Common use of Automatic Payment Clause in Contracts

Automatic Payment. [ ] Borrower has elected to authorize Lender to effect payment of sums due under this Note by means of debiting Borrower's account number __________. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Lender fails to debit the account.

Automatic Payment. [ [X] Borrower has elected to authorize Lender Bank to effect payment of sums due under this Note by means of debiting Borrower's account number _____________________. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Lender Bank fails to debit the account.

Automatic Payment. [ [X] Borrower has elected to authorize Lender Bank to effect payment of sums due under this Note by means of debiting Borrower's account number _____________________ __________. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Lender Bank fails to debit the account.

Automatic Payment. [ ] Borrower has elected to authorize Lender Bank to effect payment of sums due under this Note by means of debiting Borrower's account number ___________________. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Lender Bank fails to debit the account.

Automatic Payment. [ ] Borrower has elected to authorize Lender Bank to effect payment of sums due under this Note by means of debiting Borrower's account number ______________________. This authorization shall not affect the obligation of Borrower to pay such sums when due, without notice, if there are insufficient funds in such account to make such payment in full on the due date thereof, or if Lender Bank fails to debit the account.