Lockbox and Blocked Account Sample Clauses

Lockbox and Blocked Account. Each Borrower shall direct all of its Account Debtors to make all payments on the Accounts directly to the Lock Box. Each Borrower shall establish a Blocked Account, into which all payments received in the Lock Box shall be deposited, and into which such Borrower will immediately deposit all payments received by such Borrower on Accounts in the identical form in which such payments were received, whether by cash or check. Borrowers’ payroll and retail deposit accounts held at Saratoga National Bank shall not be subject to the Blocked Account requirements set forth herein so long as such payroll and retail deposit accounts together shall have a balance of no more than $50,000 at any time. If a Borrower, any Affiliate or Subsidiary, any shareholder, officer, director, employee or agent of a Borrower or any Affiliate or Subsidiary, or any other Person acting for or in concert with a Borrower shall receive any monies, checks, notes, drafts or other payments relating to or as Proceeds of Accounts or other Collateral, such Borrower and each such Person shall receive all such items in trust for, and as the sole and exclusive property of, Lender and, immediately upon receipt thereof, shall remit the same (or cause the same to be remitted) in kind to the Blocked Account. The financial institution with which the Blocked Account is established shall acknowledge and agree, in a manner reasonably satisfactory to Lender, that the amounts on deposit in such Lock Box and Blocked Account are the sole and exclusive property of Lender, that such financial institution will follow the instructions of Lender with respect to disposition of funds in the Lock Box and Blocked Account without further consent from such Borrower, that such financial institution has no right to setoff against the Lock Box or Blocked Account or against any other account maintained by such financial institution into which the contents of the Lock Box or Blocked Account are transferred, and that such financial institution shall wire, or otherwise transfer in immediately available funds to Lender in a manner satisfactory to Lender, funds deposited in the Blocked Account on a daily basis as such funds are collected. Each Borrower agrees that all payments made to such Blocked Account or otherwise received by Lender, whether in respect of the Accounts or as Proceeds of other Collateral or otherwise (except for proceeds of Collateral which are required to be delivered to the holder of a Permitted Lien which is...
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Lockbox and Blocked Account. (a) Unless Lender permits Borrower to use Lender’s remote deposit system, Borrower shall direct all of its Account Debtors to make all payments on the Accounts directly to the Lock Box. Lxxxxx may revoke the Loan Parties’ ability to use the remote deposit system at any time.
Sample 1
Lockbox and Blocked Account. The Obligors hereby confirm to Ocwen that, upon an Event of Default under the Term Loan Agreement that continues beyond any applicable cure periods, a post office box (the "Lockbox") will be established by the Obligors and that only Bank will have access (and it shall be unrestricted access) to the items deposited in the Lockbox. All of which items deposited into the Lockbox that are remittances shall be deposited in a special account or accounts at Bank to which only Bank will have access (the "Blocked Account"), on which Blocked Account only payments to Ocwen's order may be drawn. The Lockbox and Blocked Account are and shall each be in the names of one or more of the Obligors for the benefit of Ocwen. Ocwen and the Obligors understand, acknowledge and agree that there will be one Blocked Account established for each of the three (3) Projects (as defined in the Term Loan Agreement). All three Blocked Accounts are collectively referred to hereinafter as "Blocked Account." All items of payment received through the Lockbox and all funds deposited in the Blocked Account shall be and remain the sole and exclusive property of Ocwen, and none of the Obligors or Bank shall have any interest therein or (except as specifically authorized herein) control thereof. All fees, costs and expenses charged by Bank for the Lockbox and Blocked Account shall be in accordance with its customary practices, payable by Obligors, jointly and severally. Except as expressly provided for hereinafter, Ocwen shall bear no responsibility for said amounts. The Obligors shall direct all residents, tenants, and others owing funds to the Obligors in connection with the Project Properties to send checks, drafts, or other orders for the payment of money to the Lockbox address. Obligors shall provide Ocwen and Bank written notice of the Lockbox address. Pursuant to Section 15 hereof, Bank agrees to provide Ocwen and the Obligors daily notice of deposits into the Blocked Account. In addition thereto, Bank agrees to provide Obligors with written notice each day (which may be set forth on the written notice provided pursuant to Section 15, as applicable), on which payments are wired to Ocwen from Bank pursuant to the terms of Section 8 hereof, along with an indication of the total amount of such wire transfer. In addition to the foregoing, monthly statements for the Blocked Account are to be provided to Ocwen and Obligors, also as indicated in Section 15 hereof. Ocwen agrees that in the event th...
Sample 1
Lockbox and Blocked Account. (a) Each Borrower shall direct all of its Account Debtors to make all payments on the Accounts directly to the Lock Box that such Borrower shall establish for the deposit of all payments received by such Borrower. Each Borrower shall immediately deposit in the Blocked Account all other payments received by such Borrower on Accounts in the identical form in which such payments were received, whether by cash or check. If any Borrower, any Affiliate or Subsidiary, any shareholder, officer, director, employee or agent of any Borrower or any Affiliate or Subsidiary, or any other Person acting for or in concert with any Borrower shall receive any monies, checks, notes, drafts or other payments relating to or as Proceeds of Accounts or other Collateral, such Borrower and each such Person shall receive all such items in trust for, and as the sole and exclusive property of, Lender and, immediately upon receipt thereof, shall remit the same (or cause the same to be remitted) in kind to the Blocked Account.
Sample 1

