Payments from Obligors Clause Samples
The 'Payments from Obligors' clause defines the obligations and procedures for receiving payments from parties who owe money under the agreement. Typically, it outlines how and when payments must be made, acceptable payment methods, and any requirements for proper documentation or notification upon receipt. This clause ensures that all parties understand the process for handling incoming payments, thereby reducing the risk of disputes or delays related to payment collection.
Payments from Obligors. The Trust Depositor agrees not to make, or consent to, any change in the direction of, or instructions with respect to, any payments to be made by an Obligor in any manner that would diminish, impair, delay or otherwise adversely affect the timing or receipt of such payments into the Lockbox Account or otherwise without (a) the prior written consent of the Trustee and the consent of the Majority Noteholders and (b) delivery of prior written notice of such change to the Rating Agency.
Payments from Obligors. The Originator agrees not to make, or consent to, any change in the direction of, or instructions with respect to, any payments to be made by an Obligor in any manner that would diminish, impair, delay or otherwise adversely affect the timing or receipt of such payments into the Lockbox Account or otherwise without (a) the prior written consent of the Trustee and the consent of the Majority Noteholders and (b) delivery of prior written notice of such change to the Rating Agency.