Debit of Accounts. Collateral Agent and each Lender may debit (or ACH) any deposit accounts (other than Excluded Accounts), maintained by Borrower or any of its Subsidiaries, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes the Lenders under the Loan Documents when due; provided that, except (i) with respect to debits (or ACH) for regularly scheduled principal and interest and (ii) as otherwise previously authorized by Borrower, Collateral Agent shall endeavor to provide prompt notice of such debit (or ACH). Any such debits (or ACH activity) shall not constitute a set-off.
Appears in 3 contracts
Sources: Loan and Security Agreement (Vera Therapeutics, Inc.), Loan and Security Agreement (Vera Therapeutics, Inc.), Loan and Security Agreement (Vera Therapeutics, Inc.)
Debit of Accounts. Collateral Agent and each Lender may debit (or ACH) any deposit accounts (other than Excluded Accounts)accounts, maintained by Borrower or any of its Subsidiaries, including the Designated Deposit AccountAccount (but excluding any deposit accounts maintained solely for payroll, tax or employee benefit payments), for principal and interest payments or any other amounts Borrower owes the Lenders under the Loan Documents when due; provided that, except (i) with respect to debits (or ACH) for regularly scheduled principal and interest and (ii) as otherwise previously authorized by Borrowerthe Borrower and except with respect to payments of principal and/or interest hereunder, Collateral Agent or such Lender, as applicable, shall endeavor to provide prompt notice of such debit (or ACHACH activity). Any such debits (or ACH activity) shall not constitute a set-set off.
Appears in 2 contracts
Sources: Loan and Security Agreement (Civitas Therapeutics, Inc.), Loan and Security Agreement (Civitas Therapeutics, Inc.)
Debit of Accounts. Collateral Agent and each Lender may debit (or ACH) any deposit accounts (other than Excluded Accounts), maintained by Borrower or any of its Subsidiaries, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Collateral Agent or the Lenders under the Loan Documents when due; , provided that, except (i) with respect to debits (or ACH) for regularly scheduled principal and interest and (ii) as otherwise previously authorized by Borrower, Collateral Agent shall endeavor to provide prompt notice of such debit (or ACH). Any such debits (or ACH activity) shall not constitute a set-offset‑off.
Appears in 1 contract
Sources: Loan and Security Agreement (Kezar Life Sciences, Inc.)