Common use of AUTOMATIC DEBIT AUTHORIZATION Clause in Contracts

AUTOMATIC DEBIT AUTHORIZATION. The Company and each Borrower hereby agree that interest on Loans and principal payments with respect to Loans required to be paid pursuant to this Agreement may be deducted from the Company’s account with Bank of America referenced below or such other account as identified in writing by the Company from time to time: Account Name: ▇▇▇▇▇▇ Automotive Group, LLC Account Name: 3447413354 ABA Number: ▇▇▇▇▇▇▇▇▇ Bank: Bank of America, N.A. Without limiting the generality of the foregoing, the Lender may debit such account (a) for interest on each Interest Payment Date and on the Maturity Date and (b) for scheduled principal payments on each Principal Amortization Payment Date and on the Maturity Date. The Company and the Borrowers will maintain sufficient funds in the account on the dates the Lenders enters debits authorized by this Section. If there are insufficient funds in the account on the date the Lender enters any debit authorized by this Agreement, the debit will be reversed. Nothing contained in this Section will alter any obligation of any Loan Party to pay any amount required by this Agreement or any other Loan Document.