Common use of Automatic Debits Clause in Contracts

Automatic Debits. With respect to any principal or interest payment, commitment fee or usage fee, or any other cost or expense (including Attorney Costs), due and payable to the Agent or the Banks under the Loan Documents, the Company hereby irrevocably authorizes and directs the Agent to debit any deposit account of the Company with the Agent (as one of the Banks) in an amount such that the aggregate amount debited from all such deposit accounts does not exceed such payment, fee, or other cost or expense. If there are insufficient funds in such deposit accounts to cover the amount of the payment, fee, other cost or expense then due, such debits will be reversed (in whole or in part, in the Agent's sole discretion) and such amount not debited shall be deemed to be unpaid. No such debit under this Section shall be deemed a set-off.