Lock Box Notification Letters Sample Clauses
The Lock Box Notification Letters clause establishes the requirement for notifying relevant parties about the use of a lock box account for the receipt of payments. Typically, this clause outlines the process by which the debtor or payor is informed to direct payments to a designated lock box, often managed by a lender or agent, ensuring that funds are collected and controlled efficiently. By formalizing the notification process, this clause helps ensure that payments are properly routed, reducing the risk of misdirected funds and supporting the secured party’s control over cash flows.
Lock Box Notification Letters. Seller of Seller’s Servicer shall prepare and provide copies to Berkadia a listing of all Hard Lock Box accounts along with copies of notification letters forwarded to Institutions regarding existing hard lockboxes five business days prior to transfer date.