Common use of Lock Box Agreement Clause in Contracts

Lock Box Agreement. Within thirty (30) days after a request from Borrower for an Advance and at all times thereafter, Borrower shall direct each account debtor (and each depository institution where proceeds of accounts receivable are on deposit) to make payments with respect to all receivables to one or more lockbox accounts established with the Bank (“Lockbox”) or to wire transfer payments to a cash collateral account that Bank controls, as and when directed by the Bank from time to time, at its option and at the sole and exclusive discretion of the Bank

Lock Box Agreement. Within thirty (30) days after a request from Borrower for an Advance and at all times thereafter, Borrower shall direct each account debtor (and each depository institution where proceeds of accounts receivable are on deposit) to make payments with respect to all receivables to one or more lockbox accounts established with the Bank (“"Lockbox”") or to wire transfer payments to a cash collateral account that Bank controls, as and when directed by the Bank from time to time, at its option and at the sole and exclusive discretion of the Bank