Automatic Deduction Clause Samples
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Automatic Deduction. (a) Throughout the term of the Loan, Opportunity OP shall maintain a Checking Account in good standing with Lender, in addition to each Borrower that owns an Eligible Property which is part of the Collateral Pool who shall maintain a Checking Account with respect to its Eligible Property as such Eligible Property’s operating account. Each Borrower hereby grants to Lender a security interest in the Checking Account, and any other accounts and deposit accounts from which such Borrower may from time to time authorize Lender to debit payments due on the Loan, for the purpose of securing the Obligations.
(b) Borrower agrees that monthly payments on the Note will be deducted automatically on their due dates from the Checking Account. Lender is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking Account.
(c) Lender will debit the Checking Account on the dates the payments become due. If a due date does not fall on a Banking Day, Lender will debit the Checking Account on the first Banking Day following the due date.
(d) Borrower shall maintain sufficient funds in the Checking Account on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, the debit will be reversed in whole or in part, in Lender’s sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note.
Automatic Deduction. Fair share fee deductions shall be automatic and not require the written authorization of the employee.
Automatic Deduction. The Employer agrees to deduct from the salary of all employees covered by this Agreement within thirty (30) days after the completion of the Probationary Period, Association dues as may from to authorized by the Association and shall forward the same once monthly to the Secretary-Treasurer of Association. Overtime shall be paid to any employee who has called back to work to fill in for another employee subject to Any required to work more than his regular hours, in excess of one-half hour, shall be entitled to receive overtime pay at the rate of time and one-half of his prevailing hourly rate, with minimum of one (1) hour. When an employee is called back to work for fire fighting responsibilities, he shall paid at the rate of and one-half (1 of prevailing hourly rate and with a minimum three (3) hours pay at time and one-half That for voluntary services by employees for lectures and demonstrations approved by the Fire Chief, such employees shall be paid at his prevailing hourly rate based on the actual time of the lecture or demonstration. This Article does not apply to any educational lectures or courses that would be eligible for tuition reimbursement by the Employer. The of Article shall not apply to time required by employees in connection with promotional examinations. In the event of a controversy with respect to any of the matters covered by this Agreement and the event that satisfactory adjustment .cannot be reached, the matter in dispute shall be submitted to an Arbitrator accordance with the Fire Department's Act for the Province of Ontario. It is agreed that each Fire Fighter acting in the capacity of any higher Officer rank shall be paid for each shift or part thereof so worked. at the prevailing rats of pay for such rank. The Employer agrees to pay per week or the sum of per day in cases where an employee not required to stay one full week, to any employee who attends any fire training course at Fire College or any other or seminar out of town that requires lodging away from town. This allowance shall be paid in addition to the normal salary, that such seminar or training course is authorized by the Fire Service Pay shall be paid to all employees covered by this Agreement with five (5) years service on the following schedule: per annum after five (5) years of per annum after ten (10) years of service. per annum after fifteen (15) years of per annum after twenty (20) years of Service Pay shall be provided and paid once yearly on the first pay p...
Automatic Deduction. ▇▇▇▇▇▇▇▇ agrees that principal and interest payments on the Note will be deducted automatically on the due date from checking account number 17685-00698 maintained by ▇▇▇▇▇▇▇▇ at Lender (the “Checking Account”). Lender will debit the Checking Account on the dates the payments become due. If a due date does not fall on a Business Day, Lender will debit the Checking Account on the first Business Day following the due date. Borrower will maintain the Checking Account in good standing with Lender throughout the term of the Loan, and maintain sufficient funds in the Checking Account on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, Lender may reverse the debit.
Automatic Deduction. On each date when the payment of any principal, interest or fees are due hereunder or under any Note, Borrower agrees to maintain on deposit in an ordinary checking account maintained by Borrower with Administrative Agent (as such account shall be designated by Borrower in a written notice to Administrative Agent from time to time, the “Borrower Account”) an amount sufficient to pay such principal, interest or fees in full. Borrower hereby authorizes Administrative Agent (i) to deduct automatically all interest or fees when due hereunder or under the Notes from Borrower Account, and (ii) if and to the extent any payment under this Agreement or any other Loan Document is not made when due, to deduct automatically any such amount from any or all of the accounts of Borrower maintained with Administrative Agent. Administrative Agent agrees to provide timely notice to Borrower of any automatic deduction made pursuant to this Section 2.12.
