Common use of Lockbox and Account Collections Clause in Contracts

Lockbox and Account Collections. Upon the occurrence of Default and written request from Lender, Borrower will maintain under such written agreements as Lender requires, as security for the Indebtedness, a lockbox (“Lockbox”) and depository account in the name of Lender (“Depository Account”) at a financial institution acceptable to the Lender in its sole discretion (the “Lockbox Bank”). All payments from the Mortgage Loan Obligors with respect to Mortgage Loans and for all other account debtors of Borrower will be deposited directly into the Depository Account. Borrower agrees that Lender will have all right, title and interest in and to all items and funds from time to time in the Depository Account. Checks received into the Depository Account will not be considered good funds until Lender has effected final settlement with respect thereto. After an Event of Default has occurred, Lender is authorized to apply any and all funds in the Depository Account at any time, and from time to time, to the Indebtedness (to the extent then due and payable) in any order Lender may elect. Upon written notice to Borrower from Lender, Borrower will advise the Mortgage Loan Obligors and all of its other account debtors to direct their payments to the Lockbox, at the address established by the Lockbox arrangements. All payments received into the Lockbox will be deposited into the Depository Account for disposition as set forth above in this Section.

Lockbox and Account Collections. Upon the occurrence of Default or Event of Default and written request from LenderBank, Borrower will maintain under such written agreements as Lender Bank requires, as security for the Indebtedness, a lockbox (“Lockbox”) and depository account held by Bank or another financial institution acceptable to Bank in the name of Lender Bank (“Depository Account”) at a financial institution acceptable to the Lender in its sole discretion (the “Lockbox Bank”). All payments from the Mortgage Loan Obligors with respect to Mortgage Loans and for all other account debtors of Borrower will be deposited directly into the Depository Account, and Bank is authorized to transfer to the Depository Account any funds which are Mortgage Loan Obligors or other account debtor payments but which have been deposited into any other depository account of Borrower at Bank. Borrower agrees that Lender Bank will have all right, title and interest in and to all items and funds from time to time in the Depository Account. Checks received into the Depository Account will not be considered good funds until Lender Bank has effected final settlement with respect thereto. After an Event of Default has occurred, Lender Bank is authorized to apply any and all funds in the Depository Account at any time, and from time to time, to the Indebtedness (to the extent then due and payable) in any order Lender Bank may elect. Upon written notice to Borrower from LenderBank, Borrower will advise the Mortgage Loan Obligors and all of its other account debtors to direct their payments to the LockboxLockbox (and if Borrower does not so advise Bank may advise such Mortgage Loan Obligors without the need of any further consent by Borrower), at the address established by the Lockbox arrangementsarrangements without any further consent by Borrower. All payments received into the Lockbox will be deposited into the Depository Account for disposition as set forth above in this Section.

Lockbox and Account Collections. Upon the occurrence request of Default and written request from Lender, Borrower will maintain under such written agreements as Lender requires, as security for the IndebtednessObligations, a lockbox (“Lockbox”) and depository account in the name of Lender (“Depository Account”) at a financial institution acceptable to the Lender in its sole discretion (the “Lockbox Bank”). All payments from the Mortgage Loan Obligors with respect to Mortgage Loans and for all other account debtors of Borrower will be deposited directly into the Depository AccountAccounts, and Lender is authorized to transfer to the Depository Account any funds which are account debtor payments but which have been deposited into any other depository account of Borrower at Lender. Borrower agrees that Lender will have all right, title and interest in and to all items and funds from time to time in the Depository Account. Checks received into the Depository Account will not be considered good funds until Lender Lender’s depository bank has effected final settlement with respect theretothereto by irrevocable credit to Lender. After an Event of Default has occurred, Lender is authorized to apply any and all funds in the Depository Account at any time, and from time to time, to the Indebtedness (to the extent then due and payable) Obligations in any order Lender may elect. Upon written notice to Borrower from Lender, Borrower will advise the Mortgage Loan Obligors and all of its other account debtors to direct their payments to the Lockbox, at the address established by the Lockbox arrangements. All payments received into the Lockbox will be deposited into the Depository Account for disposition as set forth above in this Sectionsection.

Lockbox and Account Collections. Upon the occurrence request of Default and written request from Lender, Borrower will maintain under such written agreements as Lender requires, as security for the IndebtednessObligations, a lockbox (“Lockbox”) and depository account in the name of Lender (“Depository Account”) at a financial institution acceptable to the Lender in its sole discretion (the “Lockbox Bank”). All payments from the Mortgage Loan Obligors with respect to Mortgage Loans and for all other account debtors of Borrower will be deposited directly into the Depository AccountAccounts, and Lender is authorized to transfer to the Depository Account any funds which are account debtor payments but which have been deposited into any other depository account of Borrower at Lender. Borrower agrees that Lender will have all right, title and interest in and to all items and funds from time to time in the Depository Account. Account Checks received into the Depository Account will not be considered good funds until Lender Lender’s depository bank has effected final settlement with respect theretothereto by irrevocable credit to Lender. After an Event of Default has occurred, Lender is authorized to apply any and all funds in the Depository Account at any time, and from time to time, to the Indebtedness (to the extent then due and payable) Obligations in any order Lender may elect. Upon written notice to Borrower from Lender, Borrower will advise the Mortgage Loan Obligors and all of its other account Account debtors to direct their payments to the Lockbox, at the address established by the Lockbox arrangements. All payments received into the Lockbox will wt1I be deposited into the Depository Account for disposition as set forth above in this Sectionsection.

