Date of Debit Sample Clauses

The 'Date of Debit' clause defines the specific date on which a payment or withdrawal is officially deducted from an account. In practice, this clause clarifies when funds are considered transferred, which can affect interest calculations, payment deadlines, or the timing of financial obligations. By establishing a clear point in time for debiting, the clause helps prevent disputes over payment timing and ensures both parties have a mutual understanding of when financial transactions are recognized.
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Date of Debit. Bank will debit the Account on the dates that Payments become due. If a due date does not fall on a Banking Day (as such term is defined in the Note), Bank will debit the Account on the first Banking Day following the due date.
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