Examples of Lock-Box Account in a sentence
Except as otherwise agreed to in writing by the Administrator and the Majority Purchasers, each Lock-Box Account shall at all times be subject to a Lock-Box Agreement; provided, however, that so long as the Exception Account Conditions are then satisfied with respect to an Exception Account, such Exception Account need not be subject to a Lock-Box Agreement.
ADMINISTRATION AND COLLECTIONS 26 Section 4.1. Appointment of the Servicer 26 Section 4.2. Duties of the Servicer 27 Section 4.3. Lock-Box Account Arrangements 28 Section 4.4. Enforcement Rights 29 Section 4.5. Responsibilities of the Seller 30 Section 4.6. Servicing Fee 30 Section 4.7. [Reserved] 31 Section 4.8. Erroneous Payment 31 ARTICLE V.
Prior to the date hereof, the Seller has entered into Lock-Box Agreements with all of the Lock-Box Banks maintaining any Lock-Box Account and delivered original counterparts of each such Lock-Box Agreement to the Administrator and each Purchaser Agent.
The parties hereto hereby acknowledge that if at any time the Administrator takes control of any Lock-Box Account, the Administrator shall not have any rights to the funds therein in excess of the unpaid amounts due to the Administrator, the Purchaser Groups, any Indemnified Party or any other Person hereunder, and the Administrator shall distribute or cause to be distributed such funds in accordance with Section 4.2(b) and Article I (in each case as if such funds were held by the Servicer thereunder).