Establishment of Lockbox Sample Clauses

Establishment of Lockbox. Borrower and each Guarantor have entered into or shall enter into the Lockbox Agreement with the Lockbox Institution pursuant to which Borrower and each Guarantor will establish the Lockbox to be operated by the Lockbox Institution. Borrower and each Guarantor shall direct all account debtors with respect to each of Borrower’s and each Guarantor’s accounts and all other Persons obligated to make payments of any type to Borrower or any Guarantor in respect of the Collateral to direct such payments to the Lockbox at the address established by the Lockbox Institution in accordance with the Lockbox Agreement. All invoices issued by Borrower or any Guarantor shall contain a notation requiring the accounts evidenced by such invoice to be paid to the Lockbox. The Lockbox Institution shall have sole and exclusive access to the Lockbox. All monies, checks and other drafts received in the Lockbox shall be endorsed in accordance with the Lockbox Agreement and deposited by the Lockbox Institution each Business Day in the Blocked Account. Until August 31, 2003, Bank One, NA may remain a Lockbox Institution, and Borrower shall be permitted to maintain and utilize the Lockbox established with Bank One, NA and the Temporary Lockbox Account; provided, that, all amounts deposited into the Temporary Lockbox Account shall be transferred by wire transfer to the Blocked Account on the first (1st) Business Day following the date of deposit into the Temporary Lockbox Account. The Lockbox established with Bank One, NA and the Temporary Lockbox Account shall be closed no later than August 31, 2003 (at which time Bank One, NA shall no longer be a Lockbox Institution).
Sample 1
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Establishment of Lockbox. Section 4.15(h) of the Loan Agreement shall be amended and restated in its entirety as follows:
Sample 1
Establishment of Lockbox. Not later than May 18, 2007, Borrowers shall have established a lockbox account with a bank to which Account debtors shall be directed to make payment and into which the proceeds of all Accounts shall be deposited, pursuant to a blocked account agreement in such form as Lender may reasonably specify.
Sample 1
Establishment of Lockbox. If requested to do so by Lender, each Borrower shall notify all account debtors that payment on all Accounts are to be made to a lockbox, which Lender shall designate to Borrowers. Each invoice or other billing statement of each Borrower shall specify that all remittances on Accounts shall be paid only to the lockbox. All such remittances shall be turned over to Lender for application to the Obligations in accordance with the Loan Agreement. To induce Lender to enter into this Agreement, each Borrower and Guarantor covenant and agree that they will not request, direct or advise any account debtor to make remittances on Accounts to any address other than the current payment address, or at the request of Lender, the lockbox address and, if any check or other item of payment is received by any Borrower or Guarantor from any account debtor, each Borrower and Guarantor agree to hold the same as trustee of an express trust for Lender's benefit and comply with the provisions of Section 6.3 of the Loan Agreement, or, at the request of Lender, promptly turn over to Lender such checks or other items of payment in the form received with the addition of any necessary endorsement.
Sample 1
Establishment of Lockbox. The entering into of the Lockbox Agreement and the establishment of the account(s) required by the Lockbox Agreement and completion of all documentation required by the Lockbox Agreement, to the extent such action and documentation is required to be taken or completed by Borrower.
Sample 1

Related to Establishment of Lockbox

  • Establishment of Deposit Account The Financial Institution hereby confirms and agrees that:

  • Establishment of a Lockbox Account, Dominion Account All proceeds of Collateral shall be deposited by Borrower into either (i) a lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be selected by Borrower and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent for the deposit of such proceeds. Borrower, Agent and each Blocked Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank, upon notice from Agent, to transfer such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and Borrower shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. All deposit accounts and investment accounts of Borrower are set forth on Schedule 4.15(g). Notwithstanding anything to the contrary set forth in this Section 4.15(g), Borrower shall be permitted to deposit checks or other payments received at Borrower’s locations in the Ordinary Course of Business in deposit accounts which may not be subject to a blocked account or similar agreements; provided that, at no time shall Borrower have more than $50,000 in the aggregate in all such accounts which are not Blocked Accounts or Depository Accounts.

  • Establishment of Accounts The Escrow Agent hereby instructs the Depositary, and the Depositary agrees, to establish the separate deposit accounts listed on Schedule I hereto and to establish such additional separate deposit accounts as may be required in connection with the deposits contemplated by Section 2.4 hereof (each, an “Account” and collectively, the “Accounts”), each in the name of the Escrow Agent and all on the terms and conditions set forth in this Agreement.

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Establishment of Account (a) The Fund hereby appoints the Custodian as the custodian of all Securities and cash at any time delivered to the Custodian to be held under this Agreement. The Custodian hereby accepts such appointment and agrees to establish and maintain one or more accounts for each Series in which the Custodian will hold Securities and cash as provided herein. Such accounts (each, an “Account,” and collectively, the “Accounts”) shall be in the name of the Fund and Series, if any.

  • Establishment of the Bank Account 2.1 The Escrow Agent shall establish a non-interest bearing bank account at a branch of XX Xxxxxx Chase selected by the Escrow Agent, and bearing the designation set forth on the Information Sheet (heretofore defined as the “Bank Account”). The purpose of the Bank Account is for (a) the deposit of all subscription monies (checks, or wire transfers) which are received by the Underwriter from prospective purchasers of the Securities and are delivered by the Underwriter to the Escrow Agent, (b) the holding of amounts of subscription monies which are collected through the banking system, and (c) the disbursement of collected funds, all as described herein.

  • Establishment of Segregated Account Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of a Portfolio, into which account or accounts may be transferred cash and/or securities or other assets of such Portfolio, including securities maintained by the Custodian in a Securities System pursuant to Section 2.22(a) hereof or an Eligible Securities Depository pursuant to Section 2.22(b) hereof, said account or accounts to be maintained: (a) for the purposes set forth in Sections 2.09, 2.10 and 2.11 hereof; (b) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the SEC or SEC rules or regulations relating to the maintenance of segregated accounts by registered investment companies; or (c) for such other purposes as set forth, from time to time, in Special Instructions.

  • Establishment of Collection Account (a) The Servicer, on behalf of the Issuer and the Indenture Trustee, shall establish the Collection Account in the name of the Indenture Trustee for the benefit of the Securityholders. The Collection Account shall be an Eligible Deposit Account initially established with the Indenture Trustee and maintained with the Indenture Trustee. Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Indenture Trustee is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution within thirty days.

  • Establishment of Reserve Account Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20[__]-[_] Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

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