Common use of Collections and Lock-Boxes Clause in Contracts

Collections and Lock-Boxes. The Borrower or the Servicer on its behalf will instruct all Obligors to cause all Collections to be either (a) remitted to a Lock-Box and will cause each Lock-Box Bank to retrieve such Collections promptly and deposit the same to the respective Lock-Box Accounts or (b) deposited directly into a Lock-Box Account and will cause any Collections effectuated by pre-authorized debits of Obligor accounts to be deposited directly into a Lock-Box Account or the Agent's Account. Each Lock-Box Bank will remit Collections deposited into the respective Lock-box Accounts to the Agent's Account on a daily basis in accordance with Section 2.05. If the Borrower receives any Collections, the Borrower will remit such Collections (including, without limitation, any Collections deemed to have been received pursuant to Section 2.07) to a Lock-Box Account or the Agent's Account within one Business Day following the Borrower's receipt thereof. The Borrower will not add or terminate any bank as a Lock-Box Bank to or from those listed in Schedule VII or make any change in its instructions to obligors regarding payments to be made to the Borrower or payments to be made to any Lock Box or any Lock-Box Bank, unless the Agent shall have given its written consent to such addition, termination or change and all actions reasonably requested by the Agent to protect and perfect the interest of the Agent and the Lender in the Collections of Pledged Receivables have been taken and completed. The Agent shall have the exclusive ownership and control of the Lock-Box Accounts.

Collections and Lock-Boxes. The Borrower or Originator and the Servicer on its behalf will Collection Agent will (i) instruct all Obligors to cause all Collections to be either (aA) remitted to a Lock-Box and will cause each Lock-Box Bank to retrieve such Collections promptly and deposit the same to the respective Lock-Box Accounts or (bB) deposited directly into a with the Lock-Box Account and will cause any Collections effectuated by pre-authorized debits of Obligor accounts Bank, and (ii) pursuant to be deposited directly into a the Receivables Purchase Agreement, instruct all Lock-Box Banks to transfer such Collections in same day funds to a Collection Account or the Agent's Account. Each Lock-Box Bank will remit Collections deposited into the respective Lock-box Accounts to the Agent's maintained with a Collection Account on a daily basis in accordance with Section 2.05Bank. If the Borrower Originator receives any Collections, the Borrower Originator will remit such Collections (including, without limitation, any Collections deemed to have been received pursuant to Section 2.07) to a Lock-Box Account or the Agent's Collection Account within one Business Day following the BorrowerOriginator's receipt thereof. The Borrower Originator will not add or terminate any bank as a Lock-Box Bank to or from those listed in Schedule VII III or make any change in its instructions to obligors Obligors regarding payments to be made to the Borrower or payments to be made to any Lock Box or any Lock-Box Bank, unless the Agent Buyer shall have given its received at least ten Business Days' prior written consent to notice of such addition, termination or change and all actions reasonably requested by the Agent Buyer to protect and perfect the interest of the Agent and the Lender Buyer in the Collections of Pledged Receivables Transferred Assets have been taken and completed. The Agent shall have Originator hereby transfers to the Buyer, effective upon the Initial Purchase, the exclusive ownership and control of each of the Lock-Box Accounts, and each Lock-Box Bank shall be instructed to remit any amounts deposited in its Lock-Box Accounts solely according to the direction of the Buyer or its assigns. The Originator hereby agrees to take any further action necessary that the Buyer may reasonably request to effect such transfer.

Collections and Lock-Boxes. The Borrower or the Servicer on its behalf will Originators will (i) instruct all Obligors to cause all Collections to be either (aA) remitted to a Lock-Box and will cause each Lock-Box Bank to retrieve such Collections promptly and deposit the same to the respective Lock-Box Accounts or (bB) deposited directly into a with the Lock-Box Account and will cause any Collections effectuated by pre-authorized debits of Obligor accounts Bank, and (ii) pursuant to be deposited directly into a the Receivables Purchase Agreement, instruct all Lock-Box Account or the Agent's Account. Each Lock-Box Bank will remit Banks to transfer such Collections deposited into the respective Lock-box Accounts in same day funds to the Agent's Collection Account on (listed in SCHEDULE III attached hereto) maintained with a daily basis in accordance with Section 2.05Collection Account Bank. If the Borrower receives Originators receive any Collections, the Borrower applicable Originator will remit such Collections (including, without limitation, any Collections deemed to have been received pursuant to Section 2.07) to a Lock-Box Account or the Agent's Collection Account within one Business Day following the Borrowersuch Originator's receipt thereof. The Borrower Originators will not add or terminate any bank as a Lock-Box Bank to or from those listed in Schedule VII SCHEDULE III or make any change in its their instructions to obligors Obligors regarding payments to be made to the Borrower or payments to be made to any Lock Box or any Lock-Box Bank, unless the Agent Buyer shall have given its received at least ten Business Days' prior written consent to notice of such addition, termination or change and all actions reasonably requested by the Agent Buyer to protect and perfect the interest of the Agent and the Lender Buyer in the Collections of Pledged Receivables Transferred Assets have been taken and completed. The Agent shall have the exclusive ownership and control of the Lock-Box Accounts.

