Lockbox agreement

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Dominic Conlon - Locked box mechanism
The Depositor has established a lockbox, under the Lockbox Agreement, into which the Bank will accept remittances, such lockbox commonly known as the �Lockbox�. Lockbox agreements are becoming a popular tool for businesses and financial institutions looking to securely manage customer payments, reducing the risk of. The Sale and Servicing Agreement contemplates the engagement of a processor and includes terms for the opening of the Lockbox Account.

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As well as providing security, lockbox agreements offer businesses an efficient way of managing payments with ease. Under the service, the payments made by customers are directed to a special post office box instead of going to the company. Often, you must meet conditions to avoid penalties and fees. We will ask you the questions lawyers need to know to provide pricing.