Common use of Direct Debit Clause in Contracts

Direct Debit. (a) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the amount due from deposit account number CO 457023873333 owned by the Borrower, or such other of the Borrower's accounts with the Bank as designated in writing by the Borrower (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower. (b) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is one (1.0) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Lifeloc Technologies, Inc), Loan Agreement (Lifeloc Technologies, Inc)

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Direct Debit. (ai) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank Lender will debit the amount due from deposit account number CO 457023873333 435029053069 owned by the Borrower, or such other of the Borrower's ’s accounts with the Bank Lender as designated in writing by the Borrower (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the BorrowerBorrower in accordance with the terms of this Agreement. (bii) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will Lender at the option address specified at the end of the Bank bear interest at a rate per annum which is one (1.0) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordinglyAgreement.

Appears in 1 contract

Samples: Credit Agreement (Bowman Consulting Group Ltd.)

Direct Debit. (a) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the amount due from deposit account number CO 457023873333 NJ-004044013471 owned by the Borrower, or such other of the Borrower's accounts with the Bank as designated in writing by the Borrower (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower. (b) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is one (1.0) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordingly.

Appears in 1 contract

Samples: Loan Agreement (Tel Instrument Electronics Corp)

Direct Debit. (a) a. The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the amount due from deposit account number CO 457023873333 MD-004465770861 owned by the BorrowerCuriosityStream, Inc., or such other of the Borrower's ’s accounts with the Bank as designated in writing by the Borrower (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower. (b) b. The Borrower may terminate this direct debit arrangement at any time by sending written notice to the BankBank at the address specified at the end of this Agreement. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is one (1.00.5 percentage point(s) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordinglyAgreement.

Appears in 1 contract

Samples: Loan Agreement (Software Acquisition Group Inc.)

Direct Debit. (a) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the amount due from deposit account number CO 457023873333 owned by the Borrower, or such other of the Borrower's accounts NY-483043595490 with the Bank as designated in writing owned by the Borrower Mechanical Technology, Incorporated and MTllnstruments, Inc. (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower. (b) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is one (1.0) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordingly.

Appears in 1 contract

Samples: Loan Agreement (Mechanical Technology Inc)

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Direct Debit. (a) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the amount due from deposit account number CO 457023873333 owned by number139100924546 in the Borrowername of Zynex Medical, Inc., or such other of the Borrower's ’s accounts with the Bank as designated in writing by the Borrower (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower. (b) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the BankBank at the address specified at the end of this Agreement. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is one (1.00.50 percentage point(s) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordinglyAgreement.

Appears in 1 contract

Samples: Loan Agreement (Zynex Inc)

Direct Debit. (a) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the amount due from deposit account number CO 457023873333 NY-483043705675 owned by the Borrower, or such other of the Borrower's accounts with the Bank as designated in writing by the Borrower (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower. (b) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is one (1.0) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordingly.

Appears in 1 contract

Samples: Loan Agreement (Scientific Industries Inc)

Direct Debit. (a) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the amount due from deposit account number CO 457023873333 NY - 000004913434 owned by the Borrower, Borrower or such other of the Borrower's ’s accounts with the Bank as designated in writing by the Borrower (the "Designated Account"). Should there be insufficient funds in the Designated Account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by the Borrower. (b) The Borrower may terminate this direct debit arrangement at any time by sending written notice to the BankBank at the address specified at the end of this Agreement. If the Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is one (1.00.5 percentage point(s) percentage point higher than the rate of interest otherwise provided under this Agreement and the amount of each payment will be increased accordinglyAgreement.

Appears in 1 contract

Samples: Loan Agreement (Servotronics Inc /De/)

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