Common use of Locked Box Clause in Contracts

Locked Box. Borrower has obtained and shall continue to maintain during the term of this Agreement the post office box at the U.S. Post Office bearing the following address: PX Xxx 0000, Xxxxxxxxxx, Xxxx Xxxxxxxxxx XX 00000-0000, or such other address as Bank may notify Borrower from time to time (the “Locked Box”). Borrower shall notify all of its customers and account debtors to forward all remittances of every kind due Borrower (“Remittances”) to the Locked Box (such notices to be in such form and substance as Bank may require from time to time). Immediately upon receipt thereof, Borrower shall deposit all other proceeds of Receivables or other Loan Collateral into the Locked Box (or into the Special Account, as defined below). Bank shall have sole access to the Locked Box at all times, and Borrower shall take all action necessary to grant Bank such sole access. At no time shall Borrower remove any item from the Locked Box without Bank’s prior written consent, and Borrower shall not notify any customer or account debtor to pay any Remittance to any other place or address without Bank’s prior written consent. If Borrower should neglect or refuse to notify any customer or account debtor to pay any Remittance to the Locked Box, Bank shall be entitled to make such notification. Borrower hereby grants to Bank an irrevocable power of attorney, coupled with an interest, to take in Borrower’s name all action necessary (a) to grant Bank sole access to the Locked Box, (b) to contact account debtors to pay any Remittance to the Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors for any reason upon the occurrence of an Event of Default, and (d) to endorse each Remittance delivered to the Locked Box for deposit to the Special Account.

Locked Box. Borrower has obtained and shall continue to maintain during the term of this Agreement the post office box at the U.S. Post Office bearing the following address: PX CitiSteel, X X Xxx 0000000000, Xxxxxxxxxx, Xxxx Xxxxxxxxxx XX 00000-0000, or such other address as Bank Agent may notify Borrower from time to time (the “Locked Box”). Borrower shall notify all of its customers and account debtors to forward all remittances of every kind due Borrower (“Remittances”) to the Locked Box (such notices to be in such form and substance as Bank Agent may require from time to time). Immediately Promptly upon receipt thereof, Borrower shall deposit all other proceeds of Receivables or other Loan Collateral into the Locked Box (or into the Special Account, as defined below). Bank Agent shall have sole access to the Locked Box at all times, and Borrower shall take all action necessary to grant Bank Agent such sole access. At no time shall Borrower remove any item from the Locked Box without BankAgent’s prior written consentconsent (which consent will not be unreasonably withheld or delayed), and Borrower shall not notify any customer or account debtor to pay any Remittance to any other place or address without BankAgent’s prior written consentconsent (which consent will not be unreasonably withheld or delayed). If Borrower should neglect or refuse to notify any customer or account debtor to pay any Remittance to the Locked Box, Bank Agent shall be entitled to make such notification. Borrower hereby grants to Bank Agent an irrevocable power of attorney, coupled with an interest, to take in Borrower’s name all action necessary (a) to grant Bank Agent sole access to the Locked Box, (b) to contact account debtors to pay any Remittance to the Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors for any reason upon the occurrence of an Event of Default, and (d) to endorse each Remittance delivered to the Locked Box for deposit to the Special Account.

