Lockbox Account. Each Obligor has been, or will be, directed to make all payments on their related Receivable to the Lockbox Processor for deposit into the Lockbox Account.
Lockbox Account. (a) Borrower shall establish and maintain a segregated Eligible Account (the “Lockbox Account”) with Lockbox Bank in trust for the benefit of Lender, which Lockbox Account shall be under the sole dominion and control of Lender. The Lockbox Account shall be entitled “North Tower, LLC, for the benefit of Xxxxxx XXX Inc. and Greenwich Capital Financial Products, their successors and assigns, as Lender, pursuant to Loan Agreement dated as of April __, 2007-Lockbox Account”. Borrower (i) hereby grants to Lender a first priority security interest in the Lockbox Account and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Lockbox Account, including executing and filing UCC-1 Financing Statements and continuations thereof. Borrower will not in any way alter or modify the Lockbox Account, will not further pledge, assign, encumber or grant a security interest in its interest in the Lockbox Account and will notify Lender of the account number thereof. Lender and Servicer shall have the sole right to make withdrawals from the Lockbox Account and all costs and expenses for establishing and maintaining the Lockbox Account shall be paid by Borrower.
(b) Borrower shall, or shall cause Manager to, deliver written instructions to all tenants under Leases to deliver all Rents payable thereunder directly to the Lockbox Account. Borrower shall, and shall cause Manager to, deposit all amounts received by Borrower or Manager constituting Rents and/or other Gross Income from Operations into the Lockbox Account within one (1) Business Day after receipt.
(c) Borrower shall obtain from the Lockbox Bank its agreement, in form and substance reasonably satisfactory to Lender, to transfer to the Cash Management Account in immediately available funds by federal wire transfer all amounts on deposit in the Lockbox Account once every Business Day throughout the term of the Loan.
Lockbox Account. Borrower shall cause Mortgage Borrower to execute an agreement with Mortgage Lender and the Lockbox Bank providing for, upon the occurrence of a Triggering Event (as defined in the Mortgage Loan Agreement), the establishment of a segregated Eligible Account with the Lockbox Bank (the “Lockbox Account”) into which Borrower shall deposit or cause to be deposited all sums or deposits in the Property Account in accordance with Section 3.2 of the Mortgage Loan Agreement. The Lockbox Account shall be under the sole dominion and control of Mortgage Lender. Borrower will not cause or permit Mortgage Borrower in any way to alter or modify the Lockbox Account and will notify Lender of the account number thereof. Mortgage Lender and its servicer shall have the sole right to make withdrawals from the Lockbox Account and all costs and expenses for establishing and maintaining the Lockbox Account shall be paid by Mortgage Borrower. Borrower shall direct or cause Mortgage Borrower to direct that all cash distributions from the Lockbox Account to be paid to Lender in accordance with the Mortgage Loan Agreement (including the Net Liquidation Proceeds After Debt Service) and be deposited into an account specified by Lender. In the event Mortgage Lender waives the requirement of Mortgage Borrower to maintain the Lockbox Account or the Mortgage Loan has been repaid in full, Lender shall have the right to require Borrower to establish and maintain a cash management account that would operate in the same way as the Lockbox Account, provided that Lender has obtained written consent from the Mortgage Lender in the event the Mortgage Loan is still outstanding.
Lockbox Account. Each Obligor has been, or will be, directed to make all payments on their related EFLLC Receivable to the Lockbox Bank for deposit into the Lockbox Account.
Lockbox Account. Seller shall inform the Mortgagors of Mortgage Loans to remit their mortgage payments to the Lockbox Account. Payments of all Servicing Spread Collections received on and after the first Assignment Date shall be transferred from the Lockbox Account to the Third Party Controlled Future Spread Custodial Account within one Business Day of receipt and identification thereof and in any event, within two Business Days of receipt thereof. If Seller receives any Servicing Spread Collections not remitted to the Lockbox Account, it shall hold such funds in trust for the benefit of the Purchaser and deposit such amounts to the Third Party Controlled Future Spread Account within two Business Days of receipt thereof.
Lockbox Account. (a) The Borrower and the Administrative Agent shall establish by the Effective Date and maintain at the Borrower's expense an interest-bearing account (the "Lockbox Account") under Administrative Agent's exclusive control --------------- with a bank (the "Lockbox Bank") reasonably acceptable to the Lenders which has ------------ entered into a lockbox account agreement pursuant to which all Cash Receipts to be received by the Borrower shall be deposited, and the Borrower shall direct (and hereby agrees to direct) each payor of any Cash Receipts now and in the future to make payment to such Lockbox Account. The Borrower hereby irrevocably appoints Administrative Agent as its attorney-in-fact (and such appointment shall be deemed to be coupled with an interest so long as any Loans remain outstanding) to address any direction letter or letter-in-lieu of division order executed by the Borrower it may hold and deliver or have delivered any such letter to any Person purchasing Hydrocarbons from the Oil and Gas Properties that is not then directing payment for such Hydrocarbons to the Lockbox Account.
(b) On each Disbursement Date, Administrative Agent (on behalf of the Lenders) shall direct the Lockbox Bank to make the following payments from the Lockbox Account in the following order of priority and to the extent funds remain available:
(i) amounts to the Borrower to (A) pay overriding royalty interests created by any ORRI Conveyance and to pay other royalties and overriding royalty interests (1) with respect to existing Oil and Gas Properties, to the extent such burdens exist at the time of the execution of this Agreement and (2) with respect to Properties that Borrower acquires subsequent to the date of this Agreement to the extent such burdens exist at the time that the Borrower acquires such Properties, and (B) to remit any revenues attributable to the working interests of third parties that were paid to or received by the Borrower, in each case, as the Lenders determine is reasonably accurate in its good faith discretion) and any applicable severance tax or ad-valorem tax;
(ii) payment to any third party (including Lenders or any of their Affiliates) of any amounts due under any Swap Agreement of the Borrower approved by the Lenders;
(iii) Operating Costs approved by the Lenders;
(iv) payment of any cash or cash equivalents representing proceeds of insurance policies with respect to any casualty to any of the Borrower's Property (the "Casualty Proceeds"), ...
Lockbox Account. Lockbox Account" means an account maintained by Borrower at the Lockbox Bank into which all collections of Accounts are paid directly.
Lockbox Account. Seller shall inform the Mortgagors of Mortgage Loans to remit their mortgage payments to the Lockbox Account. Payments of all Servicing Spread Collections received on and after the first Assignment Date shall be transferred from the Lockbox Account to the Third Party Controlled Future Spread Custodial Account within one Business Day of receipt and identification thereof and in any event, within two Business Days of receipt thereof.
Lockbox Account. If the Lockbox Method is used, Merchant hereby authorizes Purchaser to initiate a lockbox arrangement and to instruct Merchant’s Approved Card Processor and Merchant’s invoiced customers/clients/vendees to deposit all sums due to Merchant from each of those parties directly to the Lockbox Account. If required, Merchant shall enter into a lockbox agreement with Purchaser and the banking institution chosen by Purchaser, and complete any additional paperwork, for the purpose of establishing the Lockbox Account.
Lockbox Account. The Lockbox Account shall at all times be subject to the Lockbox Agreement. If at any time, the Lockbox Account ceases to be an Eligible Bank Account, the Indenture Trustee shall terminate the Lockbox Agreement and the Servicer shall, on behalf of the Issuer and the Indenture Trustee, in accordance with Section 3.1(i) hereof, establish a new Lockbox Account and enter into a new lockbox agreement substantially in the form as the Lockbox Agreement.
