Automatic Payment Authorization. Administrative Agent, on behalf of Lenders, may initiate debit entries to any Deposit Accounts as authorized on the Automatic Payment Authorization for principal and interest payments or any other Obligations when due. These debits shall not constitute a set-off. If the ACH payment arrangement is terminated for any reason, Borrowers shall make all payments due hereunder at the applicable address specified in Section 10, or as otherwise notified by Administrative Agent in writing.
Appears in 3 contracts
Sources: Loan and Security Agreement (Metacrine, Inc.), Loan and Security Agreement (Metacrine, Inc.), Loan and Security Agreement (Metacrine, Inc.)