Common use of Lock-Boxes Clause in Contracts

Lock-Boxes. U S WEST shall take all such actions as may be necessary or required to deliver to New U S WEST full authority as of the Separation Time with respect to all lock boxes or similar deposit arrangements maintained by U S WEST prior to the Separation Time and which are utilized exclusively by the New U S WEST Business. Effective as of the Separation Time, U S WEST shall terminate any arrangement whereby funds directed to such lock boxes or similar arrangements are consolidated with other funds of U S WEST or otherwise made available to U S WEST. U S WEST shall, effective as of the Separation Time, take all necessary steps to remove all Persons who are not New U S WEST Employees but who are signatories or holders of powers-of-attorney with respect to such lock boxes or other arrangements from the list of such signatories and holders and otherwise extinguish their signing authority with respect thereto.