Establishment of Lockbox Accounts Sample Clauses

Establishment of Lockbox Accounts. Enter into a Lockbox Agreement (other than as set forth in Exhibit B) without the prior written consent of the Issuer and the Indenture Trustee; or
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Establishment of Lockbox Accounts. Borrower shall establish and maintain, at its expense, lockboxes and related blocked accounts (in either case, "Blocked Accounts"), as Lender may specify in its sole discretion, with such banks as are acceptable to Lender into which Borrower shall promptly deposit, and shall direct its account debtors to directly remit, all cash and other payments received by Borrower (or, in the case of account debtors, payable to Borrower), including, without limitation, all payments in respect of Receivables, all payments constituting proceeds of Inventory or other Collateral, all tax, duty and other cash refunds, and all other cash payments, in each case in the identical form in which such payments are made, whether by cash, check or other manner. The banks at which the Blocked Accounts are established shall enter into agreements, in form and substance reasonably satisfactory to Lender, providing that all items received or deposited in the Blocked Accounts are the property of Lender held for the benefit of Lender, that the depository bank has no lien upon, or right to setoff against, the Blocked Accounts, the items received for deposit therein, or the funds from time to time on deposit therein, (other than for charges related to the Blocked Account, checks or other items returned due to insufficient funds or any other reason, and daylight overdrafts) and that the depository bank will wire, or otherwise transfer, in immediately available funds, on a daily basis, all funds received or deposited into the Blocked Accounts to such bank account of Lender as Lender may from time to time designate for such purpose. Borrower agrees that all payments made to such Blocked Accounts or other funds received and collected by Lender, whether on the Receivables, as proceeds of Inventory or other Collateral, or otherwise shall be the property of Lender held for the benefit of Lender.
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Establishment of Lockbox Accounts. All Proceeds of Auto Loans shall, at the direction of the Lender, be deposited by the Borrower into one or more segregated lockbox accounts (each, a "Lockbox Account") pursuant to an arrangement with such bank as may be selected by the Borrower and be acceptable to the Lender in its sole discretion. Each Lockbox Account shall be an Eligible Account. The Borrower shall issue to any such bank, an irrevocable letter of instruction directing such bank to transfer such funds so deposited to the Lender by wire transfer to the Collection Account. All funds deposited in any Lockbox Account shall immediately become a part of the Collateral for the benefit of the Lender and the Borrower shall obtain the agreement by such bank to waive any set-off rights against the fund so deposited. The Lender assumes no responsibility for any Lockbox Account arrangement, including without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by any bank thereunder.
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Establishment of Lockbox Accounts 
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Related to Establishment of Lockbox Accounts

  • Establishment of Collateral Accounts The Custodian hereby confirms and agrees that:

  • Lockbox Accounts The names and addresses of all the Lockbox Banks, together with the account numbers of the Lockbox Accounts of the Seller at each Lockbox Bank and the post office box numbers of the lockboxes, are listed on Schedule 6.1(o) (or have been notified to and approved by the Agents in accordance with Section 7.3(d)) and are the only post office boxes and accounts into which Collections of Receivables are deposited or remitted. The Seller has not granted any Person, other than the Administrative Agent for the benefit of the Secured Parties as contemplated by this Agreement, control of any lockbox or Lockbox Account, or the right to take control of any such lockbox or Lockbox Account at a future time.

  • Establishment of Deposit Account The Financial Institution hereby confirms and agrees that:

  • Lock-Box Accounts The names and addresses of all of the Lock-Box Banks, together with the account numbers of the Lock-Box Accounts at such Lock-Box Banks, are specified in Schedule 6.1(n).

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Lockbox Account Each Obligor has been, or will be, directed to make all payments on their related Receivable to the Lockbox Processor for deposit into the Lockbox Account.

  • Deposits to Lock-Box Accounts Deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections of Pool Receivables.

  • Blocked Accounts Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

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