Automatic Deduction and Credit Clause Samples

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Automatic Deduction and Credit. (a) At all times when any Swap Contract is in effect, the Borrower which is a party to such Swap Contract shall maintain the Checking Account in good standing with Lender. Each Borrower hereby grants to Lender and Swap Counterparty a security interest in any such Checking Account. Each Borrower is granting this security interest to Lender and Swap Counterparty for the purpose of securing the Obligations. (b) At all times when any Swap Contract is in effect, all monthly payments owed by Borrowers under the Note will be automatically deducted on their due dates from the Checking Account (or any other account designated by a Borrower). Lender is hereby authorized to apply the amounts so debited to Borrowers’ obligations under the Loan. Notwithstanding the foregoing, Lender will not automatically deduct the principal payment at maturity from the Checking Account (or any other account designated by a Borrower). (c) At all times when any Swap Contract is in effect, all payments owed by any Borrower under any Swap Contract will be automatically deducted on their due dates from the Checking Account (or any other account designated by a Borrower). The preceding sentence includes each Borrower’s authorization for Lender to debit from the Checking Account (or any other account designated by a Borrower) any monetary obligation owed by such Borrower to Swap Counterparty following any Early Termination Date, as defined under the Master Agreement. Swap Counterparty is hereby authorized to apply the amounts so debited to the obligations of any Borrower under the applicable Swap Contract.
Automatic Deduction and Credit. So long as Agent is the sole Lender hereunder, at Agent's option, payments owed by Agent as Swap Counterparty under any Swap Contract may be credited against accrued interest and other payments owed by Borrower under the Loan provided Agent will provide written notice to Borrower of any such credit. Agent will credit the applicable amounts on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Business Day, Agent will credit the applicable amounts on the first Business Day following such due date.
Automatic Deduction and Credit. (a) At all times when any Swap Contract is in effect, Borrower shall maintain the Checking Account in good standing with Lender. Borrower hereby grants to Lender and Swap Counterparty a security interest in the Checking Account. Borrower is granting this security interest to Lender and Swap Counterparty for the purpose of securing the Obligations. (b) At all times when any Swap Contract is in effect, all monthly payments owed by Borrower under the Note will be automatically deducted on their due dates from the Checking Account (or any other account designated by Borrower). 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 (or any other account designated by Borrower). (c) At all times when any Swap Contract is in effect, all payments owed by Borrower under any Swap Contract will be automatically deducted on their due dates from the Checking Account (or any other account designated by Borrower). The preceding sentence includes Borrower’s authorization for Lender to debit from the Checking Account (or any other account designated by Borrower) any monetary obligation owed by Borrower to Swap Counterparty following any Early Termination Date, as defined under the Master Agreement. Swap Counterparty is hereby authorized to apply the amounts so debited to the obligations of Borrower under the applicable Swap Contract.
Automatic Deduction and Credit. (a) At all times when any Swap Contract is in effect, Borrower shall maintain the Checking Account in good standing with Lender. Borrower hereby grants to Lender and Swap Counterparty a security interest in the Checking Account, and any other accounts and deposit accounts from which Borrower may from time to time authorize Lender to debit payments due on the Loan and the Swap Contracts. Borrower is granting this security interest to Lender and Swap Counterparty for the purpose of securing the Obligations. (b) At all times when any Swap Contract is in effect, all monthly payments owed by Borrower under the Note will be automatically deducted on their due dates from the Checking Account. Lender is hereby authorized to apply the amounts so NPCHLT1:500113.7-TBF-(KMROCHEK) 900000-02386 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.
Automatic Deduction and Credit. At all times when any Swap Contract is in effect, Borrower shall maintain in good standing with Administrative Agent or another financial institution reasonably satisfactory to Administrative Agent an account (the “Checking Account”) designated by Borrower.
Automatic Deduction and Credit. At Bondowner Representative’s option, payments owed by U.S. Bank as swap counterparty under the Swap Contract may be credited against accrued interest and other payments owed by Borrower under the Construction Loan and/or the Construction Note. U.S. Bank will credit the applicable amounts on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Banking Day, U.S. Bank will credit the applicable amounts on the first Banking Day following such due date.]
Automatic Deduction and Credit. At Lender’s option, payments owed by Swap Counterparty under any Swap Contract may be credited against accrued interest and other payments owed by Borrower under the Loan. Lender will credit the applicable amounts on the dates the foregoing payments become due; provided, however, that if a due date does not fall on a Business Day, Lender will credit the applicable amounts on the first Business Day following such due date.
Automatic Deduction and Credit. At all times when any Swap Contract is in effect, Borrower shall maintain the Checking Account in good standing with Administrative Agent. Borrower hereby grants to Administrative Agent and Swap Counterparty a security interest in the Checking Account, and any other accounts and deposit accounts from which Borrower may from time to time authorize Administrative Agent to debit payments due on the Loan and the Swap Contracts. Borrower is granting this security interest to Administrative Agent and Swap Counterparty for the purpose of securing the Obligations.

Related to Automatic Deduction and Credit

  • Automatic Debits of Fees 49 10.12 Notification of Addresses, Lending Offices, Etc.............50 10.13 Counterparts................................................50 10.14 Severability................................................50 10.15

  • Automatic Payments You can agree with a seller who accepts PayPal to use PayPal as the payment method for future purchases with that seller. This agreement is between you and the seller and allows you to pay the seller on a one-time, regular or sporadic basis. Depending on the seller you wish to pay, you might also be able to directly instruct PayPal to make future payments to the seller on your behalf on a one-time, regular or sporadic basis. Examples of automatic payments that can be arranged by you either with a seller or with PayPal include those that PayPal calls a “billing agreement,” "subscription," "recurring payment,” “reference transaction,” "preauthorised transfer" or "preapproved payment." You authorise and instruct PayPal to pay the third party (or another person they direct) amounts from your payment method for the amounts you agree to owe and as presented to PayPal by that third party. You may cancel an automatic payment up to 3 business days before the date of the next scheduled payment from your account settings or by contacting us. Once you contact PayPal to cancel an automatic payment, all future automatic payments under your agreement with that seller will be stopped. If you cancel an automatic payment, you may still owe the seller money for the purchase or have additional obligations to the seller for any goods or services that you receive but have not paid for. If you have authorised an automatic payment and PayPal performs currency conversion for an automatic payment transaction, PayPal will use the transaction exchange rate (including PayPal's currency conversion fee) in effect at the time the automatic payment transaction is processed.

  • Payments Pro Rata Treatment Sharing of Set Offs Payments Generally; Pro Rata Treatment; Sharing of Set-offs 32 Section 4.2. Presumption of Payment by the Borrower 33 Section 4.3. Certain Deductions by the Administrative Agent 33

  • Rollovers of Settlement Payments From Bankrupt Airlines If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, you are allowed to roll over any portion of the proceeds into your ▇▇▇▇ ▇▇▇ within 180 days after receipt of such amount, or by a later date if extended by federal law. For further detailed information and effective dates you may obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at ▇▇▇.▇▇▇.▇▇▇.

  • Sharing of Reimbursement Obligation Payments Whenever the Agent receives a payment from the Borrower on account of reimbursement obligations in respect of a Letter of Credit or Credit Support as to which the Agent has previously received for the account of the Letter of Credit Issuer thereof payment from a Lender, the Agent shall promptly pay to such Lender such Lender’s Pro Rata Share of such payment from the Borrower. Each such payment shall be made by the Agent on the next Settlement Date.