{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "in-order-to", "type": "clause", "offset": [0, 11]}, {"key": "payment-to-administrative-agent", "type": "clause", "offset": [26, 57]}, {"key": "benefit-of-lenders", "type": "clause", "offset": [67, 85]}, {"key": "accrued-interest", "type": "definition", "offset": [90, 106]}, {"key": "late-charges", "type": "definition", "offset": [128, 140]}, {"key": "due-and-owing", "type": "definition", "offset": [141, 154]}, {"key": "payment-when-due", "type": "clause", "offset": [271, 287]}, {"key": "payable-to", "type": "definition", "offset": [308, 318]}, {"key": "confirmation-of", "type": "clause", "offset": [363, 378]}, {"key": "purpose-of", "type": "clause", "offset": [394, 404]}, {"key": "direct-debit", "type": "clause", "offset": [414, 426]}, {"key": "in-the-event", "type": "clause", "offset": [513, 525]}, {"key": "insufficient-funds", "type": "definition", "offset": [569, 587]}, {"key": "upon-demand", "type": "clause", "offset": [659, 670]}, {"key": "immediately-available-funds", "type": "definition", "offset": [675, 702]}, {"key": "amounts-and-expenses", "type": "clause", "offset": [708, 728]}, {"key": "including-without-limitation", "type": "clause", "offset": [744, 772]}, {"key": "late-fees", "type": "definition", "offset": [777, 786]}, {"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [836, 876]}, {"key": "interest-payments-due", "type": "clause", "offset": [964, 985]}, {"key": "day-of", "type": "clause", "offset": [1025, 1031]}, {"key": "calendar-month", "type": "clause", "offset": [1037, 1051]}, {"key": "term-of-the-loan", "type": "definition", "offset": [1063, 1079]}, {"key": "the-fact", "type": "clause", "offset": [1097, 1105]}, {"key": "due-and-payable", "type": "clause", "offset": [1123, 1138]}, {"key": "first-day", "type": "definition", "offset": [1161, 1170]}], "samples": [{"hash": "b9PF6EgTx51", "uri": "/contracts/b9PF6EgTx51#auto-debit", "label": "Loan Agreement (KBS Real Estate Investment Trust II, Inc.)", "score": 26.1827507019, "published": true}, {"hash": "a0Qe6QfY5IZ", "uri": "/contracts/a0Qe6QfY5IZ#auto-debit", "label": "Loan Agreement (KBS Real Estate Investment Trust III, Inc.)", "score": 22.7631759644, "published": true}, {"hash": "iThQHJsolHE", "uri": "/contracts/iThQHJsolHE#auto-debit", "label": "Loan Agreement (KBS Real Estate Investment Trust II, Inc.)", "score": 22.1882266998, "published": true}], "snippet": "In order to assure timely payment to Administrative Agent, for the benefit of Lenders, of accrued interest, principal, fees and late charges due and owing under the Loan, Borrowers hereby irrevocably authorize Administrative Agent to directly debit the Debit Account for payment when due of all such amounts payable to Administrative Agent or any Lender. Written confirmation of the amount and purpose of any such direct debit shall be given to Borrowers by Administrative Agent not less frequently than monthly. In the event any direct debit hereunder is returned for insufficient funds, Borrowers shall pay Administrative Agent, for the benefit of Lenders, upon demand, in immediately available funds, all amounts and expenses due and owing, including without limitation any late fees incurred, to Administrative Agent or any Lender. Notwithstanding anything to the contrary, Administrative Agent hereby agrees that it shall not auto-debit the Debit Account for interest payments due under the Loan until the seventh (7th) day of each calendar month during the term of the Loan (notwithstanding the fact that interest is due and payable under the Loan on the first day of each month).", "size": 7, "hash": "6f31dd1a43a1807217d920379ff2e8ed", "id": 1}, {"snippet_links": [{"key": "the-board", "type": "clause", "offset": [0, 9]}, {"key": "credit-obligor", "type": "definition", "offset": [32, 46]}, {"key": "to-charge", "type": "clause", "offset": [47, 