Lockbox and Account Collections. Upon the occurrence of Default and written request from Lender, Borrower will maintain under such written agreements as Lender Bank requires, as security for the Indebtedness, a lockbox (“Lockbox”) and depository account in with the name of Lender Bank (“Depository Account”) at and, upon request of Bank following an Event of Default, a financial institution acceptable to the Lender in its sole discretion lockbox (the “Lockbox BankLockbox”). All Upon the request of Bank following the occurrence of an Event of Default, Borrower will advise all of its account debtors to direct their payments to the Lockbox, at the address established by the Lockbox arrangements; all payments received into the Lockbox will be deposited into the Depository Account; and all payments from the Mortgage Loan Obligors with respect to Mortgage Loans and for all other account debtors of Borrower not otherwise delivered to the Lockbox will be deposited directly into the Depository Account, and Bank is authorized to transfer to the Depository Account any funds which are account debtor payments but which have been deposited into any other depository account of Borrower at Bank. Upon the occurrence of an Event of Default, Borrower agrees that Lender Bank will have all right, title and interest in and to all items and funds from time to time in the Depository Account. Checks received into the Depository Account will not be considered good funds until Lender Bank has effected final settlement with respect thereto. After an Event of Default has occurred, Lender Bank is authorized to apply any and all funds in the Depository Account at any time, and from time to time, to the Indebtedness (to the extent then due and payable) in any order Lender Bank may elect. Upon written notice to Borrower from Lender, Borrower will advise the Mortgage Loan Obligors and all of its other account debtors to direct their payments to the Lockbox, at the address established by the Lockbox arrangements. All payments received into the Lockbox will be deposited into the Depository Account for disposition as set forth above in this Section.

Lockbox and Account Collections. Upon the occurrence of Default and written request from LenderBank, Borrower will maintain under such written agreements as Lender Bank requires, as security for the Indebtedness, a lockbox (“"Lockbox”") and depository account in the name of Lender Bank (“"Depository Account”) at a financial institution acceptable to the Lender in its sole discretion (the “Lockbox Bank”"). All payments from the Mortgage Loan Obligors with respect to Mortgage Loans and for all other account debtors of Borrower will be deposited directly into the Depository Account, and Bank is authorized to transfer to the Depository Account any funds which are Mortgage Loan Obligors or other account debtor payments but which have been deposited into any other depository account of Borrower at Bank. Borrower agrees that Lender Bank will have all right, title and interest in and to all items and funds from time to time in the Depository Account. Checks received into the Depository Account will not be considered good funds until Lender Bank has effected final settlement with respect thereto. After an Event of Default has occurred, Lender Bank is authorized to apply any and all funds in the Depository Account at any time, and from time to time, to the Indebtedness (to the extent then due and payable) in any order Lender Bank may elect. Upon written notice to Borrower from LenderBank, Borrower will advise the Mortgage Loan Obligors and all of its other account debtors to direct their payments to the Lockbox, at the address established by the Lockbox arrangements. All payments received into the Lockbox will be deposited into the Depository Account for disposition as set forth above in this Section.

Lockbox and Account Collections. Upon the occurrence of Default and written request from LenderBank, Borrower will maintain under such written agreements as Lender Bank requires, as security for the Indebtedness, a lockbox (“Lockbox”) and depository account in the name of Lender Bank (“Depository Account”) at a financial institution acceptable to the Lender in its sole discretion (the “Lockbox Bank”). All payments from the Mortgage Loan Obligors with respect to Mortgage Loans and for all other account debtors of Borrower will be deposited directly into the Depository Account, and Bank is authorized to transfer to the Depository Account any funds which are Mortgage Loan Obligors or other account debtor payments but which have been deposited into any other depository account of Borrower at Bank. Borrower agrees that Lender Bank will have all right, title and interest in and to all items and funds from time to time in the Depository Account. Checks received into the Depository Account will not be considered good funds until Lender Bank has effected final settlement with respect thereto. After an Event of Default has occurred, Lender Bank is authorized to apply any and all funds in the Depository Account at any time, and from time to time, to the Indebtedness (to the extent then due and payable) in any order Lender Bank may elect. Upon written notice to Borrower from LenderBank, Borrower will advise the Mortgage Loan Obligors and all of its other account debtors to direct their payments to the Lockbox, at the address established by the Lockbox arrangements. All payments received into the Lockbox will be deposited into the Depository Account for disposition as set forth above in this Section.

Lockbox and Account Collections. Upon the occurrence of Default and written request from Lender, The Borrower will maintain under such written agreements as the Lender requires, as security for the IndebtednessObligations, a lockbox (“Lockbox”) and depository account in the name of the Lender (“Depository Account”) at a financial institution acceptable to the Lender in its sole discretion (the “Lockbox Bank”). All payments from the Mortgage Loan Obligors with respect to Mortgage Loans and for all other account debtors of the Borrower will be deposited directly into the Depository AccountAccounts, and the Lender is authorized to transfer to the Depository Account any funds which are account debtor payments but which have been deposited into any other depository account of the Borrower at the Lender. The Borrower agrees that the Lender will have all right, title and interest in and to all items and funds from time to time in the Depository Account. Checks received into the Depository Account will not be considered good funds until Lender the Lender’s depository bank has effected final settlement with respect theretothereto by irrevocable credit to the Lender. After an Event of Default has occurred, The Lender is authorized to apply any and all funds in the Depository Account at any time, and from time to time, to the Indebtedness (to the extent then due and payable) Obligations in any order the Lender may elect. Upon written notice to the Borrower from the Lender, the Borrower will advise the Mortgage Loan Obligors and all of its other account Account debtors to direct their payments to the Lockbox, at the address established by the Lockbox arrangements. All payments received into the Lockbox will be deposited into the Depository Account for disposition as set forth above in this Sectionsection.