Common use of Notice to Lockbox Banks Clause in Contracts

Notice to Lockbox Banks. At any time following the earlier to occur of (i) the occurrence and continuance of a Termination Event, and (ii) the commencement of the Termination Period, the Administrator is hereby authorized to give notice to the Lockbox Banks, as provided in the Lockbox Agreements, of the transfer to the Administrator of dominion and control over the Lockboxes and Lockbox Accounts. Seller hereby transfers to the Administrator the exclusive dominion and control over such Lockboxes and Lockbox Accounts, and shall take any further action that the Administrator may reasonably request to effect such transfer. Any proceeds of Pool Receivables received by the Seller, Servicer or any Sub-Servicer thereafter shall be sent immediately to the Administrator.