56]}, {"key": "all-payments", "type": "definition", "offset": [57, 69]}, {"key": "agreement-to", "type": "definition", "offset": [90, 102]}, {"key": "deposit-account", "type": "clause", "offset": [117, 132]}, {"key": "financial-institution", "type": "definition", "offset": [198, 219]}, {"key": "account-number", "type": "clause", "offset": [221, 235]}, {"key": "routing-number", "type": "definition", "offset": [237, 251]}], "samples": [{"hash": "2smrJXcigkp", "uri": "/contracts/2smrJXcigkp#auto-debit", "label": "Line of Credit Agreement", "score": 26.6057491302, "published": true}, {"hash": "bVb2LbeqJ2e", "uri": "/contracts/bVb2LbeqJ2e#auto-debit", "label": "Line of Credit Agreement", "score": 26.5427780151, "published": true}], "snippet": "The Board hereby authorizes the Credit Obligor to charge all payments when due under this Agreement to the following deposit account, whether such account is held with the Credit Obligor or another financial institution: Account Number: Routing Number:", "size": 3, "hash": "0bcf68949ea6f5a222d5d1d89fc37d62", "id": 5}, {"snippet_links": [{"key": "deposit-accounts", "type": "definition", "offset": [32, 48]}, {"key": "designated-deposit-account", "type": "definition", "offset": [84, 110]}, {"key": "principal-and-interest-payments", "type": "clause", "offset": [116, 147]}, {"key": "other-amounts", "type": "definition", "offset": [155, 168]}, {"key": "the-loan-documents", "type": "clause", "offset": [202, 220]}], "samples": [{"hash": "aPGzUbsJBYo", "uri": "/contracts/aPGzUbsJBYo#auto-debit", "label": "Venture Loan and Security Agreement (Ceribell, Inc.)", "score": 35.6502380371, "published": true}, {"hash": "7xMOGyDn8mq", "uri": "/contracts/7xMOGyDn8mq#auto-debit", "label": "Venture Loan and Security Agreement (Ceribell, Inc.)", "score": 35.4777565002, "published": true}], "snippet": "SVB may debit any of Borrower\u2019s deposit accounts maintained with SVB, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes SVB when due under the Loan Documents. These debits shall not constitute a set-off.", "size": 2, "hash": "f274c8e4010c8fbc37069e1d25ae3ecd", "id": 6}, {"snippet_links": [{"key": "payments-by-the-borrowers", "type": "clause", "offset": [4, 29]}, {"key": "other-obligations", "type": "definition", "offset": [63, 80]}, {"key": "credit-document", "type": "clause", "offset": [110, 125]}, {"key": "immediately-available-funds", "type": "definition", "offset": [154, 181]}, {"key": "setoff-or-counterclaim", "type": "clause", "offset": [212, 234]}, {"key": "agent-shall", "type": "definition", "offset": [293, 304]}, {"key": "deposit-account", "type": "clause", "offset": [378, 393]}, {"key": "in-order-to", "type": "clause", "offset": [568, 579]}, {"key": "payment-to", "type": "clause", "offset": [593, 603]}, {"key": "fees-due", "type": "clause", "offset": [671, 679]}, {"key": "subject-to", "type": "definition", "offset": [726, 736]}, {"key": "sufficient-funds", "type": "definition", "offset": [737, 753]}], "samples": [{"hash": "2WqAvR4jTHx", "uri": "/contracts/2WqAvR4jTHx#auto-debit", "label": "Credit Agreement (Protective Life Insurance Co)", "score": 34.3114318848, "published": true}, {"hash": "JqUQaAjgcQ", "uri": "/contracts/JqUQaAjgcQ#auto-debit", "label": "Credit Agreement (Protective Life Insurance Co)", "score": 34.2785758972, "published": true}, {"hash": "2AbPrewpjUo", "uri": "/contracts/2AbPrewpjUo#auto-debit", "label": "Credit Agreement (Protective Life Insurance Co)", "score": 26.0896644592, "published": true}], "snippet": "All payments by the Borrowers of principal, interest, fees and other Obligations hereunder or under any other Credit Document shall be made in Dollars in immediately available funds, without defense, recoupment, setoff or counterclaim, free of any restriction or condition. The Administrative Agent shall, and the Borrowers