Common use of Account Debit Clause in Contracts

Account Debit. Each Loan Party irrevocably authorizes the Administrative Agent to debit its deposit accounts maintained with MUFG Union Bank, N.A., for the amounts from time to time due and payable under the Loan Documents in an amount such that the aggregate amount debited from such deposit accounts does not exceed the principal, interest and fees then due and payable, with prior written notice thereof (which may include routine invoices for amounts due hereunder) unless an Event of Default has occurred and is continuing, and notice thereof promptly after any such charge during the existence of an Event of Default, provided that the failure to give such notice during the existence of an Event of Default shall not affect the validity of such charge; provided further that each Loan Party acknowledges and agrees that the Administrative Agent shall not be under an obligation to do so and the Administrative Agent shall not incur any liability to the Borrower or any other Person for the Administrative Agent’s failure to do so.