Deduction Provision Clause Samples

Deduction Provision. 11.1 If there is any loan principal, interest, penalty interest, compound interest or other fees due and payable, the Borrower authorizes the Lender to deduct the corresponding amount from funds in any of the Borrower’s accounts set up with Communications Bank. 11.2 After such deduction, the Lender must notify the Borrower of the account being deducted, the loan contract number, “Loan Certificate” serial number, amount deducted and the balance of the debt obligations. 11.3 If the amount deducted is insufficient to pay off all of the Borrower’s debt, such amount must first be used to offset the fees due and payable. If the principal and interest are past due for less than ninety (90) days, the balance of the deducted amount after offsetting the fees must be first used to repay the past due interest, penalty interest and compound interest and then be used to repay the past due principal; if the principal and interest are past due payment for more than ninety (90) days, the balance of the deducted amount after offsetting the fees must be first used to repay the past due principal and then be used to repay the past due interest, penalty interest or compound interest. 11.4 If the currency of the deducted amount is different from the currency used to repay the loan, the deducted amount will be converted at the foreign exchange rate published by Communication Bank on the date of deduction and then be used to repay the debt.
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Related to Deduction Provision

  • Other Allocation Provisions Certain of the foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such regulations. Sections 5.03, 5.04 and 5.05 may be amended at any time by the General Partner if necessary, in the opinion of tax counsel to the Partnership, to comply with such regulations or any applicable Law, so long as any such amendment does not materially change the relative economic interests of the Partners.

  • Transition Provisions Any person engaged as an apprentice at the date this award commenced operation shall be deemed to be an apprentice for all purposes of this award until the completion or cancellation of their apprenticeship contract.

  • Termination Provisions In this Agreement:

  • Additional Allocation Provisions Notwithstanding the foregoing provisions of this Article 6:

  • Other Termination Provisions 1. We may deliver any notice instead of mailing it. Proof of mailing of any notice shall be sufficient proof of notice. 2. If this policy is cancelled, you may be entitled to a premium refund. If so, we will send you the refund. The premium refund, if any, will be computed according to our manuals. However, making or offering to make the refund is not a condition of cancellation. 3. The effective date of cancellation stated in the notice shall become the end of the policy period.