Common use of Lockbox Bank Clause in Contracts

Lockbox Bank. The Lockbox Bank is the only institution holding any Lockbox Account for receipt of payments from Obligors, and all Obligors have been instructed to make payments to the Lockbox Account (either directly by remitting payments to the Lockbox, or indirectly by making payments through direct debit, the telephone or the internet to an account of the Servicer which payments will be subsequently transferred from such account to one or more Lockbox Banks), and no person claiming through or under Seller has any claim or interest in the Lockbox Account other than the Lockbox Bank; provided, however, that other “Trusts” (as defined in the Lockbox Agreement) shall have an interest in certain other collections therein not related to the Contracts.