Locked Box. Borrower The Borrowing Agent has obtained and shall continue to maintain during the term of this Agreement for the benefit of itself and the other Borrowers, the post office box boxes at the U.S. Post Office Offices bearing the following address: PX Xxx 0000, Xxxxxxxxxx, Xxxx Xxxxxxxxxx XX 00000-0000addresses set forth on Schedule 7.3, or such other address address(es) as Bank Agent may notify Borrower the Borrowing Agent from time to time (the “each a "Locked Box”", collectively, the "Locked Boxes"). Each Borrower shall notify all of its customers and account debtors to forward all remittances of every kind due such Borrower (“"Remittances”") to the applicable Locked Box (such notices to be in such form and substance as Bank Agent may reasonably require from time to time). Immediately upon receipt thereof, each Borrower shall deposit all other proceeds of Receivables or other Loan Collateral into the applicable Locked Box (or into the Special Account, as defined below). Bank Agent shall have sole access to the Locked Box Boxes at all times, and Borrower Borrowing Agent shall take all action necessary to grant Bank Agent such sole access. At no time shall any Borrower remove any item from the any Locked Box without Bank’s Agent's prior written consent, and no Borrower shall not notify any customer or account debtor to pay any Remittance to any other place or address without Bank’s Agent's prior written consent. If any Borrower should neglect or refuse to notify any customer or account debtor (or shall neglect to notify any customer or account debtor following an additional request from Agent to do so) to pay any Remittance to the applicable Locked Box, Bank Agent shall be entitled to make such notification. Each Borrower hereby grants to Bank Agent an irrevocable power of attorney, coupled with an interest, to take in such Borrower’s 's name all action necessary (a) to grant Bank Agent sole access to the such Locked Box, (b) to contact account debtors to pay any Remittance to the such Locked Box in the event that any such account debtor is not paying any such Remittance to such Locked Box upon the Locked Boxoccurrence and during the continuance of an Event of Default, (c) to contact account debtors for any reason upon the occurrence and during the continuance of an Event of Default, and (d) to endorse each Remittance delivered to the such Locked Box for deposit to the Special Account.

Locked Box. Following the occurrence of a Triggering Event, upon the request of the Bank, Borrower has obtained will obtain, and shall continue to maintain during the term of this Agreement the Agreement, a post office box at the U.S. Post Office bearing the following address: PX Xxx 0000, Xxxxxxxxxx, Xxxx Xxxxxxxxxx XX 00000-0000, or such other address as Bank may notify Borrower from time to time (the “Locked Box”). Following the establishment of the Locked Box, Borrower shall notify all of its customers and account debtors to forward all remittances of every kind due Borrower (“Remittances”) to the Locked Box (such notices to be in such form and substance as Bank may require from time to time). Immediately upon receipt thereof, Borrower shall deposit all other proceeds of Receivables or other Loan Collateral into the Locked Box (or into the Special Account, as defined below). Bank shall have sole access to the Locked Box at all times, and Borrower shall take all action necessary to grant Bank such sole access. At no time shall Borrower remove any item from the Locked Box without Bank’s prior written consent, and Borrower shall not notify any customer or account debtor to pay any Remittance to any other place or address without Bank’s prior written consent. If Following the establishment of the Locked Box, if Borrower should neglect or refuse to notify any customer or account debtor to pay any Remittance to the Locked Box, Bank shall be entitled to make such notification. Upon the establishment of the Locked Box, Borrower will hereby grants be deemed to have granted to Bank an irrevocable power of attorney, coupled with an interest, to take in Borrower’s name all action necessary (a) to grant Bank sole access to the Locked Box, (b) to contact account debtors to pay any Remittance to the Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors for any reason upon the occurrence of an Event of Default, and (d) to endorse each Remittance delivered to the Locked Box for deposit to the Special Account.

Locked Box. Borrower has obtained Borrowers have rented and shall continue to maintain during the term of this Agreement rent the post office box at the U.S. Post Office bearing the following address: PX Xxx 0000FM Precision Golf, PO Bxx Xx. 0000000, Xxxxxxxxxx, Xxxx Xxxxxxxxxx XX 00000-0000, or xx such other address as Bank may notify Borrower Borrowers from time to time (the “"Locked Box”"). Borrower Borrowers shall notify all of its their customers and account debtors to forward all remittances of every kind due Borrower Borrowers (“"Remittances”") to the Locked Box (such notices to be in such form and substance as Bank may reasonably require from time to time). Immediately , and immediately upon receipt thereof, Borrower Borrowers shall deposit all other proceeds of Receivables or other Loan Collateral into the Locked Box (or into the Special Account, as defined belowin Section 7.4). Bank shall have sole access to the Locked Box at all times, and Borrower Borrowers shall take all action necessary to grant Bank such sole access. At no time shall a Borrower remove any item from the Locked Box without Bank’s 's prior written consent, and no Borrower shall not notify any customer or account debtor to pay any Remittance to any other place or address without Bank’s 's prior written consent. If a Borrower should neglect or refuse to notify any customer or account debtor to pay any Remittance to the Locked Box, Bank shall be entitled to make such notification. Borrower Borrowers hereby grants grant to Bank an irrevocable power of attorney, coupled with an interest, to take in Borrower’s name Borrowers' names all action necessary (a) to grant Bank sole access to the Locked Box, (b) to contact account debtors to pay any Remittance to the Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors for any reason upon during the occurrence existence of an Event of Default, and (d) to endorse each Remittance delivered to the Locked Box for deposit to the Special Account.

