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HomeMy Public PortalAboutSunTrust ACH Authorization Sched 1 SIUI TRUST EQ -IPMEN"_' IFINANCE & LEAS: G CORP. EXHIBIT NO. 1 to EQUIPMENT SCHEDULE NG. ©1 AUTHORIZATION AGREEMENT FOR DIRECT PAYMENT This Authorization Agreement for Direct Payment("ACH Agreement")is being entered into as of this 6th day August, 2014, by ("Lessee") in favor of SUNTRUST EQUIPMENT FINANCE & LEASING CORP. ("Lessor") in connection with that certain Equipment Schedule No. 01, dated as of the date hereof, incorporating by reference the terms and conditions of the Master Lease Agreement. Lease Number 09517 dated as of June 18, 2014 both between Lessee and Lessor(collectively, the "Lease"). As a condition to Lessor's agreement to enter into the lease transaction contemplated in the Lease, Lessee acknowledges and agrees as follows: 1. AUTHORIZATIONS. 1.1 Authorization to Lessor. Lessee hereby requests and authorizes Lessor to draw payment periodically,as the same becomes due under the Lease, such payments to be charged against Lessee's account(the"Account")at the depository/bank(the "Bank"), as indicated below;and such payment shall be charged against the account to cover the rental payments,tax escrow payments and other amounts due under the Lease, in accordance with the terms and conditions thereof. 1.2 Authorization to the Bank. The Bank is hereby authorized to pay from the Account and debit the Account with respect to all payments purporting to be drawn on Lessee's behalf, payable to Lessor, and presented to the Bank for payment. Such payment will be in the form of computer-produced paper or electronic entry, in which case the Bank is authorized to treat them as if they were signed by the Lessee. 1.3 Deductions Made in Error. Lessee shall have the right to be paid immediately by the Bank for the amount of any erroneous deduction provided that Lessee notifies the Bank about such erroneous deduction within fifteen (15) days after Lessee's account statement is issued or forty-five (45) days after the deduction was made by notifying Lessor in the manner provided under the Lease. 1.4 Changes to the Account. If the Account is transferred to another branch, Lessee's authorization provided in this ACH Agreement shall be directed to such branch and shall be of the same force and effect as if it had been originally delivered to that branch. This authorization may be revoked by the undersigned giving at least ten(10)days' written notice to Lessor and Lessor's and Lessee's mutual agreement to an alternative payment method. 1.5 Confirmation of Responsibility. Lessee hereby confirms all of its acknowledgments and agreements made with respect to direct debit payments as provided in the Lease, and the provisions of this ACH Agreement shall not be deemed to be a modification thereof 2. ACCOUNT INFORMATION. Lessee l�reby ce ifies all of the following with respect to the Account: (a) the name of the Bank is: "7‘,/1-1 9i- (b) the Bank's address is: _ 6 (c) the account number of the Account is: 101201 0427 c6.5t2, . (d) the ABA routing number for the Account is: ©&I GOc 1d4 3. TERM OF THIS ACH AGREEMENT. This authorization is to remain in full force and effect until Lessor has received written notification from Lessee of its termination of this authority in such time and in such manner as to afford Lessor and Bank a reasonable time to adjust to such termination, but in no event earlier than ten (10) days after Lessor's receipt of such notice; provided.however, Lessee shall not be entitled to revoke its authorization hereunder at any time during the occurrence of a Default(as defined in the Lease) and, in any event, this ACH Agreement shall survive any cancellation, expiration or termination of the Lease (including any Equipment Schedule)until all amounts payable thereunder are paid in full, in good and indefeasible funds. Lessor and Bank shall be deemed third-party beneficiaries of this ACH Agreement,notwithstanding their not being a signatory hereto. This ACH Agreement shall be binding upon and inure to the benefit of the parties hereto and other beneficiaries hereof and their respective successors and assigns. WITNESS: CITY OF TYBEE ISLAND Lessee 0'dr _ By: CDC--t- Name: ?) n,< . S( 1. (.0 r G r� Title: e :L_ wt v,e.--, 0 ACH AGREEMENT