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Exhibit 10.5
STERLING
NATIONAL BANK
LOCKBOX
AGREEMENT
We
are pleased to confirm that we have established a lockbox on
your behalf whereby your customers are to send their
remittances to you in care of Post Office Box # 768 and we are
to process all mail received at said post office box number in
accordance with the following terms and
conditions.
1.
Authorization
: You
will authorize the postmaster to permit us access to post
office
box
number 768 for receipt of lockbox remittances.
2.
Notification
: You
will notify your clients to send their remittances
to:
CAPSTONE INDUSTRIES, INC.
[Address
is deleted in this version]
3.
Mail
Collections : Our employees
will collect mail from this post office box
in accordance with the Banks regular
collection schedule.
.
4.
Endorsements
: We
will endorse all checks received in the mail removed from the
post
office
box for deposit in this Bank.
Disputed Payments - Checks received with a letter containing
a dispute
will
be deposited to your account and the correspondence will
be
forwarded
to your attention.
Post Dated Checks - Post dated checks will be accepted and
deposited
to
the lockbox account subject to final collection.
All
regular items shall be endorsed as follows:
Credited
to Account of
Within
Named Payee.
Absence
of Endorsement Guaranteed
Sterling
National Bank
You
shall be liable to the Bank as a general endorser on all such
items.
It
is agreed, however, that Sterling National Bank shall not be
liable for any loss in the event that any checks are
inadvertently processed contrary to these
instructions.
5.
Deposits:
We will process the endorsed checks and credit the total
amount to your account. NOTE:
Proceeds of checks collected will be for the benefit of
Sterling National Bank
Such
processing, crediting and collection of items credited shall
be subject to all federal and state applicable laws, as well
as all rules, regulations and conditions of such
account.
Furthermore,
credit to your account for such checks shall be at all times
subject to final collection.
6.
Advices
: Advice of the total deposit accompanied by a copy of each
check and all material
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