Lockbox Bank definition

Lockbox Bank means a depository institution named by the Servicer and acceptable to the Controlling Party.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Lockbox Bank has the meaning set forth in Section 2.11.

Lockbox Bank means the financial institution maintaining the Lockbox Account and identified on Exhibit K hereto or any successor thereto and any other financial institution at which a Lockbox Account is maintained.

Examples of Lockbox Bank in a sentence

• In such event, the successor Servicer shall be deemed to have assumed all of the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to the Lockbox Intercreditor Agreement to the same extent as if the Lockbox Intercreditor Agreement had been assigned to the successor Servicer, except that the outgoing Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lockbox Bank under the Lockbox Account Agreement.

• The Servicer shall use its best efforts to notify or direct the Lockbox Bank to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be transferred to the Collection Account no later than two Business Days after receipt and identification of such payments.

• The Servicer shall be liable for (i) the fees and expenses of the Independent Accountant and (ii) to the extent not paid or reimbursed on any Distribution Date pursuant to Section 5.7(a) hereof or Section 5.6 of the Indenture, as applicable, the fees, expenses and indemnification amounts due to the Owner Trustee, the Backup Servicer, the Indenture Trustee, the Custodian and the Lockbox Bank.

• The Lockbox Account shall be a demand deposit account held by the Lockbox Bank.

• Each Obligor has been, or will be, directed to make all payments on their related EFLLC Receivable to the Lockbox Bank for deposit into the Lockbox Account.

More Definitions of Lockbox Bank

Lockbox Bank means the clearing bank which establishes, maintains and holds the Lockbox Account, which shall be an Eligible Institution.

Lockbox Bank means (i) initially, ▇▇▇▇▇ Fargo Bank, National Association or its successor or (ii) another depository institution named by the Servicer and in respect of which the Rating Agency Condition shall have been satisfied.

Lockbox Bank means, as of any date, W▇▇▇▇ Fargo Bank, National Association or another depository institution named by the Servicer and acceptable to the Trustee at which the Lockbox Account is established and maintained as of such date.

Lockbox Bank shall have the meaning given such term in Section 2.5.

Lockbox Bank means any of the commercial banks holding one or more Lockbox Accounts.

Lockbox Bank means ▇▇▇▇▇ Fargo Bank, National Association, or any successor or permitted assigns thereof.

Lockbox Bank shall have the meaning specified in Section 5.2(a) of the Indenture.