Lockbox Arrangements. (a) The Borrowers shall have each established and shall maintain one or more lockboxes (each a "Lockbox") with financial institutions selected by them and reasonably acceptable to the Administrative Agent (each a "Lockbox Bank") and shall instruct all account debtors on the Accounts of each Credit Party to remit all payments to its respective Lockboxes. All amounts received by the Credit Parties from any account debtor, in addition to all other cash proceeds from the Collateral, shall be promptly deposited into the applicable Lockbox Account (as defined below).
(b) Each Credit Party, the Administrative Agent and each Lockbox Bank shall enter into three party agreements in the form of Exhibit F-1 hereto (each a "Lockbox Agreement"), providing, among other things, for the following (except as may otherwise be consented to by the Administrative Agent):
(i) The Credit Parties will open and establish for the benefit of the Administrative Agent on behalf of the Lenders an account at each Lockbox Bank (each a "Lockbox Account").
(ii) All receipts of Accounts of the Securitization Companies held in the Lockboxes shall be remitted daily to the Concentration Account. All receipts of all other Accounts held in the Lockboxes shall be remitted daily to the WLV Joining Technologies Account. During any Cash Dominion Period and upon notice by the Administrative Agent to the Lockbox Bank, so directing (without further consent by any Borrower) ("Notice of Cash Dominion"), (x) all funds deposited into the Concentration Account on any Business Day shall be transferred as follows: (A) so long as the Permitted Securitization is in effect, to the Securitization Account, with funds transferred to be applied in accordance with the Intercreditor Agreement (funds payable to the Agent for the benefit of the Lenders pursuant to the terms hereof and the Intercreditor Agreement, will be further transferred to the Wachovia Cash Collateral Account) and (B) after the termination of the Permitted Securitization, to the Wachovia Cash Collateral Account and (y) all funds deposited into the WLV Joining Technologies Account on any Business Day shall be transferred to the Wachovia Cash Collateral Account. All funds deposited prior to 2:00 p.m. (EST) on any Business Day to the Wachovia Cash Collateral Account shall be applied by the Administrative Agent on the same Business Day to reduce the then outstanding balance of the Revolving Loans and to pay accrued interest thereon and to pay any other o...
Lockbox Arrangements. No later than the date that any Receivable is Pledged hereunder, the Servicer shall (i) direct and otherwise cause the Obligor obligated under such Receivable to mail payments of all monies due under such Receivable to the Lockbox and (ii) to cause the Lockbox Bank to (A) deposit on each Business Day all payments of Collections received in the Lockbox into the Lockbox Account and (B) to remit all Collections deposited into the Lockbox Account to the Collection Account within one (1) Business Day of the deposit of such Collections into the Lockbox Account. Neither SRI, the Servicer nor the Borrower shall change any payment directions referred to in the previous sentence without the prior written consent of the Agent.
Lockbox Arrangements. The Servicer and the Originator shall not alter or modify the Lockbox or collection account arrangements that are in effect as of the Closing Date relating to collection of payments on the Contracts without prior written notice to the Insurer.
Lockbox Arrangements. Marketer agrees that it shall establish lockbox arrangements for the receipt of Account payments. The funds in the lockbox account shall be made available to Bank pursuant to the control agreement referred to below in the event Marketer fails to perform its obligation hereunder to purchase a Program Receivable and the Settlement Reserve have been depleted as described in Section 4.4. For a period of twenty-six (26) days following such depletion of the Settlement Reserve, all payments, credits, refunds, and reversals thereafter received and deposited in a lockbox account shall be made but only to the extent necessary to pay the purchase price of new Program Receivables and shall be subject to Section 4.4. Such lockbox arrangements shall be reasonably acceptable to Bank, including, but not limited to, arrangements for the execution of a control agreement by the lockbox agent, Bank, and Marketer acknowledging Bank’s security interest in the Account payments and granting Bank the ability to redirect the same to Bank in the event Marketer fails to perform its obligations hereunder to purchase a Program Receivable. Any lockbox arrangements for the receipt of Account payments shall specifically acknowledge the rights of Bank under Section 4.4.
Lockbox Arrangements. Following receipt of the Administrative Agent's written request, Borrowers agree to promptly notify all purchasers of hydrocarbons from all of the
Lockbox Arrangements. (i) on or before February 26, 1999, establish deposit accounts with, and enter into lockbox agreements with, the Collateral Agent, and cause each of its Domestic Subsidiaries to do likewise, all of which arrangements shall be satisfactory in form and substance to the Collateral Agent;
(ii) on or before March 31, 1999, cause all funds to be paid to the Borrower and its Domestic Subsidiaries by customers, account debtors and others to be paid to said lockboxes and deposited in said accounts with the Collateral Agent;
(iii) no later than March 31, 1999, cease using deposit accounts and any lockbox arrangements with any financial institution other than the Collateral Agent, and cause each of its Domestic Subsidiaries to do likewise, it being understood that the Borrower and its Domestic Subsidiaries may continue using controlled disbursement accounts with other financial institutions as and to the extent permitted by the Collateral Agent, acting in its reasonable discretion;
(iv) such lockbox agreements with the Collateral Agent shall provide, among other things, that once the Borrower and its Domestic Subsidiaries shall have so established such lockbox agreements and deposit accounts with the Collateral Agent, and funds shall be received by the Collateral Agent as contemplated thereby, (A) if no Default under section 10.1(a) or Event of Default shall have occurred and be continuing, the Collateral Agent will immediately release such funds so received by it to or as directed by the Borrower, or (B) if a Default under section 10.1(a) or Event of Default shall have occurred and be continuing, the Collateral Agent shall have sole and complete dominion over all funds so received and shall, on a daily or similar frequent basis, promptly apply such funds to the Loans and other obligations secured by the Security Agreement, and after all Loans and other obligations secured by the Security Agreement have been satisfied and the Total Commitment has been terminated, release any surplus remaining to the Borrower or to whomsoever shall be lawfully entitled thereto;
Lockbox Arrangements. Without limitation of the requirement of Section 2.3.2(a) hereof, Borrower shall cause the Lockbox Arrangement to become effective within 150 days after June 11, 2007.
Lockbox Arrangements. (a) As soon as reasonably possible after the Initial Closing Date the Company shall enter into a Lockbox Agreement with a bank reasonably acceptable to the Company and the Purchasers on terms acceptable to the parties, in which all revenues generated from “membership tour card,” “membership” and “entry fees” will be deposited.
Lockbox Arrangements. The Borrowers and Credit Parties hereby covenant and agree to re-institute on the date hereof the lockbox arrangements as required by Section 2.5 of the $50,000,000 Credit Agreement and to comply with such requirements going forward, which lockbox arrangements shall not require the sweeping of cash except cash from government payors or upon and during the continuation of an Event of Default.
Lockbox Arrangements. 36 3.2 [Intentionally Omitted]....................................... 37 3.3
