Lockbox; Collection Account. Buyer has established a lockbox for the processing of checks and other tangible Collections (as further described in Item 15 of the Schedule of Additional Terms; the “Lockbox”) and an account for the collection of Collections whether from the Lockbox or directly from Account Debtors (as further described in Item 16 of the Schedule of Additional Terms; the “Collection Account”). Seller shall instruct all of its Account Debtors that may generate Eligible Receivables on Seller’s invoices to forward all checks and other tangible Collections to the Lockbox, and all ACH, wire transfers, and other electronic Collections to the Collection Account, without setoff or other deduction. Buyer may change the Lockbox and/or Collection Account at any time upon written notice to Seller. Seller shall require each of its Account Debtors making a payment of a Purchased Receivable by check or other instrument to make such check or instrument payable to the order of (a) Seller, or (b) Buyer, or (c) Seller and Buyer jointly. Collected funds in the Lockbox shall be deposited into the Collection Account, and funds in the Collection Account will be deposited into Buyer’s Account, at such times and in such amounts as directed by the operating procedures of the financial institution with which the Lockbox and Collection Account have been established.
Lockbox; Collection Account. The Servicer has neither pledged nor assigned, nor entered into a control agreement with respect to, the Lockbox or the Collection Account or amounts on deposit therein with or to any Person except the Administrative Agent and/or the Secured Parties.
Lockbox; Collection Account. The initial Servicer shall not create or participate in the creation of, or permit to exist, any Liens with respect to the Lockbox. The Servicer shall not enter into any “control agreement” (as defined in the relevant UCC) with respect to the Lockbox or the Collection Account other than as provided in the Transaction Documents.
Lockbox; Collection Account. The Servicer shall not (i) create or participate in the creation of, or permit to exist, any Liens (other than Permitted Liens) with respect to a Lockbox or a Lockbox Account or the Master Collection Account or (ii) grant dominion and control of any Lockbox (other than to the Lockbox Processor) or Lockbox Account or the Master Collection Account (other than to the Master Collection Account Trustee) or the right to take dominion or control at a future time or upon the occurrence of a future event to any Person.
Lockbox; Collection Account. (a) On or before the date of this Agreement, the Borrower shall (a) execute and deliver to the Bank Deposit Account Control Agreements for each Deposit Account maintained by the Borrower (each a “Collateral Deposit Account”), which Collateral Deposit Accounts are identified as such on Schedule 6(k) to the Security Agreement, and (b) establish lock box service (the “Lock Boxes”) with the bank(s) set forth in Schedule 6(k), which Lock Boxes shall be subject to irrevocable lockbox agreements in the form provided by or otherwise acceptable to the Bank and shall be accompanied by an acknowledgment by the bank where the Lock Box is located of the Lien of the Bank granted hereunder and of irrevocable instructions to wire all amounts collected therein to the Collection Account (each, a “Lock Box Agreement”). After the date of this Agreement, the Borrower will comply with the terms of Section 4.14(c) below.
Lockbox; Collection Account. On or prior to the Closing Date, the Lender, the Borrower and the Servicer will enter into the Lockbox Agreement and the Paying Agent Agreement. Among other provisions, the Paying Agent Agreement will establish, on or prior to the Closing Date, the Collection Account and the Reserve Account.
