Payments and Rights Assigned Sample Clauses
The "Payments and Rights Assigned" clause defines how payment obligations and associated rights under a contract can be transferred from one party to another. Typically, this clause outlines the conditions under which a party may assign its right to receive payments or delegate its payment obligations, such as requiring prior written consent from the other party or meeting specific criteria. For example, a contractor might assign its right to receive payment to a financing institution, or a supplier may transfer its receivables to a third party. The core function of this clause is to provide clarity and control over the transfer of financial rights and obligations, thereby preventing unauthorized assignments and ensuring all parties are aware of and agree to any changes in payment arrangements.
Payments and Rights Assigned. The Local Government hereby consents to VRA's assignment to the Trustee of VRA's rights under this Agreement and the Local Bond. The Local Government also hereby acknowledges and consents to the reservation by VRA of the right and license to enjoy and enforce VRA's rights under the Local Bond and this Agreement so long as no Event of Default (as defined in the Master Indenture) with respect to the Related Series of VRA Bonds has occurred and is continuing. Even though VRA will be the registered owner of the Local Bond, the Local Government shall pay directly to the Trustee all amounts payable by the Local Government under the Local Bond and this Agreement (except for those amounts specifically indicated as payable to VRA under Section 6.1 or Section 11.8, which the Local Government shall pay directly to VRA).
Payments and Rights Assigned. The School Board consents to the Corporation’s assignment to the Purchaser of the Corporation’s rights under this Financing Lease pursuant to the Bond Purchase Agreement. The School Board also acknowledges and consents to the reservation by the Corporation of the right and license to enjoy and enforce the Corporation’s retained rights under this Financing Lease so long as no Event of Default with respect to the Bond shall have occurred and be continuing. The School Board agrees to pay to the Holder all amounts payable by the School Board under this Financing Lease, except for those amounts due under Sections 6.1(c), 6.1(d), 6.1(e) and 11.8 (with respect to Section 6.1(d), only the late payment penalty attributed to the Corporation and with respect to Section 6.1(e), only to those costs and expenses of the Corporation and not to those costs and expenses of the Purchaser or the Holder), which are payable directly to the Corporation. The Rental Payments set forth in Schedule 1.1 shall be deposited with the Paying Agent at least thirty (30) days prior to the payment date set forth in Schedule 1.1 with disbursement to the Holder in accordance with the terms of the Paying Agent Agreement.