Common use of Manner and Treatment of Payments Clause in Contracts

Manner and Treatment of Payments. (a) Borrowers agree that interest and principal payments and any fees will be deducted automatically on the due date from the Designated Deposit Account, or any other accounts of Borrowers held by Agent which contain sufficient funds. Such debits shall occur on the dates the payments become due. If the due date does not fall on a Banking Day, Agent will cause such debits to be made on the first Banking Day following the due date. Borrowers shall maintain sufficient funds in the Designated Deposit Account on the dates Agent enters debits authorized by this Agreement. If there are insufficient funds in the Designated Deposit Account or the other accounts of Borrowers on the date Agent enters any debit authorized by this Agreement, Borrowers shall immediately, after notice from Agent, pay such shortfall to Agent. The amount of all payments received by Agent for the account of each Bank shall be immediately paid by Agent to the applicable Bank in immediately available funds. All payments shall be made in lawful money of the United States of America.

Manner and Treatment of Payments. (a) Borrowers agree that interest and principal payments and any fees will be deducted automatically on the due date from the Designated Deposit Account, or any other accounts of Borrowers held by Agent which contain sufficient funds. Such debits shall occur on the dates the payments become due. If the due date does not fall on a Banking Day, Agent will cause such debits to be made on the first Banking Day following the due date. Borrowers shall maintain sufficient funds in the Designated Deposit Account on the dates Agent enters debits authorized by this Agreement. If there are insufficient funds in the Designated Deposit Account or the other accounts of Borrowers on the date Agent enters any debit authorized by this Agreement, Borrowers shall immediately, after notice from Agent, pay such shortfall to Agent. The amount of all payments received by the Agent for the account of each Bank shall be immediately paid by the Agent to the applicable Bank in immediately available funds. All payments shall be made in lawful money of the United States of America.