Common use of Automatic Debits Clause in Contracts

Automatic Debits. With respect to any principal, interest, fee, or any other cost or expense (including attorney costs of the Administrative Agent or any Lender payable by the Borrower hereunder) due and payable to the Administrative Agent or any Lender under the Loan Documents, the Borrower hereby irrevocably authorizes the Administrative Agent, upon prior notice to the Borrower (with email sufficient for such purpose), to debit any deposit account of the Borrower maintained with the Administrative Agent in an amount such that the aggregate amount debited from all such deposit accounts does not exceed such principal, interest, fee or other cost or expense; provided that no such notice shall be required for debit of any scheduled or recurring fees set forth in this Agreement. If there are insufficient funds in such deposit accounts to cover the amount then due, such debits will be reversed (in whole or in part, in the Administrative Agent’s sole discretion) and such amount not debited shall be deemed to be unpaid. No such debit under this Section 10.18 shall be deemed a set-off.

Automatic Debits. With respect to any principalprincipal or interest payment, interest, fee, commitment fee or any other cost or expense (including attorney costs of the Administrative Agent or any Lender payable by the Borrower hereunder) usage fee due and payable to the Administrative Agent or any Lender Lenders under the Loan Documents, the Borrower hereby irrevocably authorizes the Administrative Agent, upon prior notice to the Borrower (with email sufficient for such purpose), Agent to debit any deposit account of Borrower with Bank of America and hereby agrees to irrevocably direct in writing the holder of any deposit account to debit any deposit account of Borrower maintained with the (excluding Borrower’s customer or regulatory trust accounts), in amounts specified by Administrative Agent in an amount from time to time such that the aggregate amount debited from all such deposit accounts does not exceed such principalpayment, interestfee, fee or other cost or expense; provided that no . Administrative Agent shall use its best efforts to give Borrower advance notice of each debit, but failure of Administrative Agent to give such notice shall be required for debit of any scheduled or recurring fees set forth in this Agreementnot invalidate its authorization hereunder. If there are insufficient funds in such deposit accounts to cover the amount of the payment, fee, other cost or expense then due, such debits will be reversed (in whole or in part, in the Administrative Agent’s sole discretion) and such amount not debited shall be deemed to be unpaid. No such debit under this Section 10.18 11.8 shall be deemed a set-off.

Automatic Debits. With respect to any principalprincipal or interest payment, interest, fee, commitment fee or any other cost or expense (including attorney costs of the Administrative Agent or any Lender payable by the Borrower hereunder) usage fee due and payable to the Administrative Agent or any Lender Lenders under the Loan Documents, the Borrower hereby irrevocably authorizes the Administrative Agent, upon prior notice to the Borrower (with email sufficient for such purpose), Agent to debit any deposit account of Borrower with Bank of America and hereby agrees to irrevocably direct in writing the holder of any deposit account to debit any deposit account of Borrower maintained with the (excluding Borrower's customer or regulatory trust accounts), in amounts specified by Administrative Agent in an amount from time to time such that the aggregate amount debited from all such deposit accounts does not exceed such principalpayment, interestfee, fee or other cost or expense; provided that no . Administrative Agent shall use its best efforts to give Borrower advance notice of each debit, but failure of Administrative Agent to give such notice shall be required for debit of any scheduled or recurring fees set forth in this Agreementnot invalidate its authorization hereunder. If there are insufficient funds in such deposit accounts to cover the amount of the payment, fee, other cost or expense then due, such debits will be reversed (in whole or in part, in the Administrative Agent’s 's sole discretion) and such amount not debited shall be deemed to be unpaid. No such debit under this Section 10.18 11.8 shall be deemed a set-off.