Common use of Procedures Without Lockbox Clause in Contracts

Procedures Without Lockbox. In the event that Company elects to forego the procedures established in Sections 1.3 and 1.4, VERO II shall instruct the Collecting Bank to transfer automatically all amounts constituting good funds in the account or accounts of VERO II established for the collection of Governmental Receivables and Non-Governmental Receivables to Company's Main Account at _____________ __________, ____________________________, Account ______________ (the "Main Account") pursuant to a standing order in a form acceptable to Company's legal counsel. VERO II shall have no right or interest in Company's Main Account and such account shall be in the name of and under the control of Company. VERO II shall not, so long as any purchased account remains unpaid, change or cancel such standing order at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on each Governmental Receivable and Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction.

Procedures Without Lockbox. In the event that Company elects to forego the procedures established in Sections 1.3 and 1.4, VERO II ROAII shall instruct the Collecting Bank to transfer automatically all amounts constituting good funds in the account or accounts of VERO II ROAII established for the collection of Governmental Receivables and Non-Governmental Receivables to Company's Main Account at _____________ __________, ____________________________, Account ______________ (the "Main Account") pursuant to a standing order in a form acceptable to Company's legal counsel. VERO II ROAII shall have no right or interest in Company's Main Account and such account shall be in the name of and under the control of Company. VERO II ROAII shall not, so long as any purchased account remains unpaid, change or cancel such standing order at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on each Governmental Receivable and Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction.

Procedures Without Lockbox. In the event that Company elects to forego the procedures established in Sections 1.3 and 1.4, VERO Princeton II shall instruct the Collecting Bank to transfer automatically all amounts constituting good funds in the account or accounts of VERO Princeton II established for the collection of Governmental Receivables and Non-Governmental Receivables to Company's Main Account at _____________ __________, ____________________________, Account ______________ (the "Main Account") pursuant to a standing order in a form acceptable to Company's legal counsel. VERO Princeton II shall have no right or interest in Company's Main Account and such account shall be in the name of and under the control of Company. VERO Princeton II shall not, so long as any purchased account remains unpaid, change or cancel such standing order at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on each Governmental Receivable and Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction.

Procedures Without Lockbox. In the event that Company elects to forego the procedures established in Sections 1.3 and 1.4, VERO II GCOA shall instruct the Collecting Bank to transfer automatically all amounts constituting good funds in the account or accounts of VERO II GCOA established for the collection of Governmental Receivables and Non-Governmental Receivables to Company's Main Account at _____________ __________, ____________________________, Account ______________ (the "Main Account") pursuant to a standing order in a form acceptable to Company's legal counsel. VERO II GCOA shall have no right or interest in Company's Main Account and such account shall be in the name of and under the control of Company. VERO II GCOA shall not, so long as any purchased account remains unpaid, change or cancel such standing order at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on each Governmental Receivable and Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction.