Commercial Credit Facility
This ACH Authorization Agreement (“ACH Agreement”) is entered into as of ______ ___ , 20__, by and between:
CARE CASH GLOBAL, a California corporation (“CCG” or “Lender”)
and
________________________________________ (“Borrower”)
This Agreement is executed in connection with:
Borrower hereby authorizes CCG and its designated service providers, banks, agents, and processors to initiate ACH debit and credit entries to any bank account designated by Borrower in connection with the Credit Facility.
This authorization shall remain in effect until all Obligations have been fully satisfied and CCG provides written confirmation of termination.
Borrower authorizes CCG to process ACH transactions for:
2.1 Loan Funding. Disbursement of approved loan proceeds.
2.2 Scheduled Payments. Collection of bi-weekly payments due under the Credit Facility.
2.3 Interest Payments. Collection of accrued interest.
2.4 Fees. Collection of:
2.5 Reconciliations. Adjustments required to correct payment discrepancies, accounting errors, overpayments, underpayments, or other authorized reconciliation items.
2.6 Credits. Refunds, reversals, and credits owed to Borrower.
Borrower designates the following account for ACH processing:
Financial Institution: ___________________________
Account Name: ________________________________
Routing Number: _______________________________
Account Number: ______________________________
Account Type: ☐ Checking ☐ Savings
Borrower certifies that it has authority to authorize transactions involving this account.
4.1 Bi-Weekly Payments. Borrower authorizes bi-weekly ACH debits according to the payment schedule established by CCG.
4.2 Variable Amounts. Borrower acknowledges that ACH debits may vary based upon outstanding balances, interest accrual, fees, reconciliations, and authorized adjustments.
4.3 Multiple Debits. CCG may process multiple ACH transactions if required to satisfy Obligations.
5.1 Sufficient Funds. Borrower shall maintain sufficient available funds to honor all authorized ACH transactions.
5.2 Account Changes. Borrower shall provide written notice of any account change at least ten (10) business days before the change becomes effective.
5.3 Replacement Account. Borrower shall promptly designate a replacement account acceptable to CCG if the designated account is closed or becomes unavailable.
6.1 Insufficient Funds. If an ACH transaction is returned for insufficient funds or any other reason, Borrower shall remain liable for the amount due.
6.2 Reprocessing. Borrower authorizes CCG to reinitiate returned ACH transactions as permitted by applicable law and NACHA rules.
6.3 Administrative Charges. Borrower shall be responsible for any returned payment fees and related administrative costs permitted by law.
Borrower acknowledges that this ACH Agreement may operate together with a Controlled Account Agreement.
Nothing in this Agreement shall limit CCG’s rights regarding Controlled Accounts; Collection Accounts; Lockbox arrangements; Direct collection rights; or Receivable proceeds.
The following shall constitute a default under this Agreement:
8.1 Revocation. Unauthorized revocation of ACH authorization.
8.2 Returned Transactions. Repeated returned transactions.
8.3 Account Closure. Closure of the designated account without prior approval.
8.4 Failure to Cooperate. Failure to provide replacement banking information when requested.
Any default under this Agreement may constitute an Event of Default under the Credit Facility.
Borrower acknowledges that this ACH Authorization constitutes a material inducement to CCG’s extension of credit.
Borrower shall not revoke this authorization while Obligations remain outstanding without CCG’s prior written consent.
Electronic signatures and electronic authorizations shall be deemed original signatures and fully enforceable.
This Agreement shall be governed by the laws of the State of California. Venue shall be Los Angeles County, California.
This Agreement shall be interpreted together with the Credit Agreement, Promissory Note, Security Agreement, Controlled Account Agreement, and other Loan Documents.