In addition, during any Sweep Period, the Receivables Agent will cause all amounts received by it from the Receivables Concentration Account and otherwise required to be remitted to a Loan Party pursuant to the Securitization Facility to be deposited directly in the Sweep Account.
During each Sweep Period, all amounts deposited to the credit of the Inventory Concentration Account will be transferred to the Sweep Account pursuant to instructions given by the Administrative Agent to the depositary bank for the Inventory Concentration Account. (the “Sweep Account”), which shall be under the Control of the Administrative Agent. The Loan Parties will maintain a deposit account in the name of one of the Loan Parties with Citibank, N.A. Notwithstanding the foregoing, (i) so long as no Default shall exist, (a) Administrative Agent shall not unreasonably withhold its consent to Borrower’s written request for a disbursement of funds from the Sweep Account to (x) fund any Escrow Fund Deficiency Amount, (y) pay expenses that exceed the amount budgeted therefor in the Approved Annual Budget, and (z) pay unanticipated expenditures necessary to preserve or protect the Property and (b) within five (5) Business Days’ of Borrower’s written request, Administrative Agent shall disburse funds to pay all or any portion of any Optional Minimum DSCR Prepayment and (ii) upon the occurrence of an Extended Triggering Event Termination, Administrative Agent shall (or shall instruct Property Account Bank to) disburse all sums accumulated in the Sweep Account, and in any other reserves established under Section 8.5 hereof, to the Designated Account. Prior to a Extended Triggering Event Termination, all sums deposited in the Sweep Account shall remain on deposit therein as additional security for the payment of the Loan and payment and performance of all of Borrower’s obligations under the Loan Documents. Konexo is now present in the UK, US, Hong Kong, Singapore and Malaysia.Sweep Account. Through creative use of emerging technology and global resources, we connect your needs with real benefits, and your challenges with transformative solutions. Legal, compliance, corporate secretarial and HR services that connect with you in many ways. Insurance and retirement products, insurance distributionĪlternative legal and compliance services developed by Eversheds Sutherland.Insurance financing and capital markets.Insurance M&A, reinsurance and restructurings.Commodities & securities litigation and regulatory enforcement.
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