Common use of Debit of Accounts Clause in Contracts

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lenders when due. These debits shall not constitute a set-off.

Appears in 4 contracts

Samples: Term Loan and Security Agreement, Term Loan and Security Agreement (Meru Networks Inc), Loan and Security Agreement (Telecommunication Systems Inc /Fa/)

AutoNDA by SimpleDocs

Debit of Accounts. Agent may debit any of Borrower’s 's deposit accountsor operating accounts including Account Number , including the Designated Deposit Accountbut excluding deposit accounts exclusively used for payroll, payroll taxes and other employee wages and benefit payments, for principal and interest payments when due or any other amounts Borrower owes Lenders Lenders, when due. Agent shall promptly notify Borrower after it debits Borrower's accounts. These debits shall not constitute a set-off.

Appears in 3 contracts

Samples: Term Loan and Security Agreement (A123 Systems, Inc.), Term Loan and Security Agreement (A123 Systems, Inc.), Term Loan and Security Agreement (A123 Systems Inc)

Debit of Accounts. Collection Agent may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lenders when due. These debits shall not constitute a set-off.

Appears in 2 contracts

Samples: Loan and Security Agreement (LendingClub Corp), Loan and Security Agreement (LendingClub Corp)

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments when due, or any other amounts Borrower owes Lenders Lenders, when due. These debits shall not constitute a set-off.

Appears in 2 contracts

Samples: Loan and Security Agreement (GAIN Capital Holdings, Inc.), Loan and Security Agreement (GAIN Capital Holdings, Inc.)

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, accounts including the Designated Deposit Account, Account Number 3300465692 for principal and interest payments or any other amounts Borrower owes Lenders any of the Lenders. Agent will promptly notify Borrower when dueit debits Borrower’s accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Hansen Medical Inc)

Debit of Accounts. Agent may may, for the ratable benefit of the Lenders, debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lenders when due. These debits shall not constitute a set-off. Agent shall promptly distribute the amount of such debits ratably to the Lenders.

Appears in 1 contract

Samples: Subordinated Loan and Security Agreement (Apptio Inc)

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, accounts including the Designated Deposit Account, Account Number 3300481669 for principal and interest payments or any other amounts Borrower owes Lenders any of the Lenders. Agent will promptly notify Borrower when dueit debits Borrower’s accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Acclarent Inc)

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lenders under the Loan Documents when duedue (unless other arrangements are made for Borrower to make certain principal and interest payments to any Lender, as provided in Section 2.1.1(c)). These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Cryocor Inc)

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lenders hereunder when due. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Vringo Inc)

Debit of Accounts. Agent may debit any of Borrower’s 's deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lenders when due. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Healthcare Acquisition Corp)

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, or operating accounts including the Designated Deposit Account, Account Number 3300301459 for principal and interest payments when due or any other amounts Borrower owes Lenders Lenders, when due. Agent shall promptly notify Borrower after it debits Borrower’s accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Term Loan and Security Agreement (Cavium Networks)

Debit of Accounts. Agent and each Lender may debit (including by means of automatic ACH transfer) any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes the Lenders under the Loan Documents when due. Each Lender will notify Borrower promptly after debiting Borrower’s accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Tetraphase Pharmaceuticals Inc)

Debit of Accounts. Collection Agent may debit any of Borrower’s deposit accounts, including the Designated Deposit Operating Account, for principal and interest payments or any other amounts Borrower owes Lenders when due. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (LendingClub Corp)

Debit of Accounts. Administrative Agent and each Lender may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Borrowers owe the Lenders under the Loan Documents when due. Each Lender will notify Borrowers promptly after debiting Borrowers’ accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Horizon Pharma, Inc.)

Debit of Accounts. Collateral Agent may debit any of Borrower’s 's deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lenders under the Loan Documents when due. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Tranzyme Inc)

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, accounts including the Designated Deposit Account, Account Number for principal and interest payments when due or any other amounts Borrower owes Lenders when due. Agent shall promptly notify Borrower after it debits Borrower’s accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Infinera Corp)

AutoNDA by SimpleDocs

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal (including the Term Loan PIK Amount) and interest payments or any other amounts Borrower owes Agent or Lenders when due. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Subordinated Loan and Security Agreement (Everyday Health, Inc.)

Debit of Accounts. Collateral Agent may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lenders under the Loan Documents when due. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Apex Bioventures Acquisition Corp)

Debit of Accounts. Agent may debit any of Borrower’s deposit accounts, accounts including the Designated Deposit Account, Account Number 3300172477 for principal and interest payments or any other amounts Borrower owes Lenders Lenders. Agent will promptly notify Borrower when dueit debits Borrower’s accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (3PAR Inc.)

Debit of Accounts. Agent may debit any of Borrower’s deposit accountsDeposit Accounts, including the Designated Deposit Account, for principal and interest payments when due or any other amounts Borrower owes the Lenders under the Loan Documents when due. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Tribute Pharmaceuticals Canada Inc.)

Debit of Accounts. Agent may debit any of Borrower’s deposit accountsor operating accounts including Account Number , including the Designated Deposit Accountbut excluding deposit accounts exclusively used for payroll, payroll taxes and other employee wages and benefit payments, for principal and interest payments when due or any other amounts Borrower owes Lenders Lenders, when due. Agent shall promptly notify Borrower after it debits Borrower’s accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Term Loan and Security Agreement (A123 Systems, Inc.)

Debit of Accounts. The Agent may debit any of Borrower’s Borrowers’ deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts any Borrower owes Lenders the Agent or any Lender when due. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (EnergyConnect Group Inc)

Debit of Accounts. Agent may debit any of Borrower’s deposit accountsaccounts , including the Designated Deposit Account, for for: (i) the payments of principal and interest payments when due and the Growth Capital Final Payment when due and owing by Borrower to Lenders under this Agreement and the Loan Documents, or (ii) any other amounts Borrower owes Lenders due and owing when duespecifically approved in advance by Borrower. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (DemandTec, Inc.)

Debit of Accounts. Agent may debit any of Borrower’s deposit accountsDeposit Accounts, including the Designated Deposit Account, for principal and interest payments when due or any other amounts Borrower owes the Lenders under the Loan Documents when due, for payment to each Lender in accordance with its respective Pro Rata Share. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Loan and Security Agreement (Kalobios Pharmaceuticals Inc)

Debit of Accounts. Agent may debit any of Borrower’s 's deposit accounts, or operating accounts including the Designated Deposit Account, Account Number _________ for principal and interest payments when due or any other amounts Borrower owes Lenders Lenders, when due. Agent shall promptly notify Borrower after it debits Borrower's accounts. These debits shall not constitute a set-off.

Appears in 1 contract

Samples: Term Loan and Security Agreement (Netezza Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!