hereby authorize the Administrative Agent to, debit a deposit account of the Borrowers or any of their Subsidiaries held with the Administrative Agent or any of its Affiliates and designated for such purpose by the Borrowers or such Subsidiary in order to cause timely payment to be made to the Administrative Agent of all principal, interest and fees due hereunder or under any other Credit Document (subject to sufficient funds being available in its accounts for that purpose).", "size": 5, "hash": "22b9cac3a47cf364a124ce88f2d307a6", "id": 2}, {"snippet_links": [{"key": "a-current-account", "type": "clause", "offset": [22, 39]}, {"key": "savings-account", "type": "clause", "offset": [45, 60]}, {"key": "the-bank-may", "type": "clause", "offset": [94, 106]}, {"key": "sole-discretion", "type": "definition", "offset": [114, 129]}, {"key": "written-request", "type": "clause", "offset": [226, 241]}, {"key": "facility-will", "type": "clause", "offset": [287, 300]}, {"key": "of-accounts", "type": "clause", "offset": [337, 348]}, {"key": "by-the-bank", "type": "clause", "offset": [363, 374]}, {"key": "from-time-to-time", "type": "clause", "offset": [375, 392]}, {"key": "participate-in", "type": "definition", "offset": [462, 476]}, {"key": "automatic-debit", "type": "clause", "offset": [496, 511]}, {"key": "registered-account", "type": "definition", "offset": [537, 555]}, {"key": "by-the-cardmember", "type": "clause", "offset": [566, 583]}, {"key": "the-card-account", "type": "clause", "offset": [633, 649]}, {"key": "in-the-event-of", "type": "definition", "offset": [651, 666]}, {"key": "of-payment", "type": "definition", "offset": [683, 693]}, {"key": "repeat-attempts", "type": "clause", "offset": [716, 731]}, {"key": "funds-in", "type": "definition", "offset": [814, 822]}, {"key": "time-of-the", "type": "clause", "offset": [871, 882]}, {"key": "in-case", "type": "clause", "offset": [906, 913]}, {"key": "card-account-balance", "type": "clause", "offset": [966, 986]}, {"key": "cleared-balance", "type": "definition", "offset": [1037, 1052]}, {"key": "minimum-amount-due", "type": "definition", "offset": [1189, 1207]}, {"key": "nominated-account", "type": "clause", "offset": [1239, 1256]}, {"key": "total-amount-due", "type": "definition", "offset": [1344, 1360]}, {"key": "receipt-of", "type": "clause", "offset": [1511, 1521]}, {"key": "instructions-from-the-customer", "type": "clause", "offset": [1528, 1558]}, {"key": "service-claims", "type": "clause", "offset": [1581, 1595]}, {"key": "the-claim", "type": "definition", "offset": [1704, 1713]}, {"key": "prevailing-rate", "type": "clause", "offset": [1815, 1830]}, {"key": "customer-for", "type": "clause", "offset": [2066, 2078]}, {"key": "incorporation-of", "type": "definition", "offset": [2079, 2095]}, {"key": "the-bank-reserves", "type": "clause", "offset": [2109, 2126]}, {"key": "right-to-accept", "type": "clause", "offset": [2131, 2146]}, {"key": "a-credit", "type": "definition", "offset": [2326, 2334]}, {"key": "payment-due-date", "type": "definition", "offset": [2384, 2400]}, {"key": "residual-amount", "type": "definition", "offset": [2448, 2463]}, {"key": "amount-outstanding", "type": "definition", "offset": [2497, 2515]}, {"key": "the-statement", "type": "clause", "offset": [2523, 2536]}, {"key": "other-credits", "type": "clause", "offset": [2554, 2567]}, {"key": "the-right-to-amend", "type": "clause", "offset": [2624, 2642]}, {"key": "with-respect-to", "type": "clause", "offset": [2656, 2671]}, {"key": "recovery-of-funds", "type": "clause", "offset": [2835, 2852]}, {"key": "the-bank-will", "type": "clause", "offset": [2854, 2867]}, {"key": "variable-amount", "type": "clause", "offset": [3072, 3087]}, {"key": "option-exercised", "type": "clause", "offset": [3162, 3178]}, {"key": "insufficient-funds", "type": "definition", "offset": [3280, 