Direction Notice Sample Clauses
A Direction Notice clause sets out the process by which one party can formally instruct or direct another party to take specific actions under the contract. Typically, this clause outlines the requirements for issuing such a notice, such as the need for written communication, the details that must be included, and the timeframe for compliance. For example, in a construction contract, the client may issue a direction notice to the contractor to change the scope of work or address a specific issue. The core practical function of this clause is to ensure clear, documented communication of instructions, thereby reducing misunderstandings and providing a formal mechanism for managing changes or directives during the contract term.
Direction Notice. (a) [Upon receipt of notice from Buyer (a “Direction Notice”) in which Buyer shall identify the Mortgage Loans, Servicer shall segregate all amounts collected on account of such Mortgage Loans, hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections in accordance with Buyer’s written instructions. Further, Servicer shall follow the instructions of Buyer with respect to the Mortgage Loans, and shall deliver to Buyer any information with respect to the Mortgage Loans as reasonably requested by Buyer.]
(b) Notwithstanding any contrary information which may be delivered to the Servicer by Guarantor or Seller, Servicer may conclusively rely on any information delivered by Buyer, and Guarantor and Seller, jointly and severally, shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information.
Direction Notice. (a) Upon receipt of notice from Purchaser (a “Direction Notice”) in which Purchaser shall identify the mortgage loans which back a participation certificate that is sold to Purchaser under the Agreement (the “Mortgage Loans”), Servicer shall segregate all amounts collected on account of such Mortgage Loans, hold them in trust for the sole and exclusive benefit of Purchaser, and remit such collections in accordance with Purchaser’s written instructions. Further, Servicer shall follow the instructions of Purchaser with respect to the Mortgage Loans, and shall deliver to Purchaser any information with respect to the Mortgage Loans as reasonably requested by Purchaser.
(b) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, Servicer may conclusively rely on any information delivered by Purchaser, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information.
Direction Notice. On or before the Amendment Effective Date, the Collateral Agent shall have received a Direction Notice, in substantially the form of Exhibit A attached hereto, from the Requisite Percentage (as defined in the Collateral Agency Agreement) with respect to, among other things, the amendments to the Security Documents and the modifications to the General Collateral contemplated by this Amendment and Waiver.
Direction Notice. The Collateral Agent shall have received a Direction Notice, in form and substance satisfactory to the Collateral Agent, from the Requisite Percentage with respect to, among other things, the amendment to the Security Agreement and the General Security Agreement.
Direction Notice a notice from the Company delivered to the Deposit Agent on or prior to the Notice Date directing the Deposit Agent to (i) purchase from the Company, for transfer to each Holder, in lieu of all or a portion of the Quarterly Return Amount or any deferred Quarterly Return Amount (which has not been previously paid in cash or shares of Common Stock) on the next Deposit Payment Date, that number of whole shares of Common Stock determined by dividing such Quarterly Return Amount or deferred Quarterly Return Amount by 95% of the Market Value of the Common Stock as of the date of such notice or (ii) defer payment of any Quarterly Return Amount to Holders until the next Deposit Payment Date or any subsequent Deposit Payment Date.
Direction Notice. Upon receipt of notice from Buyer (a “Direction Notice”) in which Buyer shall identify the mortgage loans which are sold to Buyer under the Repurchase Agreement (the “Mortgage Loans”), Servicer shall segregate all amounts collected on account of such Mortgage Loans, hold them in trust for the sole and exclusive benefit of Buyer, and remit such collections in accordance with Buyer’s written instructions. Further, Servicer shall follow the instructions of Buyer with respect to the Mortgage Loans, and shall deliver to Buyer any information with respect to the Mortgage Loans as reasonably requested by Buyer.
Direction Notice. (a) Upon receipt of notice from Administrative Agent (a “Direction Notice”) in which Administrative Agent shall identify the mortgage loans which are sold to Administrative Agent on behalf of Buyers under the Repurchase Agreement (the “Mortgage Loans”), Servicer shall segregate all amounts collected on account of such Mortgage Loans, hold them in trust for the sole and exclusive benefit of Administrative Agent on behalf of Buyers, and remit such collections in accordance with Administrative Agent’s written instructions. Further, Servicer shall follow the instructions of Administrative Agent with respect to the Mortgage Loans, and shall deliver to Administrative Agent any information with respect to the Mortgage Loans as reasonably requested by Administrative Agent.
(b) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, Servicer may conclusively rely on any information delivered by Administrative Agent, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information.