Common use of Collections and Lock-Boxes Clause in Contracts

Collections and Lock-Boxes. (a) The Transferor and the Collection Agent will instruct all Obligors to cause all Collections to be either (i) remitted to a Lock-Box to be retrieved therefrom by the applicable Collection Account Bank for prompt deposit to the applicable Collection Account or (ii) remitted directly to a Collection Account. If the Collection Agent or the Transferor receives any Collections, the Transferor or the Collection Agent shall immediately remit such Collections to the applicable Collection Account within two Business Days of receipt thereof and the Collection Agent or the Transferor will take all such actions as are reasonably necessary in the Collection Agent or Transferor’s discretion or as reasonably requested by the Company to ensure that future payments from any Obligor be made to a Collection Account or Lock-Box. If the Transferor or the Collection Agent does not promptly (and in any event within two Business Days from the Company’s request) take such actions as the Company may reasonably request, then the Company, its assigns or designees, may, to the maximum extent permitted by law take such actions as the Company, its assigns or designees may, on its direction, deem appropriate.

Collections and Lock-Boxes. (a) The Transferor Each Originator and the Collection Agent will instruct all Obligors to cause all Collections to be either (i) remitted to a Lock-Box to be retrieved therefrom by the applicable Collection Account Bank for prompt deposit to the applicable Collection Account or (ii) remitted directly to a Collection Account. If the Collection Agent or the Transferor any Originator receives any Collections, the Transferor such Originator or the Collection Agent shall immediately remit such Collections to the applicable Collection Account within two Business Days of receipt thereof and the Collection Agent or the Transferor applicable Originator will take all such actions as are reasonably necessary in the Collection Agent or TransferorOriginator’s discretion or as reasonably requested by the Company Buyer to ensure that future payments from any Obligor be made to a Collection Account or Lock-Box. If the Transferor applicable Originator or the Collection Agent does not promptly (and in any event within two Business Days from the CompanyBuyer’s request) take such actions as the Company Buyer may reasonably request, then the CompanyBuyer, its assigns or designees, may, to the maximum extent permitted by law take such actions as the CompanyBuyer, its assigns or designees may, on its direction, deem appropriate.