3298]}, {"key": "recovery-date", "type": "definition", "offset": [3306, 3319]}, {"key": "other-payment", "type": "definition", "offset": [3389, 3402]}, {"key": "the-right-to-withdraw", "type": "clause", "offset": [3540, 3561]}, {"key": "standing-instructions", "type": "definition", "offset": [3566, 3587]}, {"key": "prior-notice", "type": "definition", "offset": [3624, 3636]}, {"key": "the-facility", "type": "definition", "offset": [3641, 3653]}, {"key": "made-available", "type": "clause", "offset": [3665, 3679]}, {"key": "specific-case", "type": "clause", "offset": [3696, 3709]}, {"key": "to-the-bank", "type": "clause", "offset": [3752, 3763]}, {"key": "to-advise", "type": "definition", "offset": [3891, 3900]}, {"key": "the-cards", "type": "clause", "offset": [3901, 3910]}, {"key": "division-of-the", "type": "clause", "offset": [3920, 3935]}, {"key": "bank-of", "type": "definition", "offset": [3936, 3943]}, {"key": "status-of-the", "type": "clause", "offset": [3958, 3971]}, {"key": "the-service", "type": "definition", "offset": [4008, 4019]}, {"key": "penal-charges", "type": "definition", "offset": [4023, 4036]}], "samples": [{"hash": "47XYEO7OatV", "uri": "/contracts/47XYEO7OatV#auto-debit", "label": "Credit Card Agreement", "score": 27.8856945038, "published": true}], "snippet": "If the Cardmember has a Current Account or a Savings Account at any of our branches in India, the Bank may at its sole discretion arrange to have any one of these accounts debited automatically every month on the Cardmember's written request. The Cardmember may note that the Auto-Debit facility will not be available on certain classes of Accounts as determined by the Bank from time to time. Accounts currently residing in Micro Banker will not be eligible to participate in this facility. The Automatic debit will be processed on the registered account nominated by the Cardmember from the PaymentDue Date and will be credited to the Card Account. In the event of non-realization of payment in the first attempt, repeat attempts will be made until realization of payment Cardmember must have sufficient cleared funds in the nominated Savings or Current Account at the time of the debit being processed. In case the Cardmember has instructed the Bank to clear the Card Account balance fully (i.e., 100% Auto-Debit) each month, but the cleared balance a vailable in the nominated Savings or Current Account is insufficient in any month, the Auto-Debit service will instead claim only the Minimum Amount Due (if the cleared balance in the nominated account is sufficient to cover the Minimum Amount Due). In such instances of non- recovery for Total Amount Due for two successive months, the Auto-Debit instruction for all subsequent months will be amended by the Bank to claim for the Minimum Amount Due until receipt of fresh instructions from the customer. Where the Auto-Debit service claims the Minimum Amount Due, and the nominated Savings or Current Account does not have sufficient funds to meet the claim, the amount will be reserved to Cardmember's Card Account and the Auto-Debit reversal charges at the prevailing rate would be levied to the Card Account. In such instance of non-recovery of Minimum Amount Due for two successive months, the Auto-Debit instruction for all subsequent months will be cancelled until receipt of fresh instructions from the customer for incorporation of Auto- Debit. The Bank reserves the right to accept and/or subsequently cancel or not accept any such instructions. In case the Cardmember has instructed the Bank to claim for amounts other than the Minimum Amount Due and there is a credit or a payment made to the Card Account before the Payment due date, the Bank may at its discretion claim only the residual amount i.e., the difference between the amount outstanding as per the Statement and the payments/other credits received before