Common use of Payments on Receivables, Accounts Clause in Contracts

Payments on Receivables, Accounts. The Seller will, and will cause each Originator to at all times instruct its Obligors to deliver payments on the Receivables to a Lock-Box Account. If any such payments or other Collections are received by the Seller or an Originator, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Account. The Seller will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. The Seller will not permit the funds of any Affiliate to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Account, the Seller will promptly identify such funds for segregation. The Seller will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Seller shall only add, and shall only permit an Originator to add, a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit F if the Agent has received notice of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F (with such changes as are acceptable to the Agent) from any new Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Agent.

Payments on Receivables, Accounts. The Seller will, and will cause each Originator to at all times instruct its all Obligors to deliver payments on the Receivables to a Lock-Box or Lock-Box Account. If any such payments or other Collections are received by the Seller or an any Originator, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Account. The Seller will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. The Seller will not permit the funds of any Affiliate to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Account, the Seller will promptly identify and separate such funds for segregation. The Seller will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Seller shall only add, and shall only permit an Originator the Originators to add, a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit F E if the Agent has received notice of and has consented to such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F (with such changes as are acceptable to the Agent) from any new Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Agent.

Payments on Receivables, Accounts. The Seller will, and Originator will cause each Originator to at all times instruct its all Obligors to deliver payments on the Receivables to a Lock-Box Box, the Collection Account or to a Designated Payee (as set forth in (Annex B to Exhibit G) the Second Tier Agreement). The Originator will also instruct each Designated Payee to pay all Collections it receives to a Collection Account. If any such payments or other Collections are received by the Seller or an Originator, it shall hold such payments in trust for the benefit of the Agent and the Purchasers Buyer and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Accountat the direction of the Buyer. The Seller Originator will cause each Lock-Box Collection Bank to comply with the terms of each applicable Lock-Box Collection Letter. The Seller will not permit After the funds occurrence of any Affiliate to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Accounta Termination Event, the Seller will promptly identify such funds for segregation. The Seller Originator will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Agent or any Purchaser Buyer is entitled with any other funds. The Seller Originator shall only add, and shall only permit an Originator to add, add a Lock-Box Bank, Lock-Box, Collection Bank or Lock-Box Account to those listed on Exhibit F of the Second Tier Agreement if the Agent Buyer has received notice of such addition, a copy of any new Lock-Box Box, as applicable, Agreement and an executed and acknowledged copy of a Lock-Box Collection Letter substantially in the form of Exhibit F G of the Second Tier Agreement (with such changes as are acceptable to the AgentBuyer) from any new Lock-Box Collection Bank. The Seller Originator shall only terminate a Lock-Box Collection Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Buyer. If the long term unsecured indebtedness of the Originator is rated less than BBB- by S&P or Baa3 by Xxxxx'x (or either S&P or Xxxxx'x has withdrawn or suspended such rating), the Originator agrees that the Agent may, in its sole discretion, deliver the Agent's Notice (as defined in Annex A to Exhibit G to the Second Tier Agreement) to the Collection Bank.

Payments on Receivables, Accounts. The Seller willshall, and will shall cause each the Originator to to, at all times instruct its all Obligors to deliver payments on the Receivables (including Deemed Collections) to a Lock-Box or Collection Account. If any such payments or other Collections are received by the Seller or an the Originator, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within two one Business Days Day after receipt) remit such funds into a Lock-Box Collection Account. The Seller will shall cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. The Seller will shall not permit the funds of any Affiliate to be deposited into any Lock-Box Collection Account. If such funds are nevertheless deposited into any Lock-Box Collection Account, the Seller will shall promptly identify and separate such funds for segregation. The Seller will shall not, and will shall not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other fundsfunds other than monies representing the proceeds of truck sales and insurance proceeds contained in a Collection Account. The Seller shall only add, and shall only permit an the Originator to add, a Lock-Box Bank, Lock-Box, or Lock-Box Collection Account to those listed on Exhibit F if the Agent has received notice of and has consented to such addition, and has received a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F G (with such changes as are acceptable to the Agent) from any new Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Collection Account, upon 30 days advance notice to the Agent.