Locked Box. Borrower has obtained and shall continue to maintain during the term of this Agreement the rent a post office box at the U.S. Post Office bearing which post office boxes bear the following address: PX Xxx 0000, Xxxxxxxxxx, Xxxx Xxxxxxxxxx XX 00000-0000, addresses (or such other address addresses as Bank may notify the applicable Borrower of from time to time (the “"Locked Box”"). ): Vari-Lite, Inc., X.X. 000000, Xxxxxxxxxx, Xxxx 00000-0000; Borrower shall notify all of its customers customers, lessees and account debtors to forward all remittances of every kind due Borrower (“"Remittances”") to the Locked Box (such notices to be in such form and substance as Bank may require from time to time). Immediately , and immediately upon receipt thereof, Borrower shall deposit all other proceeds of Receivables or other Loan Collateral into the its Locked Box (or into the its Special Account, as defined below). Bank shall have sole access to the Locked Box at all times, and Borrower shall take all action necessary to grant Bank such sole access. At no time shall Borrower remove any item from the its Locked Box without Bank’s 's prior written consent, and Borrower shall may not notify any customer customer, lessee or account debtor to pay any Remittance to any other place or address without Bank’s 's prior written consent. If Borrower should neglect or refuse to notify any customer customer, lessee or account debtor to pay any Remittance to the its Locked Box, Bank shall be entitled to make such notification. Borrower hereby grants to Bank an irrevocable power of attorney, coupled with an interest, to take in Borrower’s 's name all action necessary (ai) to grant Bank sole access to the its Locked Box, (bii) to contact customers, lessees and account debtors to pay any Remittance to the its Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors or for any reason upon the occurrence of an Event of Defaultother reason, and (diii) to endorse each Remittance delivered to the a Locked Box for deposit to the Borrower's Special Account.

Locked Box. Borrower has obtained and shall continue to maintain during the term of this Agreement the post office box at the U.S. Post Office bearing the following address: PX Claymont Steel, Inc., X X Xxx 0000000000, Xxxxxxxxxx, Xxxx Xxxxxxxxxx XX 00000-0000, or such other address as Bank Agent may notify Borrower from time to time (the “Locked Box”). Borrower shall notify all of its customers and account debtors to forward all remittances of every kind due Borrower (“Remittances”) to the Locked Box (such notices to be in such form and substance as Bank Agent may require from time to time). Immediately Promptly upon receipt thereof, Borrower shall deposit all other proceeds of Receivables or other Loan Collateral into the Locked Box (or into the Special Account, as defined below). Bank Agent shall have sole access to the Locked Box at all times, and Borrower shall take all action necessary to grant Bank Agent such sole access. At no time shall Borrower remove any item from the Locked Box without BankAgent’s prior written consentconsent (which consent will not be unreasonably withheld or delayed), and Borrower shall not notify any customer or account debtor to pay any Remittance to any other place or address without BankAgent’s prior written consentconsent (which consent will not be unreasonably withheld or delayed). If Borrower should neglect or refuse to notify any customer or account debtor to pay any Remittance to the Locked Box, Bank Agent shall be entitled to make such notification. Borrower hereby grants to Bank Agent an irrevocable power of attorney, coupled with an interest, to take in Borrower’s name all action necessary (a) to grant Bank Agent sole access to the Locked Box, (b) to contact account debtors to pay any Remittance to the Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors for any reason upon the occurrence of an Event of Default, and (d) to endorse each Remittance delivered to the Locked Box for deposit to the Special Account.

