Common use of Pursuant to a Lock Clause in Contracts

Pursuant to a Lock. Box Agreement, each Lock-Box Account shall be irrevocably instructed to wire all funds to the Collection Account, which Collection Account shall be maintained in the name of the Collateral Agent. Neither the Seller, nor any Person claiming by, through or under the Seller shall have any control over the use of, or any right to withdraw any item or amount from, any Lock-Box Account or the Collection Account except as expressly provided in the Lock-Box Agreements. The Collateral Agent on behalf of Triple-A is hereby irrevocably authorized and empowered, as the Seller's attorney-in-fact, to endorse any item deposited in a lock-box or presented for deposit in any Lock-Box Account or the Collection Account requiring the endorsement of the Seller, which authorization is coupled with an interest.

Appears in 2 contracts

Samples: Lease Receivables Purchase Agreement (HPSC Inc), Lease Receivables Purchase Agreement (HPSC Inc)

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Pursuant to a Lock. Box Agreement, each Lock-Box Account shall be irrevocably instructed to wire all funds to the Collection Account, which Collection Account shall be maintained in the name of the Collateral Agent. Neither the Seller, nor any Person claiming by, through or under the Seller shall have any control over the use of, or any right to withdraw any item or amount from, any Lock-Box Account or the Collection Account except as expressly provided in the Lock-Box Agreements. The Collateral Agent on behalf of Triple-A and ING is hereby irrevocably authorized and empowered, as the Seller's attorney-in-fact, to endorse any item deposited in a lock-box or presented for deposit in any Lock-Box Account or the Collection Account requiring the endorsement of the Seller, which authorization is coupled with an interest.

Appears in 1 contract

Samples: Lease Receivables Purchase Agreement (HPSC Inc)

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Pursuant to a Lock. Box Agreement, each Lock-Box Account Bank shall be irrevocably instructed to wire all funds in each Lock-Box Account to the Collection Account, which Collection Account shall be maintained in the name of the Collateral Deal Agent. Neither the Seller, nor any Person claiming by, through or under the Seller shall have any control over the use of, or any right to withdraw any item or amount from, any Lock-Box Account or the Collection Account except as expressly provided in the Lock-Box Agreements. The Collateral Deal Agent on behalf of Triple-A EagleFunding is hereby irrevocably authorized and empowered, as the Seller's attorney-in-fact, to endorse any item deposited in a lock-box Post Office Box or presented for deposit in any Lock-Box Account or the Collection Account requiring the endorsement of the Seller, which authorization is coupled with an interest.

Appears in 1 contract

Samples: Lease Receivables Purchase Agreement (HPSC Inc)

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