Establishment and Use of Certain Accounts. (a) LOCK-BOX ACCOUNTS. Prior to the initial purchase hereunder, the Seller shall enter into Lock-Box Agreements establishing the Lock-Box Accounts listed on SCHEDULE II with all of the Lock-Box Banks, and deliver original counterparts thereof to the Agent.
Establishment and Use of Certain Accounts. (a) The Seller (or the Servicer on its behalf) agrees to establish the Collection Account on or before the date of the first purchase hereunder. The Collection Account shall be used to accept the transfer of Collections of Pool Receivables pursuant to Section 1.4(b) and for such other purposes described in the Transaction Documents.
Establishment and Use of Certain Accounts. (a) On or prior to the Closing Date, the Seller shall execute and deliver to the relevant Lock- Box Banks and the Funding Agents the Lock-Box Letters with respect to the Lock- Box Accounts listed on Schedule II. The Lock-Box Accounts shall be the only accounts used to receive Collections with respect to the Pool Receivables from the related Obligors. The Servicer shall on each day on which Collections of Pool Receivables are received in the Lock-Box Accounts cause such Collections to be transferred from the Lock-Box Accounts into the Concentration Account.
Establishment and Use of Certain Accounts. (a) LOCK-BOX ACCOUNTS. Prior to the initial purchase hereunder, the Seller shall enter into Lock-Box Agreements establishing the Lock-Box Accounts listed on SCHEDULE II with all of the Lock-Box Banks, and deliver original counterparts thereof to the Agent. Each of the Seller and the Servicer hereby agrees, prior to the Closing Date, to provide direction to each Lock-Box Bank to cause all Collections (except DE MINIMUS amounts, not to exceed (Five-Thousand Dollars) $5,000 at any time, with respect to each Lock-Box Account and solely to cover returned items relating to such Lock-Box Account) received in the applicable Lock-Box Accounts to be automatically (and without further action, notice to or consent of the Seller or Servicer) wire transferred to the Collection Account within one Business Day following the receipt thereof into such Lock-Box Account. The Agent (for the benefit of the Purchaser) shall have sole dominion and control over each Lock-Box Account together with the ability at any time following the occurrence and during the continuance of a Termination Event and, subject to Section 4.3(d), to exercise all rights with respect thereto, including without limitation, the exclusive right to receive all Collections deposited therein. Following the Closing Date, neither the Seller nor the Servicer shall have any ability to control or direct the application of any Collections deposited in the Lock-Box Accounts; provided that unless a Termination Event or an Unmatured Termination Event has occurred and is continuing, all such Collections shall continue to be automatically transferred to the Collection Account as described in this SECTION 4.3(a).
Establishment and Use of Certain Accounts. (a) Within 45 days of the initial purchase hereunder, the Seller shall enter into Lock-Box Agreements establishing the Lock-Box Accounts listed on Schedule II with all of the Lock-Box Banks, and deliver original counterparts thereof to the Administrator.
Establishment and Use of Certain Accounts. (a) Within 15 ----------------------------------------- Business Days from the Closing Date, the Seller shall execute and deliver to the relevant Lock-Box Banks and the Funding Agents the Lock-Box Letters with respect to the Lock-Box Accounts listed on Schedule II. The Lock-Box Accounts shall be ---------- the only accounts used to receive Collections with respect to the Pool Receivables from the related Obligors. The Servicer shall on each day on which Collections of Pool Receivables are received in the Lock-Box Accounts cause such Collections to be transferred from the Lock-Box Accounts into the Concentration Account.
Establishment and Use of Certain Accounts
