Common use of ESTABLISHMENT OF LOCKBOX ACCOUNT; NOTICES TO OBLIGORS; DEPOSITS IN LOCKBOX ACCOUNT Clause in Contracts

ESTABLISHMENT OF LOCKBOX ACCOUNT; NOTICES TO OBLIGORS; DEPOSITS IN LOCKBOX ACCOUNT. (a) On or prior to the Closing Date, the Servicers shall cause to be established and maintained, at the Servicers' expense, if the Servicers are PMC and/or PMCT, if not, then at the expense of the Trust Estate, the Lockbox Account with Bank One, Texas, N.A. or another Financial Institution having a long-term unsecured debt rating of at least A2 or its equivalent by the Rating Agency at all times that it holds the Lockbox Account (the "Required Rating"). The creation of the Lockbox Account shall be evidenced by a letter agreement substantially in the form of Exhibit B hereto. A copy of such executed letter agreement shall be furnished to each Servicer, the Placement Agent, the Supervisory Servicer, the Noteholders and the Rating Agency.

ESTABLISHMENT OF LOCKBOX ACCOUNT; NOTICES TO OBLIGORS; DEPOSITS IN LOCKBOX ACCOUNT. (a) On or prior to the Closing Date, the Servicers Trustee shall cause to be established and maintained, at the Servicers' expense, Servicer's expense if the Servicers are PMC and/or PMCTServicer is PMC, if not, then at the expense of the Trust Estate, the Lockbox Account with Bank One, Texas, N.A. or another Financial Institution having a long-term unsecured debt rating of at least A2 A-2 or its equivalent by the Rating Agency Agency, at all times that it holds the Lockbox Account (the "Required Rating"). The creation of the Lockbox Account shall be evidenced by a letter agreement substantially in the form of Exhibit B hereto. A copy of such executed letter agreement shall be furnished to each the Servicer, the Placement Agent, the Supervisory Servicer, the Noteholders and the Rating Agency.

ESTABLISHMENT OF LOCKBOX ACCOUNT; NOTICES TO OBLIGORS; DEPOSITS IN LOCKBOX ACCOUNT. (a) On or prior to the Closing Date, the Servicers Trustee shall cause to be established and maintained, at the Servicers' expense, Servicer's expense if the Servicers are PMC and/or PMCTServicer is PMC, if not, then at the expense of the Trust Estate, the Lockbox Account with Bank One, Texas, N.A. or another Financial Institution having a long-term unsecured debt rating of at least A2 A-2 or its equivalent by the Rating Agency at all times that it holds the Lockbox Account (the "Required Rating"). The creation of the Lockbox Account shall be evidenced by a letter agreement substantially in the form of Exhibit B hereto. A copy of such executed letter agreement shall be furnished to each the Servicer, the Placement Agent, the Supervisory Servicer, the Noteholders and the Rating Agency.

ESTABLISHMENT OF LOCKBOX ACCOUNT; NOTICES TO OBLIGORS; DEPOSITS IN LOCKBOX ACCOUNT. (a) On or prior to the Closing Date, the Servicers shall cause to be established and maintained, at the Servicers' expense, if the Servicers are PMC and/or PMCT, if not, then at the expense of the Trust Estate, the Lockbox Account with Bank One, Texas, N.A. or another Financial Institution having a long-term unsecured debt rating of at least A2 or its equivalent by the Rating Agency at all times that it holds the Lockbox Account (the "Required Rating"). The creation of the Lockbox Account shall be evidenced by a letter agreement substantially in the form of Exhibit B hereto. A copy of such executed letter agreement shall be furnished to each Servicer, the Placement Agent, the Supervisory Servicer, the Noteholders and the Rating Agency.