"Form of Lockbox Agreement and Variations" is a American Lawyer Media form. This is a form of a lockbox agreement and its variations.
Illinois Form of Lockbox Agreement and Variations
State:
Multi-State
Control #:
US-LB897
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Word;
PDF;
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FAQ
Lockbox arrangement means the establishment of a mechanism to separate the asset pool receivables and the originating bank to preclude the co-mingling of funds.
Definition and Example of a Lockbox Payment Suppose you receive a bill from your electric company. It arrives in the mail with a remittance slip. You fill out the slip, enclose your check, and mail it off to a post office box in a nearby city. That post office box is your electric company's lockbox.
Lockbox banking is a service provided by banks to companies for the receipt of payment from customers. Under the service, the payments made by customers are directed to a special post office box instead of going to the company.
Lockbox services are designed to expedite the collection of paper-based payments and provide timely payment information to update accounts receivable records. Lockbox services are usually provided by a third-party processor (usually a bank) that receives, opens, and processes payments for a government or business.
Security interests in cash deposits can be perfected through the use of a ?lock box.? Under this arrangement, a borrower and a third party agree that payments on contracts entered into by a borrower are paid to a bank account which is in the possession and control of the lender.