Examples of Lockbox Account in a sentence
Within the Lockbox Account, Client violation payments are applied to open citations and reconciled on a weekly basis for processing of payments to the Department of Revenue, other governmental entities and the School Crossing Guard Recruitment and Retention Program in compliance with section 316.1896, Florida Statutes.
If the Lockbox Method is used, Merchant hereby authorizes Purchaser to initiate a lockbox arrangement and to instruct Merchant's Approved Card Processor and Merchant's invoiced customers/clients/vendees to deposit all sums due to Merchant from each of those parties directly to the Lockbox Account.
Other than accounts on Schedule II attached hereto, the Borrower (or, with respect to the SAP Lockbox Account, SAP) does not have any other accounts.
The Servicer shall exercise and enforce the rights of the Trust with respect to the Cash Management Account, the Concentration Account, the Lockbox Account and the Reserve Accounts under the Mortgage Loan Agreement, the Concentration Account Agreement, the Lockbox Agreement and the Cash Management Agreement, and shall make deposits thereto and withdrawals therefrom, all in accordance with Accepted Servicing Practices and the other terms of this Agreement and the other Mortgage Loan Documents.
The names and addresses of the Collection Account, the Supplemental Reserve Account, the Liquidity Reserve Account, the SAP Lockbox Account, the SAP Revenue Account, the Takeout Transaction Account and the Borrower’s Account are specified on Schedule II attached hereto, as updated pursuant to Section 5.1(Q).