the Payment due date. The Bank reserves the right to amend its policies with respect to such instructions from time to time. In case the Cardmember has instructed the Bank to claim for amounts other than the Minimum Amount Due and in the event of non-recovery of funds, the Bank will attempt to recover at least the Minimum Amount Due on the Card Account. In future, the Bank may introduce at its discretion a variable option for Auto-Debit facility. Where the Cardmember has opted for a variable amount and the Minimum Amount Due payable on the Card Account is higher than the option exercised, the Bank reserves the right to claim the higher of the two. If the Auto-Debit cannot be claimed for insufficient funds on the recovery date, the Auto-Debit reversal charges would be levied irrespective of any other payment/credit made into the Card Account through any other mode other than Auto-Debit. The Bank at a predetermined overdue status would reserve the right to withdraw the standing instructions given by the Cardmember without any prior notice and the facility may not be made available in future. In a specific case where subsequent to providing instruction to the Bank to Auto-Debit a nominated account, the nominated account is closed or transferred to another branch, the Cardmember undertakes to advise the Cards Services Division of the Bank of the change in status of the nominated account. Please note that the service or penal charges that accrue to the Cardmember's account because of non-compliance or delay of this advice will not be refunded.", "size": 4, "hash": "d59e3c348e232178cf282dbea13fc1fd", "id": 4}, {"snippet_links": [{"key": "the-borrowers", "type": "definition", "offset": [0, 13]}, {"key": "the-agent-shall", "type": "clause", "offset": [40, 55]}, {"key": "payments-due", "type": "clause", "offset": [63, 75]}, {"key": "pursuant-to-section", "type": "definition", "offset": [76, 95]}, {"key": "agreement-or", "type": "definition", "offset": [139, 151]}, {"key": "the-loan-documents", "type": "clause", "offset": [159, 177]}, {"key": "not-limited", "type": "clause", "offset": [193, 204]}, {"key": "payments-of-principal", "type": "definition", "offset": [208, 229]}, {"key": "commitment-fee", "type": "definition", "offset": [248, 262]}, {"key": "arrangement-fee", "type": "definition", "offset": [264, 279]}, {"key": "letter-of-credit-fee", "type": "definition", "offset": [281, 301]}, {"key": "other-fee", "type": "definition", "offset": [305, 314]}, {"key": "other-cost", "type": "clause", "offset": [323, 333]}, {"key": "attorney-costs", "type": "definition", "offset": [356, 370]}, {"key": "payable-to", "type": "definition", "offset": [380, 390]}, {"key": "automatic-debit", "type": "clause", "offset": [462, 477]}, {"key": "or-before-the-closing-date", "type": "clause", "offset": [591, 617]}, {"key": "with-respect-to", "type": "clause", "offset": [619, 634]}, {"key": "notice-to-the", "type": "clause", "offset": [796, 809]}, {"key": "central-time", "type": "clause", "offset": [854, 866]}, {"key": "date-of", "type": "clause", "offset": [875, 882]}, {"key": "funds-in", "type": "definition", "offset": [926, 934]}, {"key": "deposit-accounts", "type": "definition", "offset": [940, 956]}, {"key": "the-fee", "type": "clause", "offset": [980, 987]}, {"key": "in-\u2587", "type": "clause", "offset": [1107, 1111]}, {"key": "sole-discretion", "type": "definition", "offset": [1124, 1139]}], "samples": [{"hash": "hBV4YKxmWiv", "uri": "/contracts/hBV4YKxmWiv#auto-debit", "label": "Credit Agreement (North American Galvanizing & Coatings Inc)", "score": 21.0, "published": true}, {"hash": "2AipcuEIDz9", "uri": "/contracts/2AipcuEIDz9#auto-debit", "label": "Credit Agreement (North American Galvanizing & Coatings Inc)", "score": 21.0, "published": true}], "snippet": "The Borrowers authorize and direct that the Agent shall deduct