Negative Covenants of the Originators Clause Samples
The "Negative Covenants of the Originators" clause restricts the actions that the originators of a transaction or agreement are permitted to take during the term of the contract. Typically, this clause prohibits the originators from engaging in activities such as incurring additional debt, selling or transferring key assets, or entering into conflicting agreements without the consent of the other party. By imposing these limitations, the clause helps protect the interests of the counterparty by ensuring the originators maintain their financial stability and do not take actions that could undermine the value or security of the transaction.
Negative Covenants of the Originators. Each Originator covenants and agrees that, without the prior written consent of Buyer, from and after the Closing Date and until the Termination Date:
Negative Covenants of the Originators. Except as otherwise specified below, until the termination of this Agreement, each Originator covenants and agrees as follows:
Negative Covenants of the Originators. Until the date on which this Agreement terminates in accordance with its terms, each Originator hereby covenants that:
(a) Name Change, Jurisdiction of Organization, Offices and Books of Account. Such Originator will not change its name, jurisdiction of organization, identity, corporate or other organizational structure (within the meaning of Sections 9-503 and/or 9-507 of the UCC of all applicable jurisdictions) or relocate its chief executive office, principal place of business or any office where Records are kept unless it shall have: (i) given Buyer and the Agent at least forty-five (45) days’ prior written notice thereof and (ii) delivered to Buyer and the Agent all financing statements, instruments, opinions and other documents requested by Buyer or the Agent in connection with such change or relocation, in form and substance acceptable to the Agent.
Negative Covenants of the Originators. At all times from the date hereof to the Final Payout Date, unless the Majority Investors shall otherwise consent in writing:
Negative Covenants of the Originators. From the date hereof until the Final Payout Date, no Originator shall, without the prior written consent of the Agent and the Transferee:
Negative Covenants of the Originators. Until the date on which the Borrower Obligations have been indefeasibly paid in full under the Receivables Financing Agreement and this Agreement terminates in accordance with its terms, each Originator hereby covenants that:
Negative Covenants of the Originators. Until the date on which this Agreement terminates in accordance with its terms and all obligations of the Originators hereunder have been paid in full, each Originator hereby covenants that:
(a) NAME CHANGE, OFFICES AND RECORDS. Such Originator will not (i) change its name, identity, legal structure, organizational identification number, if any, or jurisdiction of organization (within the meaning of any applicable enactment of the UCC) or relocate its chief executive office or any office where Records are kept, or (ii) cause any Unit to be converted into a legal entity separate from such Originator, unless, in each case, such Originator shall have:
(1) given the Buyer (and the Collateral Agent and each Managing Agent, as the Buyer's assignees) at least thirty (30) days' prior written notice thereof and (2) delivered to the Buyer (and the Collateral Agent and each Managing Agent, as the Buyer's assignees) file-stamped copies of all financing statements, instruments and other documents requested by the Buyer (or by the Collateral Agent or any Managing Agent, as the Buyer's assignees) in connection with such change or relocation.
Negative Covenants of the Originators. Each Originator covenants and agrees that, without the prior written consent of CRLLC and the Operating Agent, from and after the Closing Date and until the Termination Date:
Negative Covenants of the Originators. Each Originator covenants and agrees that, without the prior written consent of Buyer, from and after the Closing Date and until the Termination Date:
(a) Sale of Receivables and Related Assets. No Originator shall sell, transfer, convey, assign (by operation of law or otherwise) or otherwise dispose of, or assign any right to receive income in respect of, any of its Receivables or Contracts therefor, or any of its rights with respect to any Lockbox or Collection Account, except for the sales, transfers, conveyances, assignments or dispositions expressly contemplated hereunder.
Negative Covenants of the Originators. From the Effective Date until the Final Collection Date, such Originator shall not, without the written consent of the Company, the Administrative Agent (as assignee of the Company) and the Majority Facility Agents: