Common use of Lockbox; Account Collection Services Clause in Contracts

Lockbox; Account Collection Services. Borrower and Lender shall immediately enter into a remittance processing services agreement acceptable to Lender (the “Lockbox Agreement”). Borrower shall use the lockbox address as the remit to and payment address for all of Borrower’s Collections and it will be considered an immediate Event of Default if this does not occur or is not operational within 60 days of the date of this Agreement. All Collections received to the lockbox will be deposited to a non-interest bearing bank-control account maintained with Lender and Borrower will not have access to that account. Borrower will (i) immediately notify, transfer and deliver to Lender all Collections Borrower receives and (ii) deliver to Lender a detailed cash receipt’s journal on Friday of each week until the lockbox is operational. Additionally, if an Event of Default has occurred or is continuing, Lender may request that Account Debtor’s pay (by wire transfer or otherwise) Collections to Lender directly.

Lockbox; Account Collection Services. Borrower Borrower, Lender and a lockbox provider acceptable to Lender shall immediately enter into a remittance processing services three party agreement acceptable to Lender (the “Lockbox Agreement”). Borrower shall use the lockbox address as the remit to and payment address for all of Borrower’s Collections and it will be considered an immediate Event of Default if this does not occur or is not operational within 60 days of the date of this Agreement. Agreement All Collections received to the lockbox will be deposited to a non-interest bearing bank-control account maintained with Lender and Borrower will not have access to that account. Borrower will (i) immediately notify, transfer and deliver to Lender all Collections Borrower receives and (ii) deliver to Lender a detailed cash receipt’s journal on Friday of each week until the lockbox is operational. Additionally, if an Event of Default has occurred or is continuing, Lender may request that Account Debtor’s pay (by wire transfer or otherwise) Collections to Lender directly. Lender reserves its right, in its sole discretion, to notify the Account Debtors with respect to payments that should be made to the lockbox.

Lockbox; Account Collection Services. Borrower Borrower, Lender and lockbox provider acceptable to Lender shall immediately enter into a remittance processing services three party agreement acceptable to Lender (the “Lockbox Agreement”). Borrower shall use the lockbox address as the remit to and payment address for all of Borrower’s Collections and it will be considered an immediate Event of Default if this does not occur or is not operational within 60 days of the date of this Agreement. All Collections received to the lockbox will be deposited to a non-–interest bearing bank-–control account maintained with Lender and Borrower will not have access to that account. Borrower will (i) immediately notify, transfer and deliver to Lender all Collections Borrower receives and (ii) deliver to Lender a detailed cash receipt’s journal on Friday of each week until the lockbox is operational. Additionally, if an Event of Default has occurred or is continuing, Lender may request that Account Debtor’s pay (by wire transfer or otherwise) Collections to Lender directly.

Lockbox; Account Collection Services. Borrower Borrower, Lender and a lockbox provider acceptable to Lender shall immediately enter into a remittance processing services agreement acceptable to Lender (the “Lockbox Agreement”). Borrower shall use the lockbox address as the remit to and payment address for all of Borrower’s Collections and it will be considered an immediate Event of Default if this does not occur or is not operational within 60 45 days of the date of this Agreement. All Collections received to the lockbox will be deposited to a non-interest bearing bank-control account maintained with Lender and Borrower will not have access to that account. Borrower will (i) immediately notify, transfer and deliver to Lender all Collections Borrower receives and (ii) deliver to Lender a detailed cash receipt’s journal on Friday of each week until the lockbox is operational. Additionally, if an Event of Default has occurred or is continuing, Lender may request that Account Debtor’s pay (by wire transfer or otherwise) Collections to Lender directly.

Lockbox; Account Collection Services. Borrower and Lender shall immediately enter into a remittance processing services an agreement acceptable to Lender (the “"Lockbox Agreement”"). Borrower shall use the lockbox address as the remit to and payment address for all of Borrower’s 's Collections and it will be considered an immediate Event of Default if this does not occur or is not operational within 60 45 days of the date of this Agreement. All Agreement AH Collections received to the lockbox will be deposited to a non-interest bearing bank-bank- control account maintained with Lender and Borrower will not have access to that account. Borrower will (i) immediately notify, transfer and deliver to Lender all Collections Borrower receives and (ii) deliver to Lender a detailed cash receipt’s 's journal on Friday of each week until the lockbox is operational. Additionally, if an Event of Default has occurred or is continuing, Lender may request that Account Debtor’s 's pay (by wire transfer or otherwise) Collections to Lender directly.