Common use of Lockbox Arrangements Clause in Contracts

Lockbox Arrangements. No later than the date that any Receivable is Pledged hereunder, the Servicer shall (i) direct and otherwise cause the Obligor obligated under such Receivable to mail payments of all monies due under such Receivable to the Lockbox and (ii) to cause the Lockbox Bank to (A) deposit on each Business Day all payments of Collections received in the Lockbox into the Lockbox Account and (B) to remit all Collections deposited into the Lockbox Account to the Collection Account within one (1) Business Day of the deposit of such Collections into the Lockbox Account. Neither SRI, the Servicer nor the Borrower shall change any payment directions referred to in the previous sentence without the prior written consent of the Agent.