Common use of Auto-Debit Clause in Contracts

Auto-Debit. The Borrowers authorize and direct that the Agent shall deduct payments due pursuant to Section 2.13, Section 4.02 or otherwise under this Agreement or any of the Loan Documents, including but not limited to payments of principal, interest and any commitment fee, arrangement fee, letter of credit fee or other fee, or any other cost or expense (including Attorney Costs) due and payable to the Agent, the L/C Issuer, or ▇▇▇▇▇ Fargo under the Loan Documents, by automatic debit from an account of the Borrowers at the Agent, the identity of which account the Borrowers shall advise Agent on or before the Closing Date. With respect to any such commitment fee, arrangement fee, letter of credit fee or other fee, or any other cost or expense (including Attorney Costs), (i) ▇▇▇▇▇ Fargo shall give notice to the Borrowers thereof not later than 9:00 a.m. (Central time) on the date of such debit, (ii) if there are insufficient funds in such deposit accounts to cover the amount of the fee or other cost or expense then due, such debits will be reversed so as not to create an overdraft (in whole or in part, in ▇▇▇▇▇ Fargo’s sole discretion) and such amount not debited shall be deemed to be unpaid. No such debit under this Section 2.14 shall be deemed a set-off.