LOCKBOX AND COLLECTION ACCOUNT AGREEMENTLockbox and Collection Account Agreement • October 31st, 2002 • Digital Angel Corp • Services-home health care services • California
This LOCKBOX AND COLLECTION ACCOUNT AGREEMENT (“Agreement”), dated as of October 30, 2002, among DIGITAL ANGEL CORPORATION, a Delaware corporation (“Borrower”), WELLS FARGO BUSINESS CREDIT, INC. (“Lender”), REGULUS WEST LLC (“Regulus”) and WELLS FARGO BANK MINNEAPOLIS, NATIONAL ASSOCIATION (“Wells Fargo”) sets out (i) the terms and conditions under which Regulus and Wells Fargo, who have entered into an alliance to provide lockbox services to customers, will provide their lockbox service (“Lockbox Service”) to Borrower and Lender with respect to the post office lockbox of Borrower at Regulus (the “Lockbox”), (ii) the terms and conditions under which Wells Fargo will provide its collection account service (the “Collection Account Service”) to Borrower and Lender with respect to Lender’s wholesale demand deposit account specified at the end of this document (the “Lender Account”), and (iii) the rights of Borrower and Lender, and the obligations of Wells Fargo and Regulus to Borrower and
