Common use of Direct Debit Clause in Contracts

Direct Debit. (a) The Borrowers agree that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 owned by the Borrowers or such other of the Borrowers’ accounts with the Bank as designated in writing by the Borrowers (the “Designated Account”). (b) The Borrowers may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Resources Connection Inc)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330CA - 14588-24344 26988 owned by the Borrowers California First Leasing Corporation or such other of the Borrowers’ Borrower's accounts with the Bank as designated in writing by the Borrowers Borrower (the "Designated Account"). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (California First National Bancorp)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 IL-5800322850 owned by the Borrowers eLoyalty Corporation or such other of the Borrowers’ Borrower’s accounts with the Bank as designated in writing by the Borrowers Borrower (the “Designated Account”). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 .50 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Eloyalty Corp)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 owned by the Borrowers Insys Therapeutics, Inc. or such other of the Borrowers’ Borrower’s accounts with the Bank as designated in writing by the Borrowers Borrower (the “Designated Account”). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Insys Therapeutics, Inc.)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 MA-009419954701 owned by the Borrowers Borrower or such other of the Borrowers’ Borrower’s accounts with the Bank as designated in writing by the Borrowers Borrower (the “Designated Account”). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 1.0 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Technical Communications Corp)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 PA-004678015588 owned by the Borrowers Saker Aviation Services, Inc. or such other of the Borrowers’ Borrower's accounts with the Bank as designated in writing by the Borrowers Borrower (the "Designated Account"). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 1.0 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Saker Aviation Services, Inc.)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 TX-488032919202 owned by the Borrowers Vertex Energy, Inc. or such other of the Borrowers’ Borrower's accounts with the Bank as designated in writing by the Borrowers Borrower (the "Designated Account")., (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If , if the Borrowers terminate 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 0.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Vertex Energy Inc.)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 OR-002801902675 owned by the Borrowers Borrower or such other of the Borrowers’ Borrower’s accounts with the Bank as designated in writing by the Borrowers Borrower (the “Designated Account”). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Schmitt Industries Inc)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330CA-14993-24344 14357 owned by the Borrowers Borrower, or such other of the Borrowers’ Borrower's accounts with the Bank as designated in writing by the Borrowers Borrower (the "Designated Account"). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 percentage point(s) point higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (American Shared Hospital Services)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 ______________________ owned by the Borrowers Apple REIT Ten, Inc. or such other of the Borrowers’ Borrower’s accounts with the Bank as designated in writing by the Borrowers Borrower (the “Designated Account”). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Apple REIT Ten, Inc.)

Direct Debit. (a) The Borrowers agree Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number CA-12330-24344 OR-002801902675 owned by the Borrowers Borrower, or such other of the Borrowers’ Borrower’s accounts with the Bank as designated in writing by the Borrowers Borrower (the “Designated Account”). (b) The Borrowers Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the Borrowers terminate 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 0.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Schmitt Industries Inc)