Common use of Automatic Deduction Clause in Contracts

Automatic Deduction. You agree that each payment of fees, out-of-pocket expenses incurred by the Bank to activate your Business Line of Credit, late charges, interest, and principal owing pursuant to this Agreement shall be made by automatic deduction from your Account. Alternatively, fees and/or out-of-pocket expenses may be charged to your Business Line of Credit. If you make a payment using a check, or any method other than automatic deduction from your Account, and the payment is sufficient to cover your next minimum payment due, and (1) your account is a Term Loan, the automatic deduction will not occur; or (2) your Account is a Line, the automatic deduction from your Account for that payment will occur. If your Account is closed for any reason, or if there are insufficient funds in the Account to pay the sum due, the Bank may terminate payments by automatic deduction and increase the interest rate on your Business Line of Credit by one (1) percentage points. You agree that the Bank may also charge any other deposit account held in the same legal ownership to recover any sums owing. Automatic deduction from account number 0670043053 Account Name BIOMERICA, INC.

Automatic Deduction. You agree that each payment of fees, out-of-pocket expenses incurred by the Bank to activate your Business Line of CreditLoan, late charges, interest, and principal owing pursuant to this Agreement shall be made by automatic deduction from your Account. Alternatively, fees and/or out-of-pocket expenses may be charged to your Business Line of CreditLoan. If you make a payment using a check, or any method other than automatic deduction from your Account, and the payment is sufficient to cover your next minimum payment due, and (1) your account is a Term Loan, the THE automatic deduction will not WILL NOT occur; or (2) your Account is a Line, the THE automatic deduction from your Account for that payment will occur. If your Account is closed for any reason, or if there are insufficient funds in the Account to pay the sum due, the Bank may terminate payments by automatic deduction and increase the interest rate on your Business Line of Credit Loan by one (1) percentage points. You agree that the Bank may also charge any other deposit account held in the same legal ownership to recover any sums owing. Automatic deduction from account number 0670043053 Account Name ACCOUNT NAME BIOMERICA, INC.