Lockbox Bank definition

Lockbox Bank means a depository institution named by the Servicer and acceptable to the Controlling Party.

Lockbox Bank has the meaning set forth in Section 2.11.

Lockbox Bank means the financial institution maintaining the Lockbox Account and identified on Exhibit K hereto or any successor thereto and any other financial institution at which a Lockbox Account is maintained.

Examples of Lockbox Bank in a sentence

• The Lockbox Account shall be a demand deposit account held by the Lockbox Bank.

• The USPS may, at its discretion, designate itself or a successor as recipient of Deposits made by you to the Lockbox Bank account described above.

• The Servicer shall use its best efforts to notify or direct any Lockbox Bank to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be transferred to the Collection Account no later than the second Business Day after receipt of such payments.

• In such event, the successor Servicer shall be deemed to have assumed all of the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such Lockbox Agreement to the same extent as if such Lockbox Agreements had been assigned to the successor Servicer, except that the outgoing Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lockbox Bank or the Lockbox Processor under such Lockbox Agreements.

• In such event, the successor Servicer shall be deemed to have assumed all of the outgoing Servicer's interest therein and to have replaced the outgoing Servicer as a party to each such Lockbox Agreement to the same extent as if such Lockbox Agreement had been assigned to the successor Servicer, except that the outgoing Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lockbox Bank under such Lockbox Agreement.

More Definitions of Lockbox Bank

Lockbox Bank means the clearing bank which establishes, maintains and holds the Lockbox Account, which shall be an Eligible Institution.

Lockbox Bank means, as of any date, Wxxxx Fargo Bank, National Association or another depository institution named by the Servicer and acceptable to the Trustee at which the Lockbox Account is established and maintained as of such date.

Lockbox Bank means any institution at which a Lockbox or Lockbox Account is maintained.

Lockbox Bank shall have the meaning given such term in Section 2.5.

Lockbox Bank means (i) initially, Xxxxx Fargo Bank, National Association or its successor or (ii) another depository institution named by the Servicer and in respect of which the Rating Agency Condition shall have been satisfied.

Lockbox Bank means any of the commercial banks holding one or more Lockbox Accounts.

Lockbox Bank has the meaning specified therefor in Section 8.01(a).