Automatic Deduction. On each date when the payment of any principal, interest or fees are due hereunder or under any Note, Borrowers agree to maintain on deposit in an ordinary checking account maintained by Borrowers with Administrative Agent (as such account shall be designated by Borrowers in a written notice to Administrative Agent from time to time, the "BORROWERS ACCOUNT") an amount sufficient to pay such principal, interest or fees in full. Borrowers hereby authorize Administrative Agent (i) to deduct automatically all interest or fees when due hereunder or under the Notes from the Borrowers Account, and (ii) if and to the extent any payment under this Agreement or any other Loan Document is not made when due, to deduct automatically any such amount from any or all of the accounts of Borrowers maintained with Administrative Agent. Administrative Agent agrees to provide timely notice to Borrowers of any automatic deduction made pursuant to this Section 2.13.
Automatic Deduction. (a) Borrower shall maintain the Owner’s Remittance Account in good standing with Administrative Agent.
(b) Borrower agrees that monthly payments on the Note and monthly deposits of Reserve Funds into the Reserve Accounts, as applicable, will be deducted automatically on their due dates from the Owner’s Remittance Account. Administrative Agent is hereby authorized to apply the amounts so debited to Borrower’s obligations under the Loan. Notwithstanding the foregoing, Administrative Agent will not automatically deduct the principal payment at maturity, from the Owner’s Remittance Account.
(c) Administrative Agent will debit the Owner’s Remittance Account on the dates the payments become due. If a due date does not fall on a Banking Day, Administrative Agent will debit the Owner’s Remittance Account on the first Banking Day following the due date.
(d) Borrower shall maintain sufficient funds in the Owner’s Remittance Account on the dates Administrative Agent enters debits authorized by this Agreement. If there are insufficient funds in the Owner’s Remittance Account on the date Administrative Agent enters any debit authorized by this Agreement, without limiting Administrative Agent’s and Lenders’ other remedies in such an event, the debit will be reversed in whole or in part, in Administrative Agent’s sole and absolute discretion, and such amount not debited shall be deemed to be unpaid and shall be immediately due and payable in accordance with the terms of the Note.
Automatic Deduction. You agree that each payment of fees, out-of-pocket expenses incurred by the Bank to activate your Business Line of Credit, late charges, interest, and principal owing pursuant to this Agreement shall be made by automatic deduction from your Account. Alternatively, fees and/or out-of-pocket expenses may be charged to your Business Line of Credit. If you make a payment using a check, or any method other than automatic deduction from your Account, and the payment is sufficient to cover your next minimum payment due, and (1) your account is a Term Loan, the automatic deduction will not occur; or (2) your Account is a Line, the automatic deduction from your Account for that payment will occur. If your Account is closed for any reason, or if there are insufficient funds in the Account to pay the sum due, the Bank may terminate payments by automatic deduction and increase the interest rate on your Business Line of Credit by one (1) percentage points. You agree that the Bank may also charge any other deposit account held in the same legal ownership to recover any sums owing. Automatic deduction from account number 0670043053 Account Name BIOMERICA, INC.
Automatic Deduction. On each date when the payment of any principal, interest or fees are due hereunder or under any Note, the Borrower agrees to maintain on deposit in an ordinary checking account maintained by Borrower with Agent (as such account shall be designated by the Borrower in a written notice to the Administrative Agent from time to time, the "Borrower Account") an amount sufficient to pay such principal, interest or fees in full. The Borrower hereby authorizes the Administrative Agent (i) to deduct automatically all principal, interest or fees when due hereunder, or under the Notes form the Borrower Account, and (ii) if and to the extent any payment under this Agreement or any other Loan Document is not made when due, to deduct automatically any such amount from any or all of the accounts of the Borrower maintained with Bank of America. The Administrative Agent agrees to provide timely notice to the Borrower of any automatic deduction made pursuant to this subsection (b).
Automatic Deduction. Westbank hereby grants to IOI a limited power of attorney that IOI may use at any time to automatically deduct each due and owing installment of the ASC Services Fee from the ASC's designated bank account. Appropriate automatic withdrawal forms required by the ASC's banking institution will be executed by Westbank prior to or after the Commencement Date, as may be required from time to time by the ASC's bank.