Common use of Lockbox; Account Collection Services Clause in Contracts

Lockbox; Account Collection Services. Seller shall enter into a three party agreement (the "Lockbox Agreement") with Buyer and a lockbox provider (the "Lockbox Provider"). The Lockbox Agreement and Lockbox Provider shall be acceptable to Buyer. Seller shall use the lockbox address as the payment address on all invoices issued by Seller and shall direct all its Account Debtors to remit their payments to the lockbox address. The Lockbox Agreement shall provide that the Lockbox Provider shall remit all collections received in the lockbox to Buyer. Upon Buyer's receipt of such collections, and provided that there does not then exist an Event of Default or event that with notice, lapse or time or otherwise would constitute an Event of Default, and subject to Buyer's rights in the Collateral, Buyer agrees to remit promptly to Seller the amount of the receivables collections it receives with respect to receivables other than Purchased Receivables. It is understood and agreed by Seller that this Section does not impose any affirmative duty on Buyer to do any act other than to turn over such amounts. All such receivables and collections are Collateral and in the event of Seller's default hereunder, Buyer shall have no duty to remit collections of Collateral and may apply such collections to the obligations hereunder and Buyer shall have the rights of a secured party under the California Uniform Commercial Code.

Lockbox; Account Collection Services. Seller Borrower shall enter into a three party agreement (the "“Lockbox Agreement"”) with Buyer Bank and a lockbox provider (the "“Lockbox Provider"”). The Lockbox Agreement and Lockbox Provider shall be acceptable to BuyerBank. Seller Borrower shall use the lockbox address as the payment address on all invoices issued by Seller Borrower and shall direct all its Account Debtors to remit their payments to the lockbox address. The Lockbox Agreement shall provide that the Lockbox Provider shall remit all collections received in the lockbox to BuyerBank. Upon Buyer's Bank’s receipt of such collections, and provided that there does not then exist an Event of Default or event that with notice, lapse or time or otherwise would constitute an Event of Default, and subject to Buyer's Bank’s rights in the Collateral, Buyer Bank agrees to remit promptly to Seller Borrower the amount of the receivables collections it receives with respect to receivables other than Purchased Receivables. It is understood and agreed by Seller Borrower that this Section does not impose any affirmative duty on Buyer Bank to do any act other than to turn over such amounts. All such receivables and collections are Collateral and in the event of Seller's Borrower’s default hereunder, Buyer Bank shall have no duty to remit collections of Collateral and may apply such collections to the obligations hereunder and Buyer Bank shall have the rights of a secured party under the California Uniform Commercial Code.

Lockbox; Account Collection Services. Seller shall enter into a three party agreement (the "“Lockbox Agreement"”) with Buyer and a lockbox provider (the "“Lockbox Provider"”). The Lockbox Agreement and Lockbox Provider shall be acceptable to Buyer. Seller shall use the lockbox address as the payment address on all invoices issued by Seller and shall direct all its Account Debtors to remit their payments to the lockbox address. The Lockbox Agreement shall provide that the Lockbox Provider shall remit all collections received in the lockbox to Buyer. Upon Buyer's ’s receipt of such collections, and provided that there does not then exist an Event of Default or event that with notice, lapse or time or otherwise would constitute an Event of Default, and subject to Buyer's ’s rights in the Collateral, Buyer agrees to remit promptly to Seller the amount of the receivables collections it receives with respect to receivables other than Purchased Receivables. It is understood and agreed by Seller that this Section does not impose any affirmative duty on Buyer to do any act other than to turn over such amounts. All such receivables and collections are Collateral and in the event of Seller's ’s default hereunder, Buyer shall have no duty to remit collections of Collateral and may apply such collections to the obligations hereunder and Buyer shall have the rights of a secured party under the California Uniform Commercial Code.