Common use of Lockbox Agreements Clause in Contracts

Lockbox Agreements. On or before the Initial Closing Date, the Transferor, the Servicer, the Collateral Trustee on behalf of the Noteholders and the Holder of the Transferor Interest and each Lockbox Processor shall have entered into an agreement (each a "Lockbox Agreement") in a form substantially similar to Exhibit E, as the same may be amended, supplemented or otherwise modified from time to time (provided, however, that if the Collateral Trustee is not the Lockbox Processor, no such amendment, supplement or modification will permit, without the consent of the Collateral Trustee, (i) any increase in the time between receipt of a payment and remittance to the Collateral Trustee, (ii) a change in the payment instruction to the Collateral Trustee or (iii) a change in the payment instruction to the Lockbox Processor), pursuant to which such Lockbox Processor is irrevocably directed, and such Lockbox Processor irrevocably agrees, to deposit funds received in the Lockbox in the Lockbox Account. Pursuant to the Lockbox Agreement, the Lockbox Processor maintaining the Lockbox Account shall be irrevocably directed, and shall irrevocably agree, to transfer funds on deposit in the Lockbox Account within two Business Days of receipt thereof to the Collection Account. The Lockbox Account shall be maintained in accordance with the terms and conditions of such documentation. A new Lockbox Account may be designated by the Transferor and the Servicer, and the Collateral Trustee shall consent to any such change in the Lockbox Account; provided that (i) the Collateral Trustee shall have received from the Transferor or the Servicer written notice of such change at least 30 days prior to the proposed effective date of such change and (ii) the Lockbox Processor chosen to maintain such new Lockbox Account shall enter into a Lockbox Agreement with the Transferor, the Servicer and the Collateral Trustee, substantially similar to Exhibit E.