Common use of Demand Deposit Account Clause in Contracts

Demand Deposit Account. The Borrowers shall maintain at least one demand deposit account with the Administrative Agent for purposes of this Agreement. Each Borrower authorizes the Administrative Agent (but the Administrative Agent shall not be obligated) to deposit into said account all amounts to be advanced to the Borrowers hereunder. Further, each Borrower authorizes the Administrative Agent (but the Administrative Agent shall not be obligated) to deduct from said account, or any other account maintained by the Borrowers at the Administrative Agent any amount payable hereunder on or after the date upon which it is due and payable. Such authorization shall include but not be limited to amounts payable with respect to principal, interest, fees and expenses.

Appears in 3 contracts

Samples: Credit Agreement (Eplus Inc), Credit Agreement (Eplus Inc), Credit Agreement (Eplus Inc)

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Demand Deposit Account. The Borrowers shall maintain at least one demand deposit account with the Administrative Agent for purposes of this Agreement. Each Borrower authorizes The Borrowers authorize the Administrative Agent (but the Administrative Agent shall not be obligated) to deposit into said account all amounts to be advanced to the Borrowers hereunder. Further, each Borrower authorizes the Borrowers authorize the Administrative Agent (but the Administrative Agent shall not be obligated) to deduct from said account, or any other account maintained by the Borrowers at the Administrative Agent Agent, any amount payable hereunder on or after the date upon which it is due and payable. Such authorization shall include but not be limited to amounts payable with respect to principal, interest, fees and expenses.

Appears in 3 contracts

Samples: Credit Agreement (Willis Lease Finance Corp), Credit Agreement (Willis Lease Finance Corp), Credit Agreement (Willis Lease Finance Corp)

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Demand Deposit Account. The Borrowers Borrower shall maintain at least one demand deposit account with the Administrative Agent for purposes of this Agreement. Each The Borrower authorizes the Administrative Agent (but the Administrative Agent shall not be obligated) to deposit into said account all amounts to be advanced to the Borrowers Borrower hereunder. Further, each the Borrower authorizes the Administrative Agent (but the Administrative Agent shall not be obligated) to deduct from said account, or any other account maintained by the Borrowers Borrower at the Administrative Agent Agent, any amount payable hereunder on or after the date upon which it is due and payable. Such authorization shall include but not be limited to amounts payable with respect to principal, interest, fees and expenses.

Appears in 2 contracts

Samples: Credit Agreement (Willis Lease Finance Corp), Credit Agreement (Willis Lease Finance Corp)

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