Lockbox arrangement definition

Lockbox arrangement means the establishment of a mechanism to separate the asset pool receivables and the originating bank to preclude the co-mingling of funds.
View Source
Lockbox arrangement means that (i) one or more deposit accounts have been established with Citibank and that each Collateral Entity has entered into a Control Agreement with Lender and Citibank providing for the payment to a Deposit Account of (A) all proceeds attributable to the Net Operating Income of any and all Specified Real Property Interests less the amount of all principal and interest required to be paid on account of, and all reserves required to be established in respect of, the Indebtedness secured by senior Mortgages on the Specified Real Property Interests and (B) all Collateral Proceeds and (ii) the Collateral Entities have instructed all managers, general partners and other Persons responsible for the payment of Collateral Proceeds to make such payments to a Deposit Account.
View Source

Examples of Lockbox arrangement in a sentence

  • Following the establishment of the Access Capital Lockbox arrangement, all of each Company’s invoices, account statements and other written or oral communications directing, instructing, demanding or requesting payment of any Account of any Company or any other amount constituting Collateral shall conspicuously direct that all payments be made to the Access Capital Lockbox at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ or such other address as Access Capital may direct in writing.

  • Borrowers shall have established (i) the cash management system, specified in Section 7.2 hereto, and executed the Master Agreement, in form and substance satisfactory to Lender, and (ii) the Key Deposit Account, a Cash Collateral Account, Operating Account, Controlled Disbursement Account and Lockbox arrangement, in each case satisfactory to Lender.

  • The Borrowers shall continue to maintain a depository account ("Depository Account") and lock box ("Lockbox") arrangement acceptable to Agent at LaSalle and, in every invoice issued by Borrowers, shall direct all Account Debtors to send their payments directly to the post office box established by the aforesaid Lockbox arrangement.

  • From and after such election, Borrower and each other Borrower Party which shall pledge or purport to pledge Accounts as security for all or any part of the Indebtedness, shall maintain, at all times during the term of this Agreement, a depository account ("Depository Account") and lock box ("Lockbox") arrangement acceptable to Bank.

  • In every ---------------------------------------------- invoice issued by Borrower commencing 30 days after the Closing Date, it shall direct all Account Debtors to send their payments directly to the post office box established by the Lockbox arrangement.

  • Borrowers shall have established (i) the cash management system, specified in Section 7.2 hereof, and executed the Master Agreement, in form and substance satisfactory to Lender, and (ii) a Cash Collateral Account, Operating Account, Controlled Disbursement Account and Lockbox arrangement, in each case satisfactory to Lender.

  • All other payments will be submitted or deposited directly to the Provider, or in the Lockbox arrangement governmental payer payments will be submitted directly to the Provider.

  • If Borrower or Property Manager receive any rents, or any payment is received outside of the Lockbox arrangement from or with respect to the Property, Borrower shall immediately transmit such rents or payments to the Lockbox, properly endorsed.

  • Simultaneously with the establishment of the aforementioned Lockbox arrangement, each Company shall, and shall cause Stockeryale Canada to, cause the Lockbox Bank to enter into all such documentation acceptable to Laurus pursuant to which, among other things, the Lockbox Bank agrees to: (a) sweep the Lockbox on a daily basis and deposit all checks received therein to an account designated by Laurus in writing and (b) comply only with the instructions or other directions of Laurus concerning the Lockbox.

  • At any time during the term hereof and for any reason, upon notification to Borrower by Bank, Borrower and each other Borrower Party shall, in every invoice issued by Borrower or such other Borrower Party, direct all Account Debtors to send their payments directly to the post office box established by the aforesaid Lockbox arrangement.