Common use of Remittance to Lockbox Account Clause in Contracts

Remittance to Lockbox Account. (a) Within sixty (60) days after the date of this Agreement, the parties hereto shall enter into a Lockbox Agreement in form and substance reasonably satisfactory to the parties hereto and the Lockbox Bank, which Lockbox Agreement will provide for, among other things, the establishment and maintenance of a Lockbox Account, a Joint Concentration Account, an Assignor Concentration Account and an Assignee Concentration Account and an Orthovita Concentration Account in accordance with the terms herein and therein. Any Assignee Concentration Account shall be held solely for the benefit of Assignee, but shall be subject to the terms and conditions of this Agreement, the Security Agreement and the other Transaction Documents. Funds deposited into the Lockbox Account shall be swept by the Lockbox Bank on a daily basis into the Joint Concentration Account and immediately subsequent thereto, the Advance Payment Amounts and the Daily Amount shall be swept into Assignee Concentration Account and the Royalty Interests (less the Advance Payment Amounts and the Daily Amount) shall be swept into the Assignor Concentration Account. Assignee shall have immediate and full access to any funds held in the Assignee Concentration Account not subject to any conditions or restrictions whatsoever. After the Advance Payment Amounts and the Daily Amount is swept into the Assignee Concentration Account and the amount of the Royalty Interests (less the Advance Payment Amounts and the Daily Amount) is swept into the Assignor Concentration Account, the amounts remaining in the Joint Concentration Account shall then be swept, at the direction of Orthovita, into the Orthovita Concentration Account. Each of Assignor and Orthovita shall have immediate and full access to any funds held in the Assignor Concentration Account and the Orthovita Concentration Account, respectively, not subject to any conditions or restrictions whatsoever.

Remittance to Lockbox Account. (a) Within The parties have heretofore entered into the Existing Lockbox Agreement. If such Lockbox Agreement terminates for any reason or Assignee determines that it should be replaced, as soon as reasonably practicable (but in any event within sixty (60) days after the date of this days) following a request by Assignee for a new Lockbox Agreement, the parties hereto shall enter into a new Lockbox Agreement in form and substance reasonably satisfactory to the parties hereto Assignee and the Lockbox BankBank and substantially in the form of the Existing Lockbox Agreement, which new Lockbox Agreement will provide for, among other things, the establishment and maintenance of a Lockbox Account, a Joint Concentration Account, an Assignor Concentration Account and an Assignee Concentration Account and an Orthovita Concentration Account in accordance with the terms herein and therein. Any Assignee Concentration Account shall be held solely for the benefit of Assignee, but shall be subject to the terms and conditions of this Agreement, the Security Agreement, the Ortec Security Agreement, the Management Agreement and the other Transaction Documents. Funds deposited into the Lockbox Account shall be swept by the Lockbox Bank on a daily basis into the Joint Concentration Account and immediately subsequent thereto, the Advance Payment Amounts and the Daily Amount shall be swept into Assignee Concentration Account and the Royalty Interests (less the Advance Payment Amounts and the Daily Amount) shall be swept into the Assignor Concentration Account. Assignee shall have immediate and full access to any funds held in the Assignee Concentration Account not subject to any conditions or restrictions whatsoever. After the Advance Payment Amounts and the Daily Amount is swept into the Assignee Concentration Account and the amount of the Royalty Interests (less the Advance Payment Amounts and the Daily Amount) is swept into the Assignor Concentration Account, the amounts remaining in the Joint Concentration Account shall then be swept, at the direction of OrthovitaAssignor, into the Orthovita Assignor Concentration Account. Each of Assignor and Orthovita shall have immediate and full access to any funds held in the Assignor Concentration Account and the Orthovita Concentration Account, respectively, not subject to any conditions or restrictions whatsoever.

Remittance to Lockbox Account. (a) Within sixty (60) days after the date of this Agreement, the parties hereto shall enter into a Lockbox Agreement in form and substance reasonably satisfactory to the parties hereto and the Lockbox Bank, which Lockbox Agreement will provide for, among other things, the establishment and maintenance of a Lockbox Account, a Joint Concentration Account, an Assignor Concentration Account and an Assignee Concentration Account and an Orthovita Assignees Concentration Account in accordance with the terms herein and therein. Any Assignee Assignees Concentration Account shall be held solely for the benefit of AssigneeAssignees, but shall be subject to the terms and conditions of this Agreement, the Security Agreements, the Management Agreement and the other Transaction Documents. Funds deposited into the Lockbox Account shall be swept by the Lockbox Bank on a daily basis into the Joint Concentration Account and immediately subsequent thereto, the Advance Payment Amounts and the Daily Amount shall be swept into Assignee Concentration Account and any other amounts payable to the Royalty Interests (less the Advance Payment Amounts and the Daily Amount) Assignees under Section 2.02 shall be swept into the Assignor Assignees Concentration Account. Assignee Assignees shall have immediate and full access to any funds held in the Assignee Assignees Concentration Account and such funds shall not be subject to any conditions or restrictions whatsoever. After the Advance Payment Amounts and the Daily Amount is and any other amounts payable to the Assignees under Section 2.02 are swept into the Assignee Assignees Concentration Account and the amount of the Royalty Interests (less the Advance Payment Amounts and the Daily Amount) is swept into the Assignor Concentration Account, the amounts remaining in the Joint Concentration Account shall then be swept, at the direction of OrthovitaAssignor, into the Orthovita Assignor Concentration Account. Each of Assignor and Orthovita shall have immediate and full access to any funds held in the Assignor Concentration Account and the Orthovita Concentration Account, respectively, such funds shall not be subject to any conditions or restrictions whatsoeverwhatsoever other than those of the Lockbox Bank, provided, however, that nothing herein shall (i) affect or reduce Assignor's obligations to pay in full all amounts due to Assignees under this Agreement, or (ii) in any manner limit the recourse of Assignees to the assets of Assignor to satisfy the Assignor's obligations.