payments due pursuant to Section 2.13, Section 4.02 or otherwise under this Agreement or any of the Loan Documents, including but not limited to payments of principal, interest and any commitment fee, arrangement fee, letter of credit fee or other fee, or any other cost or expense (including Attorney Costs) due and payable to the Agent, the L/C Issuer, or \u2587\u2587\u2587\u2587\u2587 Fargo under the Loan Documents, by automatic debit from an account of the Borrowers at the Agent, the identity of which account the Borrowers shall advise Agent on or before the Closing Date. With respect to any such commitment fee, arrangement fee, letter of credit fee or other fee, or any other cost or expense (including Attorney Costs), (i) \u2587\u2587\u2587\u2587\u2587 Fargo shall give notice to the Borrowers thereof not later than 9:00 a.m. (Central time) on the date of such debit, (ii) if there are insufficient funds in such deposit accounts to cover the amount of the fee or other cost or expense then due, such debits will be reversed so as not to create an overdraft (in whole or in part, in \u2587\u2587\u2587\u2587\u2587 Fargo\u2019s sole discretion) and such amount not debited shall be deemed to be unpaid. No such debit under this Section 2.14 shall be deemed a set-off.", "size": 2, "hash": "0b3c7b5252bca6da865d633e333745fb", "id": 8}, {"snippet_links": [{"key": "payment-of-sums-due", "type": "clause", "offset": [51, 70]}, {"key": "the-note", "type": "clause", "offset": [77, 85]}, {"key": "bank-account", "type": "definition", "offset": [130, 142]}, {"key": "wachovia-bank", "type": "definition", "offset": [159, 172]}, {"key": "borrower-will", "type": "clause", "offset": [174, 187]}, {"key": "authorization-form", "type": "definition", "offset": [197, 215]}, {"key": "obligation-of-borrower", "type": "clause", "offset": [279, 301]}, {"key": "to-pay", "type": "clause", "offset": [302, 308]}, {"key": "without-notice", "type": "definition", "offset": [329, 343]}, {"key": "funds-in", "type": "definition", "offset": [371, 379]}, {"key": "payment-in-full", "type": "clause", "offset": [406, 421]}, {"key": "due-date", "type": "clause", "offset": [429, 437]}, {"key": "the-account", "type": "clause", "offset": [475, 486]}], "samples": [{"hash": "36Z70YF0jx7", "uri": "/contracts/36Z70YF0jx7#auto-debit", "label": "Loan Agreement", "score": 31.3408622742, "published": true}, {"hash": "jNDFmw31ddG", "uri": "/contracts/jNDFmw31ddG#auto-debit", "label": "Loan Agreement (RGC Resources Inc)", "score": 19.0, "published": true}], "snippet": "Borrower has elected to authorize Lender to effect payment of sums due under the Note by means of debiting Borrower\u2019s account our bank account # maintained at Wachovia Bank. Borrower will sign the authorization form attached as Exhibit B. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Lender fails to debit the account.", "size": 2, "hash": "def79703895fa7cde99d819832a0be3e", "id": 7}, {"snippet_links": [{"key": "to-request", "type": "clause", "offset": [80, 90]}, {"key": "in-connection-with", "type": "clause", "offset": [112, 130]}, {"key": "loan-repayments", "type": "clause", "offset": [146, 161]}, {"key": "payments-made", "type": "clause", "offset": [173, 186]}, {"key": "the-plan", "type": "clause", "offset": [190, 198]}, {"key": "transfer-from", "type": "clause", "offset": [239, 252]}, {"key": "the-sponsor", "type": "clause", "offset": [279, 290]}, {"key": "in-writing", "type": "clause", "offset": [312, 322]}, {"key": "responsible-for", "type": "clause", "offset": [363, 378]}, {"key": "receipt-of", "type": "clause", "offset": [407, 417]}, {"key": "the-information", "type": "clause", "offset": [418, 433]}, {"key": "transfer-of-funds", "type": "clause", "offset": [462, 479]}, {"key": "pursuant-to", "type": "definition", "offset": [480, 491]}, {"key": "the-bank-account", "type": "clause", "offset": [516, 