The Lockbox Account Sample Clauses
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The Lockbox Account. (a) Processor (ABA No. ▇▇▇▇▇▇▇▇▇) has established account number 662633247 (the “Lockbox Account”). Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.
(b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: ▇▇▇▇▇ Fargo Bank, National Association, Account No. ▇▇▇▇▇▇▇▇▇▇ f/b/o 85555901; ABA No. ▇▇▇▇▇▇▇▇▇ (the “Collection Account”).
(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.
The Lockbox Account. (i) The Trustee shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the Lockbox Account established by the Servicer in accordance with Section 3.01 of the Servicing Agreement and the proceeds thereof for the benefit of the Secured Parties. The Lockbox Account shall be under the sole dominion and control of the Trustee for the benefit of the Secured Parties. The Servicer at all times shall maintain accurate records reflecting each transaction in the Lockbox Account, and funds held therein shall at all times be held in trust for the benefit of the Secured Parties.
(ii) The agreement governing the Lockbox Account shall specify that on each Business Day good funds on deposit in the Lockbox Account shall be swept into the Collection Account.
The Lockbox Account. For the benefit of the Holders, the Trust Depositor has established the Lockbox Account, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders. Any Lockbox Bank must be approved by the Controlling Noteholder, and in maintaining the Lockbox Account, the Lockbox Bank shall agree in writing to comply with all instructions concerning the Lockbox Account originated by (i) prior to an Event of Default, the Trust Depositor, or (ii) after an Event of Default, the Controlling Noteholder (or the Trustee at the direction of the Controlling Noteholder), directing the disposition of funds in the Lockbox Account without the further consent of the Trust Depositor. Pursuant to this Agreement, the Receivables Purchase Agreement and the Servicing Agreement, the Trust Depositor, the Originator and the Servicer, respectively, will ensure that all Scheduled Payments on the Assets (and/or other collections thereon) will be directed to the Lockbox Account. Pursuant to the Lockbox Agreement, the funds in the Lockbox Account shall be swept daily by the Lockbox Bank into the Payment Account.