Related to Lockbox and Blocked Account

  • Blocked Accounts Agent shall have received duly executed agreements establishing the Blocked Accounts or Depository Accounts with financial institutions acceptable to Agent for the collection or servicing of the Receivables and proceeds of the Collateral;

  • Lockbox Accounts The names and addresses of all the Lockbox Banks, together with the account numbers of the Lockbox Accounts of the Seller at each Lockbox Bank and the post office box numbers of the lockboxes, are listed on Schedule 6.1(o) (or have been notified to and approved by the Agents in accordance with Section 7.3(d)) and are the only post office boxes and accounts into which Collections of Receivables are deposited or remitted. The Seller has not granted any Person, other than the Administrative Agent for the benefit of the Secured Parties as contemplated by this Agreement, control of any lockbox or Lockbox Account, or the right to take control of any such lockbox or Lockbox Account at a future time.

  • Lockboxes Upon request of the Administrative Agent after the occurrence and during the continuance of a Default, each Grantor shall execute and deliver to the Administrative Agent irrevocable lockbox agreements in the form provided by or otherwise acceptable to the Administrative Agent, which agreements shall be accompanied by an acknowledgment by the bank where the lockbox is located of the Lien of the Administrative Agent granted hereunder and of irrevocable instructions to wire all amounts collected therein to a special collateral account at the Administrative Agent.

  • 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 The Secured Party may, by notice to the Debtor, require the Debtor to direct each of its account debtors to make payment directly to a special lockbox to be under the control of the Secured Party. The Debtor hereby authorizes and directs the Secured Party to deposit all checks, drafts and cash payments received in said lockbox into the collateral account established as set forth above.

  • Account Agreement Lender shall have received the original of the Account Agreement executed by each of Cash Management Bank and Borrower.

  • Lock-Box Accounts The names and addresses of all of the Lock-Box Banks, together with the account numbers of the Lock-Box Accounts at such Lock-Box Banks, are specified in Schedule 6.1(n).

  • Collateral Accounts Evidence that the Collateral Accounts have been established;

  • Deposit Account Control Agreements the Deposit Account control agreements to be executed by each institution maintaining a Deposit Account for an Obligor, in favor of Agent, for the benefit of Secured Parties, as security for the Obligations.

  • Deposit Account Control Agreement control agreement satisfactory to Agent executed by an institution maintaining a Deposit Account for an Obligor, to perfect Agent’s Lien on such account.

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