Collections and Lock-Boxes. The Borrower Seller or the Servicer on its behalf will instruct all Obligors obligors to cause all Collections to be either (a) remitted to a Lock-Box and will cause each Lock-Box Bank to retrieve such Collections promptly and deposit the same to the respective Lock-Box Accounts or (b) deposited directly into a Lock-Box Account and will cause any Collections effectuated by pre-authorized debits of Obligor accounts to be deposited directly into a Lock-Box Account or the Agent's Account. Each Lock-Box Bank will remit Collections deposited into the respective Lock-box Box Accounts to the Agent's Account on a daily basis in accordance with Section 2.05. If the Borrower Seller receives any Collections, the Borrower Seller will remit such Collections (including, without limitation, any Collections deemed to have been received pursuant to Section 2.07) to a Lock-Box Account or the Agent's Account within one Business Day following the BorrowerSeller's receipt thereof. The Borrower Seller will not add or terminate any bank as a Lock-Box Bank to or from those listed in Schedule VII or make any change in its instructions to obligors Obligors regarding payments to be made to the Borrower Seller or payments to be made to any Lock Box or any Lock▇▇▇▇-Box Bank▇▇▇ ▇▇▇▇, unless the Agent shall have given its written consent to such addition, termination or change and all actions reasonably requested by the Agent to protect and perfect the interest of the Agent and the Lender Purchaser in the Collections of Pledged Purchased Receivables have been taken and completed. The Agent shall have the exclusive ownership and control of the Lock-Box Accounts.

Collections and Lock-Boxes. The Borrower or Originators and the Servicer on its behalf will will: (i) instruct all Obligors to cause all Collections to be either (aA) remitted to a Lock-Box and will cause each Lock-Box Bank to retrieve such Collections promptly and deposit the same to the respective Lock-Box Accounts or (bB) deposited directly into a with the Lock-Box Account and will cause any Collections effectuated by pre-authorized debits of Obligor accounts Bank, and (ii) pursuant to be deposited directly into a the OutSource Funding Credit Agreement, instruct all Lock-Box Account or the Agent's Account. Each Lock-Box Bank will remit Banks to transfer such Collections deposited into the respective Lock-box Accounts in same day funds to the Agent's BKB Collection Account on a daily basis in accordance maintained with Section 2.05the BKB Collection Account Bank. If the Borrower receives Originators receive any Collections, the Borrower applicable Originator will remit such Collections (including, without limitation, any Collections deemed to have been received pursuant to Section 2.07) to a Lock-Box Account or the Agent's BKB Collection Account within one Business Day following the Borrowersuch Originator's receipt thereof. The Borrower Originators will not add or terminate any bank as a Lock-Box Bank to or from those listed in Schedule VII III or make any change in its their instructions to obligors Obligors regarding payments to be made to the Borrower or payments to be made to any Lock Box or any Lock-Box Bank, unless the Agent Buyer shall have given its received at least ten Business Days' prior written consent to notice of such addition, termination or change and all actions reasonably requested by the Agent Buyer to protect and perfect the interest of the Agent and the Lender Buyer in the Collections of Pledged Receivables Transferred Assets have been taken and completed. The Agent shall have Originators hereby transfer to the Buyer, effective upon the Initial Purchase, the exclusive ownership and control of each of the Lock-Box Accounts, and each Lock-Box Bank shall be instructed to remit any amounts deposited in its Lock-Box Accounts solely according to the direction of the Buyer or its assigns. The Originators hereby agree to take any further action necessary that the Buyer may reasonably request to effect such transfer.