Examples of Lock Box Date in a sentence
Notwithstanding anything contained herein to the contrary, so long as Borrower is in compliance with the terms and provisions of Section 2.1(e)(iv) above, Lender agrees that the Credit Parties shall not be required to send instructions to its Customers redirecting payments to the Lock Box Account until the Regular Lock Box Date.
On the Regular Lock Box Date, the Borrower shall insure that all Receipts, whether through wires, electronic fund transfers, credit and debit card payments from any Customers, and all other monies, checks, notes, drafts or other payments or Receipts of any kind received or receivable by, or due to, the Credit Parties, are delivered directly to the new Lock Box Account, as directed by the Lender, and not to Borrower’s accounts.
On and after the Lock- Box Date, such Originator will not permit any Collections or any other proceeds of Receivables originated by it to be deposited to the Chase Lock-Boxes or the associated Collection Accounts.
Failure of the Credit Parties to send instructions to its Customers redirecting payments to the Lock Box Account within five (5) days of the Regular Lock Box Date shall be an immediate Event of Default under this Agreement and all other Loan Documents.