532]}, {"key": "to-the-trustee", "type": "clause", "offset": [593, 607]}, {"key": "sufficient-funds", "type": "definition", "offset": [617, 633]}, {"key": "funds-received", "type": "definition", "offset": [668, 682]}, {"key": "to-participant", "type": "definition", "offset": [733, 747]}, {"key": "the-day", "type": "definition", "offset": [759, 766]}, {"key": "by-trustee", "type": "clause", "offset": [785, 795]}, {"key": "prior-to-the", "type": "clause", "offset": [809, 821]}, {"key": "the-nyse", "type": "clause", "offset": [831, 839]}, {"key": "business-day", "type": "definition", "offset": [842, 854]}], "samples": [{"hash": "9lIOMPdLcpE", "uri": "/contracts/9lIOMPdLcpE#auto-debit", "label": "Trust Agreement (Convergys Corp)", "score": 23.143737793, "published": true}, {"hash": "er0nTxd37vo", "uri": "/contracts/er0nTxd37vo#auto-debit", "label": "Trust Agreement (Expedia, Inc.)", "score": 21.0, "published": true}, {"hash": "2vcIywGapHe", "uri": "/contracts/2vcIywGapHe#auto-debit", "label": "Trust Agreement (Entegris Inc)", "score": 21.0, "published": true}], "snippet": "Notwithstanding anything herein to the contrary, Sponsor hereby directs Trustee to request and receive payments in connection with contributions, loan repayments, and other payments made to the Plan through the ACH via an electronic funds transfer from Sponsor\u2019s bank account as the Sponsor shall direct Trustee in writing. Sponsor agrees that it shall be solely responsible for assuring that Trustee is in receipt of the information necessary to effectuate the transfer of funds pursuant to this paragraph and that the bank account described under this paragraph or any subsequent directions to the Trustee contains sufficient funds to satisfy Trustee\u2019s ACH request. Funds received via an electronic funds transfer will be credited to Participant\u2019s accounts the day they are received by Trustee, if received prior to the close of the NYSE\u2019s business day.", "size": 5, "hash": "f4af987e3ff0cbc5b298968969cb5ce0", "id": 3}, {"snippet_links": [{"key": "borrower-hereby", "type": "definition", "offset": [0, 15]}, {"key": "administrative-agent", "type": "definition", "offset": [27, 47]}, {"key": "account-no", "type": "clause", "offset": [71, 81]}, {"key": "by-borrower", "type": "clause", "offset": [132, 143]}, {"key": "payment-of", "type": "clause", "offset": [152, 162]}, {"key": "amounts-due-hereunder", "type": "clause", "offset": [167, 188]}, {"key": "the-mortgage", "type": "clause", "offset": [199, 211]}, {"key": "the-loan-documents", "type": "clause", "offset": [213, 231]}, {"key": "secured-swap-agreement", "type": "definition", "offset": [239, 261]}, {"key": "payments-of-principal", "type": "definition", "offset": [282, 303]}, {"key": "and-payments", "type": "clause", "offset": [360, 372]}, {"key": "applicable-fees", "type": "definition", "offset": [380, 395]}, {"key": "monthly-payment-due-date", "type": "definition", "offset": [418, 442]}, {"key": "other-arrangements", "type": "definition", "offset": [450, 468]}, {"key": "agreed-to", "type": "definition", "offset": [473, 482]}, {"key": "in-writing", "type": "clause", "offset": [483, 493]}, {"key": "in-the-event", "type": "clause", "offset": [495, 507]}, {"key": "the-funds", "type": "clause", "offset": [513, 522]}, {"key": "other-account", "type": "clause", "offset": [646, 659]}, {"key": "security-deposit-account", "type": "clause", "offset": [710, 734]}], "samples": [{"hash": "iTawFNhJRwN", "uri": "/contracts/iTawFNhJRwN#auto-debit", "label": "Term Loan Agreement (New York City REIT, Inc.)", "score": 30.3305950165, "published": true}], "snippet": "Borrower hereby authorizes Administrative Agent to automatically debit account no. 3027090946 (the \u201cAuto-debit Account\u201d) maintained by Borrower for the payment of any amounts due hereunder, or under