Common use of Processing Acceptable Checks Clause in Contracts

Processing Acceptable Checks. All checks, except those not acceptable for deposit under the terms hereof, shall be deposited on the day of receipt by the Bank to Account No. [______] at the Bank (the "Collection Account"), which is an account owned and controlled exclusively by Collateral Agent, and all such checks shall be endorsed as follows: credited to account number [_________]; absence of endorsement hereby supplied and guaranteed by [Lockbox Bank] Any available funds in the Collection Account will be wired no later than 2:00 p.m. (New York time) each Business Day with the following instructions:

Processing Acceptable Checks. All checks, except those not acceptable for deposit under the terms hereof, shall be deposited on the day of receipt by the Bank to Account No. [______] at the Bank (the "Collection Account"), which is an account owned and controlled exclusively by Collateral Agent, and all such checks shall be endorsed as follows: credited to account number [_________]; absence of endorsement hereby supplied and guaranteed by [Lockbox Bank] Any available funds in the Collection Account will be wired no later than 2:00 p.m. (New York time) each Business Day with the following instructions:: [ ] ABA [ ]