Contract Obligor definition
Examples of Contract Obligor in a sentence
No Grantor will permit or consent to the subordination of its right to payment under any of the Receivables or the Related Contracts to any other indebtedness or obligations of the Contract Obligor thereof.
Each Borrower will, and will cause each other Loan Party to, maintain accurate and complete files relating to the Contracts and other Collateral to the satisfaction of Lender, and such files will contain copies of all Contract Obligor Documents together with all relevant credit memoranda and all collection information and correspondence relating to such Contract Obligor Documents.
Provided Seller delivers to Purchaser, within sixty (60) days of the Closing Date hereunder, a motor Revised February, 1998 3 vehicle Certificate of Title duly issued to the Contract Obligor with the Seller shown as the "First Lienholder," Purchaser shall deliver to Seller the Purchase Price payable on the ledger card balance of the Contract in question.
Upon the occurrence of a breach of the Agreement, Purchaser shall have the right, but not the obligation, to deduct from the Reserve the balance due and Revised February, 1998 5 owing on any Contract which is the subject of such breach at the time as if the Contract Obligor on the Contract had prepaid the obligation in full on that date (the net-payoff balance).
Seller agrees that with respect to any Contract for which Seller has repossessed the Financed Vehicle prior to Closing or which Seller repossess after Closing without the authorization of Purchaser, Seller shall, upon Purchaser's demand, promptly repurchase such Contract(s) at a price equal to the amount due and owing on the Contract at the time of repossession as if the Contract Obligor on the Contract had prepaid the obligation in full on that date (the net-payoff balance).
Contracts repurchased by Seller from Purchaser pursuant to Section 6.1 shall be repurchased in cash for an amount equal to the amount of the balance due and owing on such Contract at the time of the occurrence of the event creating the obligation to repurchase as if the Contract Obligor had prepaid the Contract payment obligation in full on that date (the netpayoff balance).
The Contract shall be deemed to have been purchased by the Purchaser, under the terms of this Agreement, as of the date of Closing if the title is received within said 60 day period after the Closing Date and all payments made by the Contract Obligor subsequent to the Closing Date shall be retained by or delivered to the Purchaser and applied against the Contract Obligor's indebtedness.
There have been no modifications or amendments to any Contract or any other Contract Obligor Document.
After the occurrence of an Event of Default, no Borrower shall, without the prior consent of Lender, adjust, settle or compromise the amount or payment of any Contract or Contract Right, or release wholly or partly any Contract Obligor with respect thereto, or allow any credit or discount thereon, other than in accordance with Borrowers' Current Credit Policies.
It is understood and agreed that all Contracts are assigned, transferred and conveyed to Purchaser pursuant hereto (initial one): "with recourse" ----- "without recourse" ----- Revised February, 1998 7 If assigned "with recourse," the Seller hereby additionally guarantees to the Purchaser that the Contract Obligor of each and every Contract shall promptly and fully pay and satisfy all payments owing under the Contract when and as the same become due and payable.