the Mortgage, the Loan Documents or any Secured Swap Agreement. Debits for monthly payments of principal, interest, escrow, as any such amount is due hereunder, and payments of any applicable fees shall be made on each Monthly Payment Due Date unless other arrangements are agreed to in writing. In the event that the funds maintained by Borrower in such account are insufficient for any payment due hereunder, Administrative Agent may charge any other account of Borrower with Administrative Agent (except any Security Deposit Account) for any such payment due.", "size": 2, "hash": "db076588d4f81d16a2ea048394cb3244", "id": 9}, {"snippet_links": [{"key": "each-borrower", "type": "clause", "offset": [0, 13]}, {"key": "deposit-accounts", "type": "definition", "offset": [69, 85]}, {"key": "at-lender", "type": "definition", "offset": [86, 95]}, {"key": "interest-due", "type": "clause", "offset": [123, 135]}, {"key": "the-loan", "type": "clause", "offset": [139, 147]}], "samples": [{"hash": "2y4c2tW65SG", "uri": "/contracts/2y4c2tW65SG#auto-debit", "label": "Loan Agreement (BM Technologies, Inc.)", "score": 32.0198478699, "published": true}], "snippet": "Each Borrower irrevocably authorizes Lender to auto-debit Borrowers\u2019 deposit accounts at Lender for the monthly payment of interest due on the Loan.", "size": 2, "hash": "9290b044e7725376496a2685bf144bf4", "id": 10}], "next_curs": "ClMSTWoVc35sYXdpbnNpZGVyY29udHJhY3Rzci8LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhNhdXRvLWRlYml0IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"children": [["massachusetts-law-controls", "Massachusetts Law Controls"], ["trust-agreement-controls", "Trust Agreement Controls"], ["", ""], ["confidential-information-other-clients-and-services", "Confidential Information; Other Clients and Services"], ["construction-validity", "Construction; Validity"]], "title": "Auto-Debit", "parents": [["payments", "Payments"], ["loan", "LOAN"], ["credit-extensions", "Credit Extensions"], ["general-provisions-regarding-payments", "General Provisions Regarding Payments"], ["interest-monthly-payments", "Interest Monthly Payments"]], "size": 46, "id": "auto-debit", "related": [["credit-cards", "Credit Cards", "Credit Cards"], ["credit-card", "Credit Card", "Credit Card"], ["credit-checks", "Credit Checks", "Credit Checks"], ["visa-debit-card", "Visa Debit Card", "Visa Debit Card"], ["investment-services", "Investment Services", "Investment Services"]], "related_snippets": [], "updated": "2026-01-10T05:48:19+00:00", "also_ask": ["What safeguards should be included to prevent unauthorized or erroneous debits?", "How can the auto-debit clause be structured to maximize recovery while minimizing borrower pushback?", "What are the most common legal challenges to auto-debit clauses in court, and how can they be mitigated?", "How do auto-debit provisions differ across key jurisdictions or under relevant consumer protection laws?", "What termination or modification rights should be built in to address changes in account status or disputes?"], "drafting_tip": "Specify the auto-debit amount and frequency to prevent disputes; identify the authorized account to ensure correct withdrawals; require prior notice of changes to protect parties' interests.", "explanation": "The Auto-Debit clause authorizes one party, typically a service provider or lender, to automatically withdraw payments from the other party\u2019s designated bank account on scheduled dates. This arrangement applies to recurring payments such as monthly subscription fees, loan installments, or utility bills, and usually requires the account holder to ensure sufficient funds are available. Its core practical function is to streamline payment collection, reduce late payments, and provide convenience for both parties by automating the payment process."}, "json": true, "cursor": ""}}