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.