Payments on Receivables, Accounts. The Seller will, and Collection Agent will cause each Originator to at all times instruct its all Obligors or Seller to deliver payments on the Receivables (including Deemed Collections remitted by the Seller to the Collection Agent) to a Lock-Box or Lock-Box Account. If any such payments or other Collections are received by the Seller Collection Agent or an any Originator, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Account. The Seller Collection Agent will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. The Seller Collection Agent will not permit the funds of any Affiliate to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Account, the Seller Collection Agent will promptly identify and separate such funds for segregation. The Seller will not, and Collection Agent will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Seller Collection Agent shall only add, and shall only permit an Originator the Originators to add, a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit F E if the Agent has received notice of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F (with such changes as are acceptable to the Agent) from any new Lock-Box Bank. The Seller Collection Agent shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Agent.

Payments on Receivables, Accounts. The Seller will, and will cause each Originator to at all times instruct its all Obligors to deliver payments on the Receivables (including Deemed Collections) to a Lock-Box or Lock-Box Account. The provisions of the previous sentence shall only apply to payments on Receivables originated by the Canadian Originators on and after the 61st day following the date of this Agreement. If any such payments or other Collections are received by the Seller or an any Originator, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Account. The Seller will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. The Seller will not permit the funds of any Affiliate to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Account, the Seller will promptly identify and separate such funds for segregation. The Seller will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Seller shall only add, and shall only permit an Originator the Originators to add, a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit F E if the Agent has received notice of and has consented to such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F (with such changes as are acceptable to the Agent) from any new Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Agent.

Payments on Receivables, Accounts. The Seller will, and Servicer will cause each Originator to at all times instruct its all Obligors to deliver payments on the Receivables to a Lock-Box or Lock-Box Account, provided that, with respect to any Obligor that had been instructed to send payments on any Receivable to the JPMorgan Lock-Box or JPMorgan Lock-Box Account, the Sevicer will instruct each such Obligor to deliver payments on its Receivables to a Lock-Box or a Lock-Box Account within 45 days of the Closing Date. The Servicer will not make any change in its payment instructions to any Obligor without prior notice to the Agent. If any such payments or other Collections are received by the Seller Servicer or an Originatorincorrect account, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Account. The Seller will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. The Seller Servicer will not permit the funds of any Affiliate (other than the Seller) to be deposited into any a Lock-Box Account. If such funds are nevertheless deposited into any a Lock-Box Account, the Seller Servicer will promptly identify such funds for segregation. The Seller Servicer will not, and will not permit any Collection Agent the Seller or other Person to, thereafter commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Seller Servicer shall only add, and shall only permit an Originator to add, a Lock-Box Bank, Lock-Box, or not close any Lock-Box Account to those listed on Exhibit F if without the Agent has received notice prior written consent of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F (with such changes as are acceptable to the Agent) from any new Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Agent.

Payments on Receivables, Accounts. The Seller will, and will cause each Originator to at all times instruct its all Obligors to deliver payments on the Receivables to a Lock-Box Account. If any such payments or other Collections are received by the Seller or an OriginatorSeller, it shall hold such payments in trust for the benefit of the Agent and the Purchasers and promptly (but in any event within two Business Days after receipt) remit such funds into a Lock-Box Account. The Seller will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Letter. The Seller will use its best efforts not to permit the any funds of any Affiliate other than Collections to be deposited into any Lock-Box Account. If such funds are nevertheless deposited into any Lock-Box Account, the Seller will promptly identify such funds for segregation. The Seller will not, and will not permit any Collection Agent or other Person to, commingle Collections or other funds to which the Agent or any Purchaser is entitled with any other funds. The Seller shall only add, and shall only permit an the Originator to add, a Lock-Box Bank, Lock-Box, or Lock-Box Account to those listed on Exhibit F if the Agent has received notice of such addition, a copy of any new Lock-Box Agreement and an executed and acknowledged copy of a Lock-Box Letter substantially in the form of Exhibit F G (with such changes as are acceptable to the Agent) from any new Lock-Box Bank. The Seller shall only terminate a Lock-Box Bank or Lock-Box, or close a Lock-Box Account, upon 30 days advance notice to the Agent.