Common use of Lock Boxes and Blocked Accounts Clause in Contracts

Lock Boxes and Blocked Accounts. Borrower will, at its expense, establish (and revise from time to time as Lender may require) collection procedures acceptable to Lender, in Lender's sole discretion, for the collection of checks, wire transfers and other proceeds of Accounts ("ACCOUNT PROCEEDS"), which may include (i) directing all Account Debtors to send all such proceeds directly to a post office box designated by Lender either in the name of Borrower (but as to which Lender has exclusive access) or, at Lender's option, in the name of Lender (a "LOCK BOX") or (ii) depositing all Account Proceeds received by Borrower into one or more bank accounts maintained in Lender's name (each, a "BLOCKED ACCOUNT"), under an arrangement acceptable to Lender with a depository bank acceptable to Lender, pursuant to which all funds deposited into each Blocked Account are to be transferred to Lender in such

Lock Boxes and Blocked Accounts. Borrower will, at its expense, establish (and revise from time to time as Lender may requirerequire in the exercise of Lender's customary credit judgment) collection procedures acceptable to Lender, in the exercise of Lender's sole discretioncustomary credit judgment, for the collection of checks, wire transfers and other proceeds of Accounts ("ACCOUNT PROCEEDS"), which may include (i) directing all Account Debtors to send all such proceeds directly to a post office box designated by Lender either in the name of Borrower (but as to which Lender has exclusive access) or, at Lender's option, in the name of Lender (a "LOCK BOXBox") or (ii) depositing all Account Proceeds received by Borrower (exclusive of Account Proceeds received by Borrower from any of its subsidiaries which are not Borrowers) into one or more bank accounts maintained in Lender's name (each, a "BLOCKED ACCOUNT"), under an arrangement acceptable to Lender with a depository bank acceptable to Lender, pursuant to which all funds deposited into each Blocked Account are to be transferred to Lender in suchBLOCKED