Payments on Receivables. Each Obligor is required to send all payments with respect to each Receivable (other than Tooling Receivables) to a Lock-Box in the exclusive control of the Lock-Box Bank for deposit in a Lock-Box Account, and no funds other than payments with respect to the Receivables (which may be Tooling Receivables) are deposited in any such Lock-Box Account.
Appears in 2 contracts
Sources: Receivables Loan Agreement (Borg Warner Automotive Inc), Receivables Loan Agreement (Borgwarner Inc)