Lockbox Arrangements Clause Examples

Lockbox Arrangements. (a) On or before the Amendment Closing Date, the Company will establish deposit accounts with, and enter into lockbox agreements with, the Collateral Agent, and cause each of its Domestic Subsidiaries to do likewise, all of which arrangements shall be satisfactory in form and substance to the Collateral Agent. Any such deposit accounts with the Collateral Agent shall be considered a Cash Collateral Account as provided in the Security Agreement. (b) On or before the Amendment Closing Date, the Company will cause all funds to be paid to the Borrower and its Domestic Subsidiaries by customers, account debtors and others to be paid to said lockboxes and deposited in said accounts with the Collateral Agent. (c) No later than the Amendment Closing Date, the Company will cease using deposit accounts, (other than the payroll or ▇▇▇▇▇ cash accounts detailed by Company and Subsidiary on Exhibit F to this Amendment) and any lockbox arrangements with any financial institution other than the Collateral Agent, and cause each of its Domestic Subsidiaries to do likewise, it being understood that the Company and its Domestic Subsidiaries may continue using controlled disbursement accounts with other financial institutions as and to the extent permitted by the Collateral Agent, acting in its reasonable discretion. (d) Such lockbox agreements with the Collateral Agent shall provide, among other things, that once the Company and its Domestic Subsidiaries shall have so established such lockbox agreements and deposit accounts with the Collateral Agent, and funds shall be received by the Collateral Agent as contemplated thereby, (A) if no Default under section 10.1(a) of the Credit Agreement or Event of Default shall have occurred and be continuing, the Collateral Agent will immediately release such funds so received by it to or as directed by the Company, or (B) if a Default under section 10.1(a) of the Credit Agreement or Event of Default shall have occurred and be continuing, the Collateral Agent shall have sole and complete dominion over all funds so received and shall, on a daily or similar frequent basis, promptly apply such funds to the Loans and other obligations secured by the Security Agreement, and after all Loans and other obligations secured by the Security Agreement have been satisfied and the Total Commitment has been terminated, release any surplus remaining to the Borrower or to whomsoever shall be lawfully entitled thereto.

Lockbox Arrangements. The Servicer and the Originator shall not alter or modify the Lockbox or collection account arrangements that are in effect as of the Closing Date relating to collection of payments on the Contracts without prior written notice to the Insurer.

Lockbox Arrangements. The Borrowers and Credit Parties hereby covenant and agree to re-institute on the date hereof the lockbox arrangements as required by Section 2.5 of the $50,000,000 Credit Agreement and to comply with such requirements going forward, which lockbox arrangements shall not require the sweeping of cash except cash from government payors or upon and during the continuation of an Event of Default.

Lockbox Arrangements. Marketer agrees that it shall establish lockbox arrangements for the receipt of Account payments. The funds in the lockbox account shall be made available to Bank pursuant to the control agreement referred to below in the event Marketer fails to perform its obligation hereunder to purchase a Program Receivable and the Settlement Reserve have been depleted as described in Section 4.4. For a period of twenty-six (26) days following such depletion of the Settlement Reserve, all payments, credits, refunds, and reversals thereafter received and deposited in a lockbox account shall be made but only to the extent necessary to pay the purchase price of new Program Receivables and shall be subject to Section 4.4. Such lockbox arrangements shall be reasonably acceptable to Bank, including, but not limited to, arrangements for the execution of a control agreement by the lockbox agent, Bank, and Marketer acknowledging Bank’s security interest in the Account payments and granting Bank the ability to redirect the same to Bank in the event Marketer fails to perform its obligations hereunder to purchase a Program Receivable. Any lockbox arrangements for the receipt of Account payments shall specifically acknowledge the rights of Bank under Section 4.4.

Lockbox Arrangements. (i) on or before February 26, 1999, establish deposit accounts with, and enter into lockbox agreements with, the Collateral Agent, and cause each of its Domestic Subsidiaries to do likewise, all of which arrangements shall be satisfactory in form and substance to the Collateral Agent; (ii) on or before March 31, 1999, cause all funds to be paid to the Borrower and its Domestic Subsidiaries by customers, account debtors and others to be paid to said lockboxes and deposited in said accounts with the Collateral Agent; (iii) no later than March 31, 1999, cease using deposit accounts and any lockbox arrangements with any financial institution other than the Collateral Agent, and cause each of its Domestic Subsidiaries to do likewise, it being understood that the Borrower and its Domestic Subsidiaries may continue using controlled disbursement accounts with other financial institutions as and to the extent permitted by the Collateral Agent, acting in its reasonable discretion; (iv) such lockbox agreements with the Collateral Agent shall provide, among other things, that once the Borrower and its Domestic Subsidiaries shall have so established such lockbox agreements and deposit accounts with the Collateral Agent, and funds shall be received by the Collateral Agent as contemplated thereby, (A) if no Default under section 10.1(a) or Event of Default shall have occurred and be continuing, the Collateral Agent will immediately release such funds so received by it to or as directed by the Borrower, or (B) if a Default under section 10.1(a) or Event of Default shall have occurred and be continuing, the Collateral Agent shall have sole and complete dominion over all funds so received and shall, on a daily or similar frequent basis, promptly apply such funds to the Loans and other obligations secured by the Security Agreement, and after all Loans and other obligations secured by the Security Agreement have been satisfied and the Total Commitment has been terminated, release any surplus remaining to the Borrower or to whomsoever shall be lawfully entitled thereto;

Lockbox Arrangements. 36 3.2 [Intentionally Omitted]....................................... 37 3.3

Lockbox Arrangements. Without limitation of the requirement of Section 2.3.2(a) hereof, Borrower shall cause the Lockbox Arrangement to become effective within 150 days after June 11, 2007.

Lockbox Arrangements. (a) As soon as reasonably possible after the Initial Closing Date the Company shall enter into a Lockbox Agreement with a bank reasonably acceptable to the Company and the Purchasers on terms acceptable to the parties, in which all revenues generated from “membership tour card,” “membership” and “entry fees” will be deposited.

Lockbox Arrangements. Following receipt of the Administrative Agent's written request, Borrowers agree to promptly notify all purchasers of hydrocarbons from all of the