Direct Payment Authorization Clause Samples
Direct Payment Authorization. Unless you have instructed the Credit Union to the contrary at the time you submitted your application or so instruct the Credit Union before using your new Visa® Credit Card, you authorize the Credit Union in the event the minimum payment on your account is 10 days late or your account exceeds its assigned credit limit by 10% or more to pay the minimum amount required on your account or the amount exceeding your credit limit by advancing funds from any savings account, checking account, or revolving credit loan plan that you have with the Credit Union.
Direct Payment Authorization. The Issuer hereby authorizes and directs the Trustee to take all necessary actions to effectively carry out the duties required to apply for and accept Direct Payments from the Internal Revenue Service on behalf of the Issuer under Sections 54AA and 6431 of the Code or such other tax provisions of substantially similar nature which may be hereafter authorized, including, but not limited to, filing and signing IRS Form 8038-CP, receiving the Direct Payment on the Issuer’s behalf, and using such Direct Payment to pay Debt Service on the Bonds. For fixed rate bonds, the Trustee shall file the 8038-CP at least 50 days (but not more than 90 days) before the relevant Interest Payment Date (unless otherwise directed by a change in regulations). For variable rate bonds, the Trustee shall file the 8038-CP for reimbursements in arrears within 25 days after the last Interest Payment Date within the quarterly period for which reimbursement is being requested (unless otherwise directed by a change in regulations). The Issuer hereby covenants that it will deposit the Direct Payments with the Trustee for use in paying Debt Service on the Bonds.
Direct Payment Authorization. Please be sure to complete this one page bank form, which is part of Exhibit “B.” Completing this form will help protect your ongoing Medicaid eligibility by insuring that your account will be consistently funded on time each month. Acceptance Date: Trust sub-account number: (To be provided by Trustee) Top is For Office Use Only