Examples of Government Lockbox Account in a sentence
Each Borrower will not, and will not permit any of its Subsidiaries to, (i) forward any collections from any Government Account Debtor in the applicable Government Lockbox Accounts or the Government Lockboxes except as required under Section 4.8(i), or (ii) direct any Government Account Debtor to make a payment in respect of any Account in any place or account other than the applicable Government Lockbox Account or applicable Government Lockbox.
Notwithstanding anything to the contrary set forth in this Agreement, Agent waives any right of set off of funds on deposit in any Government Lockbox Account or any Government Lockbox against the Obligations under this Agreement except to the extent otherwise permitted under Applicable Law.
In the event that the Grantor does not pay such customary fees, charges and expenses due to the Government Lockbox Account Bank within ten (10) days after the due date, the Government Lockbox Account Bank is authorized to charge the Government Lockbox Account for such fees.
In the event insufficient funds remain in the Lockbox Account to cover any overdrafts, the Grantor shall pay and indemnify the Government Lockbox Account Bank for the amounts of any overdrafts.
In addition, we will work individually with any business to plan for future growth, as well as to assist in solving today’s problems.
Each Grantor shall use all commercially reasonable efforts to cause each Account Debtor and every other Person identified in the preceding sentence to make all payments owing to any Grantor to a Blocked Account or Deposit Account, as applicable; and (ii) each Account Debtor which is a Governmental Authority (and only such Account Debtors) to make all payments owing to any Grantor to the Government Lockbox Account.
All customary fees, charges and expenses for the maintenance and provision of services in conjunction with the Government Lockbox Account are the responsibility of the Grantor.
To the extent there is a conflict between this Government Lockbox Account Agreement and the terms and conditions of services, this Government Lockbox Account Agreement shall take precedence.
This Government Lockbox Account Agreement shall become effective immediately upon its execution by all parties hereto.
The Government Lockbox Account Bank may charge the Government Lockbox Account as permitted herein at such times as are in accordance with the Government Lockbox Account Bank’s customary practice for the chargeback of returned items and expenses.