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.
Lockbox Account. Each Obligor has been, or will be, directed to make all payments on their related EFLLC Receivable to the Lockbox Bank for deposit into the Lockbox Account.
Lockbox Account. Seller shall inform the Mortgagors of Mortgage Loans to remit their mortgage payments to the Lockbox Account. Payments of all Servicing Spread Collections received on and after the first Assignment Date shall be transferred from the Lockbox Account to the Third Party Controlled Future Spread Custodial Account within one Business Day of receipt and identification thereof and in any event, within two Business Days of receipt thereof. If Seller receives any Servicing Spread Collections not remitted to the Lockbox Account, it shall hold such funds in trust for the benefit of the Purchaser and deposit such amounts to the Third Party Controlled Future Spread Account within two Business Days of receipt thereof.
Lockbox Account. Lockbox Account" means an account maintained by Borrower at the Lockbox Bank into which all collections of Accounts are paid directly.
Lockbox Account. Seller shall inform the Mortgagors of Mortgage Loans to remit their mortgage payments to the Lockbox Account. Payments of all Servicing Spread Collections received on and after the first Assignment Date shall be transferred from the Lockbox Account to the Third Party Controlled Future Spread Custodial Account within one Business Day of receipt and identification thereof and in any event, within two Business Days of receipt thereof.
Lockbox Account. The Buyer hereby agrees to cause to be established and maintained the Lockbox Account. The Lockbox Account shall be an Eligible Bank Account established with the Lockbox Bank, titled “Quorum Federal Credit Union” and which shall be covered by a deposit account control agreement acceptable to, and by and among, the Seller, the Buyer and the Lockbox Bank. Servicer shall promptly pay, and hold Buyer harmless from, any fees assessed by the Lockbox Bank pursuant to Section 5 of the Deposit Account Control Agreement relating to the Lockbox Account, unless such amounts are paid or are payable to the Lockbox Bank pursuant to Section 4.3(a) of this Agreement. Buyer shall provide prompt written notice to Seller upon Buyer’s receipt of written notice from the Lockbox Bank of any change in Lockbox Bank’s charges pursuant to Section 12(a) of the Deposit Account Control Agreement related to the Lockbox Bank. In addition, Buyer covenants and agrees with Seller that Buyer shall not change, or permit to be changed, any processing instructions under the Deposit Account Control Agreement related to the Lockbox Bank without the prior written consent of the Seller or the initial Servicer. Seller and Buyer agree and acknowledge that Seller shall have “control” (within the meaning of the UCC) of the Lockbox Account in order to perfect the security interest granted by Buyer to Seller in Section 1.8 above. Seller covenants and agrees with Buyer not to give any notice or instruction referenced in Section 1(a) of the Deposit Account Control Agreement related to the Lockbox Bank unless there has been the occurrence of a Buyer Trigger Event. Seller shall give Buyer immediate written notice of any notice given in accordance with Section 1(a) of the Deposit Account Control Agreement relating to the Lockbox Account. Buyer covenants and agrees to give immediate written notice to Seller and Servicer upon the occurrence of any such Buyer Trigger Event.
Lockbox Account. (a) During the term of the Loan, Borrower shall establish and maintain an account (the “Lockbox Account”) with Lockbox Bank in trust for the benefit of Administrative Agent for the benefit of Lender, which Lockbox Account shall be under the sole dominion and control of Administrative Agent. The Lockbox Account shall be titled as set forth in the Lockbox Agreement. Borrower hereby grants to Administrative Agent for the benefit of Lender a security interest in the Lockbox Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Administrative Agent a perfected security interest in the Lockbox Account, including, without limitation, filing UCC-1 financing statements and continuations thereof. Such financing statements may describe as the collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect. Administrative Agent shall have the sole right to direct withdrawals from the Lockbox Account in accordance with and subject to the Lockbox Agreement and this Agreement and all costs and expenses for establishing and maintaining the Lockbox Account shall be paid by Borrower. All monies now or hereafter deposited into the Lockbox Account shall be deemed additional security for the Debt. The Lockbox Agreement and Lockbox Account shall remain in effect until the Loan has been repaid in full.
Lockbox Account. (a) During the term of the Loan, Borrowers shall cause Mortgage Borrowers to establish and maintain a segregated Eligible Account (the “Lockbox Account”) with Lockbox Bank in trust for the benefit of Mortgage Lender, which Lockbox Account shall be under the sole dominion and control of Mortgage Lender pursuant to and in accordance with the Mortgage Loan Documents and shall comply with all of the terms and conditions set forth in Section 2.6.1 of the Mortgage Loan Agreement.
Lockbox Account. Borrower shall cause Mortgage Borrower to execute an agreement with Mortgage Lender and the Lockbox Bank providing for, upon the occurrence of a Triggering Event (as defined in the Mortgage Loan Agreement), the establishment of a segregated Eligible Account with the Lockbox Bank (the “Lockbox Account”) into which Borrower shall deposit or cause to be deposited all sums or deposits in the Property Account in accordance with Section 3.2 of the Mortgage Loan Agreement. The Lockbox Account shall be under the sole dominion and control of Mortgage Lender. Borrower will not cause or permit Mortgage Borrower in any way to alter or modify the Lockbox Account and will notify Lender of the account number thereof. Mortgage Lender and its servicer shall have the sole right to make withdrawals from the Lockbox Account and all costs and expenses for establishing and maintaining the Lockbox Account shall be paid by Mortgage Borrower. Borrower shall direct or cause Mortgage Borrower to direct that all cash distributions from the Lockbox Account to be paid to Lender in accordance with the Mortgage Loan Agreement (including the Net Liquidation Proceeds After Debt Service) and be deposited into an account specified by Lender. In the event Mortgage Lender waives the requirement of Mortgage Borrower to maintain the Lockbox Account or the Mortgage Loan has been repaid in full, Lender shall have the right to require Borrower to establish and maintain a cash management account that would operate in the same way as the Lockbox Account, provided that Lender has obtained written consent from the Mortgage Lender in the event the Mortgage Loan is still outstanding.
Lockbox Account. The Lockbox Account shall at all times be subject to the Lockbox Agreement. If at any time, the Lockbox Account ceases to be an Eligible Bank Account, the Indenture Trustee shall terminate the Lockbox Agreement and the Servicer shall, on behalf of the Issuer and the Indenture Trustee, in accordance with Section 3.1(i) hereof, establish a new Lockbox Account and enter into a new lockbox agreement substantially in the form as the Lockbox Agreement.
