How is Direction to Pay defined in a legal contract?
- Direction to Pay means a letter issued by the Borrower or another relevant Party and furnished to a Licensee or its agent. This letter, in a format deemed suitable by the Administrative Agent, provides unrevocable guidance for the Licensee or its agent to forward payments due to the Borrower or another Loan Party straight to a Collection Account. Seen in 4 SEC filings.
- Direction to Pay means the unchallengeable command and instructions for payment from the Borrower to another party, instructing this party to pay to a third party all amounts owed to the Borrower under a specific agreement. Seen in 2 SEC filings.
- Direction to Pay means a fully signed, unchallengeable direction to pay, following the form attached here as an exhibit. Seen in 1 SEC filing.
- Direction to Pay means Borrowers direction to pay all proceeds obtained by the Collection Account straight to the lender until the debt is fully repaid. Seen in 1 SEC filing.
- Direction to Pay means a duly executed instruction to pay all proceeds obtained by the Collection Account straight to the lender until the debt is comprehensively repaid. Seen in 1 SEC filing.
Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
Search EDGAR for 'Definitions of direction to pay' yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
Direction to Pay means an unchallengeable written instruction from [Party A] directing [Party B] to forward due payments straight to [Specified Account].
Relevant Contract Type
Relevant Circumstances
- Loan repayment arrangements
- Settlement of service fees
- Payment of purchase price in a sales agreement
Relevant Sectors
Genie Definition 2
Direction to Pay means a clear command from [Party A] to [Party B] to pay all debts to [Party C] under [Specified Agreement].
Relevant Contract Type
Relevant Circumstances
- Settlement of credit payments
- Resolving outstanding debt
- Execution of guarantee payments
Relevant Sectors
Are you creating, reviewing or negotiating a document?
🚀 Try our AI Legal Assistant! It can suggest a definition just for your specific needs (Simply import your contract, then ask it to draft a definition suitable for your document, that's it!)
Direction to Pay means an unchallengeable written instruction from [Party A] directing [Party B] to forward due payments straight to [Specified Account].
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