Common use of Auto-Debit Clause in Contracts

Auto-Debit. Borrower has elected to authorize Lender to effect payment of sums due under the Note by means of debiting Borrower’s account our bank account # maintained at Wachovia Bank. Borrower will sign the authorization form attached as Exhibit B. 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.

Appears in 2 contracts

Sources: Loan Agreement, Loan Agreement (RGC Resources Inc)