Common use of Payments on Receivables, Accounts Clause in Contracts

Payments on Receivables, Accounts. Each Originator will at all times instruct all Obligors to deliver payments on the Receivables (including Deemed Collections) to a Lock-Box or Lock-Box Account. If any such payments or other Collections are received by an Originator, it shall hold such payments in trust for the benefit of the Buyer and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Account. Each Originator will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. After the occurrence of a Termination Event or the Liquidity Termination Date, such Originator will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Buyer is entitled with any other funds. Each Originator shall only add a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit E of the Second Tier Agreement if the Buyer has received notice of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F of the Second Tier Agreement (with such changes as are acceptable to the Buyer) from any new Lock-Box Bank. Each Originator shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Buyer.

Payments on Receivables, Accounts. Each Originator will at all times instruct all Obligors to deliver payments on the Receivables (including Deemed Collections) to a Lock-Box or Lock-Box AccountBox. If any such payments or other Collections are received by an Originator, it shall hold such payments in trust for the benefit of the Buyer and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Accountat the direction of the Buyer. Each Originator will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. After the occurrence of a Termination Event or the Liquidity Termination Date, such Originator will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Buyer is entitled with any other funds. Each Originator shall only add a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit E F of the Second Tier Agreement if the Buyer has received notice of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F G of the Second Tier Agreement (with such changes as are acceptable to the Buyer) from any new Lock-Box Bank. Each Originator shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Buyer.

Payments on Receivables, Accounts. Each The Originator will at all times instruct all Obligors to deliver payments on the Receivables (including Deemed Collections) to a Lock-Box Box, the Collection Account or Lock-Box to a Designated Payee. The Originator will also instruct each Designated Payee to pay all Collections it receives to a Collection Account. If any such payments or other Collections are received by an the Originator, it shall hold such payments in trust for the benefit of the Buyer and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Accountat the direction of the Buyer. Each The Originator will cause each Lock-Box Collection Bank to comply with the terms of each applicable Lock-Box LetterDeposit Account Control Agreement. After the occurrence of a Termination Event or Event, the Liquidity Termination Date, such Originator will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Buyer is entitled with any other funds. Each The Originator shall only add a Lock-Box Bank, Lock-Box, Collection Bank or Lock-Box Account to those listed on Exhibit E F of the Second Tier Agreement if the Buyer has received notice of such addition, a copy of any new Lock-Box Agreement Agreement, as applicable, and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F of the Second Tier Deposit Account Control Agreement (with such changes as are acceptable to the Buyer) from any new Lock-Box Collection Bank. Each The Originator shall only terminate a Lock-Box Collection Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Buyer. If the long term unsecured indebtedness of the Originator is rated less than BBB- by S&P and Baa3 by Xxxxx’x (or either S&P or Xxxxx’x if the other has withdrawn or suspended such rating), the Originator agrees that the Agent may, in its sole discretion, deliver the Agent’s Notice to the Collection Bank.

Payments on Receivables, Accounts. Each The Originator will at all times instruct all Obligors to deliver payments on the Receivables (including Deemed Collections) to a Lock-Box or Lock-Box AccountBox. If any such payments or other Collections are received by an the Originator, it shall hold such payments in trust for the benefit of the Buyer and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Accountat the direction of the Buyer. Each The Originator will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. After the occurrence of a Termination Event or the Liquidity Termination Date, such the Originator will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Buyer is entitled with any other funds. Each The Originator shall only add a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit E F of the Second Tier Agreement if the Buyer has received notice of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F G of the Second Tier Agreement (with such changes as are acceptable to the Buyer) from any new Lock-Box Bank. Each The Originator shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Buyer.

Payments on Receivables, Accounts. Each The Originator will at all times instruct all Obligors to deliver payments on the Receivables (including Deemed Collections) to a Lock-Box or Lock-Box AccountBox. If any such payments or other Collections are received by an the Originator, it shall hold such payments in trust for the benefit of the Buyer and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Accountat the direction of the Buyer. Each The Originator will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. After the occurrence of a Termination Event or the Liquidity Termination Date, such the Originator will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Buyer is entitled with any other funds. Each The Originator shall only add a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit E F of the Second Tier Agreement if the Buyer has received notice of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F G of the Second Tier Agreement (with such changes as are acceptable to the Buyer) from any new Lock-Box Bank. Each Originator shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Buyer.new