Lockbox Operation Clause Samples
Lockbox Operation. The parties hereto shall facilitate the relocation, at Northern Trust's option and, if Northern Trust elects to pursue such relocation, at Northern Trust's expense, of Northern Trust's lockbox operations out of the Canal Center and to the main site for Fiserv's check processing operations for Northern Trust pursuant to this Agreement, at such time as Fiserv moves the payments processing unit out of such facility. Fiserv shall provide such space at cost in the new facility. The lockbox operation, which is under Northern Trust's ownership and control, may be moved to facilitate its continued functioning. Northern Trust shall notify Fiserv of its election concerning relocation of the lockbox operation prior to Fiserv finalizing arrangements for its new facility. Fiserv shall notify Northern Trust just prior to its finalizing such arrangements so that Northern Trust may make the foregoing election.
Lockbox Operation. The Company and each of its Subsidiaries shall at all times direct their account debtors to make all payments directly to Lockboxes or Controlled Accounts under the control of the Administrative Agent or under the control of another financial institution reasonably acceptable to the Administrative Agent that has entered into a Controlled Account Agreement with the Administrative Agent.
Lockbox Operation. The Contractor must maintain a lockbox operation sufficient to process all lockbox payments within two business days of receipt. Any delays of more than two business days shall result in damages of $200 per day. The City shall provide the Contractor with one business day to respond and repair the failure prior to being entitled to this liquidated damage.