Changes in Payment Instructions Sample Clauses
The "Changes in Payment Instructions" clause establishes the procedures and requirements for modifying the details regarding where and how payments should be made under an agreement. Typically, this clause specifies that any updates to payment instructions, such as changes to bank account numbers or payment addresses, must be communicated in writing and may require a certain notice period before taking effect. Its core practical function is to ensure that both parties are aware of and agree to any changes, thereby reducing the risk of misdirected payments and potential disputes over payment obligations.
Changes in Payment Instructions. The Borrower will not add or make any change, or permit the Servicer or any Subservicer to make any change, in its instructions (i) to Obligors regarding payments in respect of the Receivables to be made to the Borrower, the Servicer or any Subservicer in which payments in respect of the Receivables are made and (ii) regarding payments to be made to the Administrative Agent or the Lenders with respect to the Collateral, each unless the Administrative Agent and the affected Lenders have consented to such change and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent and such Lenders; provided that the option to accept ACH payments or debit card payments from the related Obligors will not be deemed a change in payment instructions for purposes of this Section 6.02(m).
Changes in Payment Instructions. The Borrower will not add or make any change, or permit the Servicer to make any change, in its instructions to Obligors regarding payments to be made to the Borrower or the Servicer or payments to be made to the Lockboxes or the Lockbox Account, unless the Administrative Agent has Consented to such change in writing and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent.
Changes in Payment Instructions. Except in connection with a repurchase or substitution as set forth in Article VI, the Seller shall not make any change in its instructions to Obligors regarding payments to be made to any Collection Account, unless the Trustee shall have given its prior written consent to such change.
Changes in Payment Instructions. The Borrower will not add or make any change, or permit the Servicer or any Subservicer to make any change, in its instructions (i) to Obligors regarding payments in respect of the Receivables to be made to the Borrower, the Servicer or any Subservicer (other than as permitted by Section 6.05(k)) and (ii) regarding payments to be made to the Administrative Agent or the Lenders with respect to the Collateral, each unless the Administrative Agent and the affected Lenders have consented to such change and has received duly executed copies of all documentation related thereto, which documentation shall be satisfactory in form and substance to the Administrative Agent and such Lenders.
Changes in Payment Instructions. Such Borrower shall not add or make any change, or permit the Trust to make any change, to the Trust Documents regarding payments to be made with respect to the Certificates pursuant thereto, unless the Required Lenders or the Administrative Agent shall have consented to such change.
Changes in Payment Instructions. Add, terminate or make any change to any Lock-Box Account, except in accordance with the Collection Agency Agreement, or instruct Obligors to make payments of the Designated Receivables other than to a Lock-Box Account.