account for the Filene's Business may be distributed to the Lead Borrower in the ordinary course to the extent necessary in order that the Lead Borrower may pay the expenses of the Filene's Business consistent with the parties' prior practices. (b) After the occurrence and during the continuance of any Event of Default or at any time that Average Excess Availability for any five (5) consecutive Business Days is less than $48,000,000.00, NCB shall not be obligated to permit any outgoing ACH transfers unless the amount of the proposed transfer is fully prefunded in accordance with the requirements and practices of NCB.

THE OPERATING ACCOUNT. (a) Except as otherwise specifically provided in, or permitted by, this Agreement, funds in the Operating Account of each Division shall be utilized to fund disbursements made by such Division, including, without limitation, from any expense accounts maintained by such Division, provided that PROVIDED THAT funds in the Operating Account for the Filene's Business may be distributed to the Lead Borrower in the ordinary course to the extent necessary in order that the Lead Borrower may pay the expenses of the Filene's Business consistent with the parties' prior practices. (b) After the occurrence and during the continuance of any Event of Default or at any time that Average Excess Availability for any five (5) consecutive Business Days is less than $48,000,000.0060,000,000, NCB shall not be obligated to permit any outgoing ACH transfers unless the amount of the proposed transfer is fully prefunded in accordance with the requirements and practices of NCB.