Common use of Mail Collection Clause in Contracts

Mail Collection. ‌ Bank will collect the contents of Client’s Lockbox each Business Day. The retrieval and removal of items, drafts, or other orders for the payment of money (collectively, referred to herein as the “Items”) and money (U.S. currency and/or coin(s), hereinafter referred to as “Cash”) from the Lockbox shall create a bailment, and the ▇▇▇▇▇▇-bailee relationship shall continue until such items are received at Bank and are accepted and credited to the Account designated by Client for the Lockbox Service (“Lockbox Account”), at which time the relationship of Client as a depositor of Bank for the aggregate amount of the Items and Cash shall commence. The ▇▇▇▇▇▇-bailee relationship shall also apply to any contents other than the Items and Cash removed from the Lockbox, until such contents are processed in accordance with these Lockbox Services specific provisions.

Mail Collection. ‌ Bank will collect the contents of Client’s Lockbox each Business Day. The retrieval and removal of items, drafts, or other orders for the payment of money (collectively, referred to herein as the “Items”) and money (U.S. currency and/or coin(s), hereinafter referred to as “Cash”) from the Lockbox shall create a bailment, and the ▇▇▇▇▇▇-bailee relationship shall continue until such items are received at Bank and are accepted and credited to the Account designated by Client for the Lockbox Service (“Lockbox Account”), at which time the relationship of Client as a depositor of Bank for the aggregate amount of the Items and Cash shall commence. The ▇▇▇▇▇▇-bailee relationship shall also apply to any contents other than the Items and Cash removed from the Lockbox, until such contents are processed in accordance with these Lockbox Services specific provisions.