Common use of Automatic Payment Authorization Clause in Contracts

Automatic Payment Authorization. Borrower authorizes Lender to make automatic deductions (“Auto Debit”) from the following deposit account (the “Account”) maintained by Borrower at Lender’s offices in order to pay, when and as due, all installment payments of interest, and/or principal, renewal, modification or other fees or payments (a “Payment”) that Borrower is required or obligated to pay Lender under the Loan Documents provided, that Lender shall notify Borrower of any amounts automatically deducted from Borrower’s Account (which notice may be delivered concurrently with any Auto Debit), and provided, further, that no Auto Debit shall be effected for any fees or payments that are not scheduled unless Borrower shall have received, prior to the making of the Auto Debit, a written invoice, which may be delivered via email, detailing the fees or payments that are due: Account No: Without limiting any of the terms of the Loan Documents, Borrower acknowledges and agrees that if Borrower defaults in its obligation to make a Payment because the collected funds in the Account are insufficient to make such Payment in full on the date that such Payment is due, then Borrower shall be responsible for all late payment charges and other consequences of such default by Borrower under the terms of the Loan Documents.

Automatic Payment Authorization. Borrower authorizes Lender to make automatic deductions (“Auto Debit”) from the following deposit account (the “Account”) maintained by Borrower at Lender’s offices in order to pay, when and as due, all installment payments of interest, and/or principal, renewal, modification or other fees or payments (a “Payment”) that Borrower is required or obligated to pay Lender under the Loan Documents provided, that Lender shall notify Borrower of any amounts automatically deducted from Borrower’s Account (which notice may be delivered concurrently with any Auto Debit), and provided, further, that no Auto Debit shall be effected for any fees or payments that are not scheduled unless Borrower shall have received, prior to the making of the Auto Debit, a written invoice, which may be delivered via email, detailing the fees or payments that are due: Account No: Without limiting any of the terms of the Loan Documents, Borrower acknowledges and agrees that if Borrower defaults in its obligation to make a Payment because the collected funds in the Account are insufficient to make such Payment in full on the date that such Payment is due, then Borrower shall be responsible for all late payment charges and other consequences of such default by Borrower under the terms of the Loan Documents.. (i)

Automatic Payment Authorization. Borrower authorizes Borrowers authorize Lender to make automatic deductions (“Auto Debit”) from the following deposit account (the “Deposit Account”) listed as such on Schedule I hereto maintained by Borrower at Lender’s offices with Lender in order to pay, when and as due, all installment payments of interest, and/or principal, renewal, modification or other fees or payments (including the unused commitment fee) (a “Payment”) that Borrower is required or obligated to pay Lender under the Loan Documents Documents; provided, however, that Lender shall notify (i) give Borrower written notice of any all automatic deductions, including detail of amounts automatically deducted from Borrower’s Account debited and the application to principal, interest, or fees and (which notice may be delivered concurrently with any Auto Debit), and provided, ii) provide Borrower on-line view access to the Deposit Account; provided further, that no Auto Debit automatic deduction shall be effected for any fees or payments that are not scheduled unless Borrower shall have received, prior to the making of the Auto Debitautomatic deduction, a written invoice, which may be delivered via email, detailing the fees or and payments that are due: Account No: Without limiting any . This authorization shall not affect the obligation of the terms of the Loan Documents, Borrower acknowledges and agrees that to pay such sums when due if Borrower defaults in its obligation to make a Payment because the collected there are insufficient funds in the Deposit Account are insufficient to make such Payment Payments in full on the due date that thereof. Absent there being insufficient funds in the Deposit Account to make such Payment is duePayments in full, then Borrower shall not be responsible for all late payment charges and other consequences deemed in default as a result of such default by Borrower under Lender failing to make any automatic deduction from the terms of Deposit Account to make Payments on the Loan Documentsdue date thereof.