Common use of Deposits to Blocked Accounts Clause in Contracts

Deposits to Blocked Accounts. The Seller shall (or shall cause the Servicer to): (i) establish, or cause to be established, Lock-Box Accounts each subject to a Blocked Account Agreement acceptable to the Administrator, (ii) deposit, or cause to be deposited, any Collections received by it, the Servicer or any Originator into a Lock-Box Account not later than one Business Day after receipt thereof, and (iii) instruct all Obligors to make payments on all Receivables to one or more Lock-Box Accounts or to post office boxes to which only the related Blocked Account Bank has access (and shall instruct such Blocked Account Bank to cause all items and amounts relating to such Receivables to be removed and deposited into a Lock-Box Account on a daily basis). Except as otherwise agreed to in writing by the Administrator and the Majority Purchasers, each Blocked Account shall at all times be subject to a Blocked Account Agreement. The Seller will not (and will not permit the Servicer to) deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Blocked Account cash or cash proceeds other than Collections (except, in limited circumstances, the deposit of immaterial amounts therein).

Deposits to Blocked Accounts. The Seller shall (or shall cause the Servicer to): shall: (i) establish, or cause to be established, Lock-Box Accounts each subject to a Blocked Account Agreement acceptable to the Administrator, (ii) deposit, or cause to be deposited, any Collections received by it, the Servicer or any Originator it into a Lock-Box Account not later than one Business Day after receipt thereof, and (iii) instruct all Obligors to make payments on all Receivables to one or more Lock-Box Accounts or to post office boxes to which only the related Blocked Account Bank has access (and shall instruct such Blocked Account Bank to cause all items and amounts relating to such Receivables to be removed and deposited into a Lock-Box Account on a daily basis). Except as otherwise agreed to in writing by the Administrator and the Majority Purchasers, each Blocked Account shall at all times be subject to a Blocked Account Agreement. The Seller Servicer will not (and will not permit the Servicer to) deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Blocked Account cash or cash proceeds other than Collections (except, in limited circumstances, the deposit of immaterial amounts therein).