Automatic Draft Sample Clauses

Automatic Draft. (i) If Lessee suffers an event of default beyond any applicable notice and cure period in the Lease more than one (1) time in any calendar year, Lessor may, at its sole option, upon not less than thirty (30) days’ prior notice to Lessee, require Lessee to promptly execute and deliver to Lessor any documents, instruments, authorizations, or certificates required by Lessor to give effect to an automated debiting system, whereby any or all payments of monthly installments of Base Rent by Lessee shall be debited monthly or from time to time, as determined by Lessor, from Lessee’s account in a bank or financial institution designated by Lessee and credited to Lessor’s bank account as Lessor shall designate from time to time. (ii) Lessee shall promptly pay all service fees and other charges connected therewith, including, without limitation, any charges resulting from insufficient funds in Lessee’s bank account. (iii) In the event that Lessee elects to designate a different bank or financial institution from which any monthly installments of Base Rent under the Lease is automatically debited, notification of such change and the required documents, instruments, authorizations, and certificates specified in subsection (i) must be received by Lessor no later than thirty (30) days prior to the date such change is to become effective. (iv) Lessee agrees that it shall remain responsible to Lessor for all payments of monthly installments of Base Rent pursuant to the Lease, even if Lessee’s bank account is incorrectly debited in any given month. Such Rent shall be immediately payable to Lessor upon written demand. (v) Lessee’s failure to properly designate a bank or financial institution or to promptly provide appropriate information in accordance with this Section shall constitute an Event of Default.
View Source
Automatic Draft. Customer hereby authorizes CIT to automatically charge Customer’s credit card or debit card, or draw from the Customer’s bank account or other payment method, as the Fees become due, on or near the Due Date, unless the same is prepaid by Customer in advance. Payment to CIT of such Fees and the reimbursement of expenses pursuant to this Section 4 shall constitute payment in full for the performance of the Services.
View Source

Related to Automatic Draft

  • Automatic Extension At the end of the initial term and any subsequent ------------------- term, this Agreement shall automatically renewed for a five (5) year term unless one of the parties provides the other party with written notice of intent not to renew, not less than one hundred eighty (180) day prior to the expiration of the then current term.

  • Automatic Renewal Each Schedule will renew automatically at the end of the then-current Schedule Term for a Schedule Renewal Term unless terminated in accordance with this Agreement by either You or Company.

  • Automatic Early Termination provision of Section 6(a) will not apply to Party A and will not apply to Party B.

  • Automatic Acceleration Upon the occurrence of an Event of Default described in Section 8.01(l) or Section 8.01(m) the Facility shall be automatically terminated and the Loans and all other Obligations shall be immediately due and payable upon the occurrence of such event, without demand or notice of any kind.

  • Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.