Locked Box. Borrower has obtained and shall continue to maintain during the term of this Agreement the post office box boxes at the U.S. Post Office bearing the following addressaddresses: PX U.S. Bank National Association, X.X. Xxx 000000000, XxxxxxxxxxXx. Xxxxx, Xxxx Xxxxxxxxxx XX 00000-0000 and U.S. Bank National Association, X.X. Xxx 00000, Xxx Xxxxxxx, XX 00000-0000, or such other address addresses as Bank Agent may notify Borrower from time to time (the “Locked Box”). Borrower shall notify all of its customers and account debtors to forward all remittances of every kind due to Borrower (“Remittances”) to the Locked Box (such notices to be in such form and substance as Bank Agent may require from time to time). Immediately upon receipt thereof, Borrower shall deposit all other proceeds of Receivables owing to Borrower or other Loan Collateral of Borrower into the Locked Box (or into the Special Account, as defined below). Bank Agent shall have sole access to the Locked Box at all times, and Borrower shall take all action necessary to grant Bank Agent such sole access. At no time shall Borrower remove any item from the Locked Box without BankAgent’s prior written consent, and Borrower shall not notify any customer or account debtor of Borrower to pay any Remittance owing to Borrower to any other place or address without BankAgent’s prior written consent. If Borrower should neglect or refuse to notify any customer or account debtor of Borrower to pay any Remittance owing to Borrower to the Locked Box, Bank Agent shall be entitled to make such notification. Borrower hereby grants to Bank Agent an irrevocable power of attorney, coupled with an interest, to take in Borrower’s name all action necessary to (a) to grant Bank Agent sole access to the Locked Box, (b) to contact account debtors to pay any Remittance to the Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors for any reason upon the occurrence of an Event of Default, Default and (d) to endorse each Remittance delivered to the Locked Box for deposit to the Special Account.

Locked Box. Borrower has obtained and Upon the Agent's reasonable request following the occurrence of an Event of Default, the Borrowers shall continue to maintain during the term of this Agreement the rent a post office box at the U.S. Post Office bearing the following address: PX Xxx 0000, Xxxxxxxxxx, Xxxx Xxxxxxxxxx XX 00000-0000, or such other address as Bank may notify Borrower from time to time (the “"Locked Box”"). Borrower The Borrowers shall notify all of its their customers and account debtors to forward all remittances of every kind on Receivables due Borrower to the Borrowers (“"Remittances”") to the Locked Box (such notices to be in such form and substance as Bank the Agent may reasonably require from time to time). Immediately , and promptly upon receipt thereof, Borrower the Borrowers shall deposit all other proceeds of Receivables or other Loan Collateral into the Locked Box (or into the Special Account, Account as defined below). Bank The Agent shall have sole access to the Locked Box at all times, times and Borrower the Borrowers shall take all action necessary to grant Bank the Agent such sole access. At no time shall Borrower the Borrowers remove any item from the Locked Box without Bank’s the Agent's prior written consent, and no Borrower shall not notify any customer or account debtor to pay any Remittance to any other place or address without Bank’s the prior written consentconsent of the Agent or the Majority Banks. If Borrower the Borrowers should neglect or refuse to notify any customer or account debtor to pay any Remittance to the any Locked Box, Bank the Agent shall be entitled to make such notification. Borrower The Borrowers hereby grants grant to Bank the Agent an irrevocable power of attorney, coupled with an interest, to take in Borrower’s name the Borrowers' names, if a Locked Box is required pursuant to this Section 7.3, all action necessary (ai) to grant Bank the Agent sole access to the Locked Box, (bii) to contact account debtors to pay any Remittance to the Locked Box in the event that any such account debtor is not paying any such Remittance to the Locked Box, (c) to contact account debtors or for any reason upon the occurrence of an Event of Defaultother reason, and (diii) to endorse each Remittance delivered to the Locked Box for deposit to the Special Account.