Common use of Automatic Payment Authorization Clause in Contracts

Automatic Payment Authorization. Borrower authorizes the Lender to make automatic deductions from the following deposit account (the "Account") maintained by Borrower at Lender's offices in order to pay, when and as due, all of the regularly scheduled installment payments of interest, principal, or both principal and interest (a "Payment") that Borrower is required or obligated to make under the Note: Account No: ▇▇▇-▇▇▇▇-▇▇▇▇ Without limiting any of the terms of the Loan Documents, Borrower acknowledges and agrees that if Borrower defaults in its obligation to make a Payment because the collected funds in the Account are insufficient to make such Payment in full on the date that such Payment is due, then Borrower shall be responsible for all late payment charges and other consequences of such default by Borrower under the terms of the Loan Documents.

Automatic Payment Authorization. Borrower authorizes the Lender to make automatic deductions (“Auto Debit”) from the following deposit account (the "“Account"”) maintained by Borrower at Lender's ’s offices in order to pay, when and as due, all of the regularly scheduled installment payments of interest, and/or principal, renewal, modification or both principal and interest other fees or payments (a "“Payment"”) that Borrower is required or obligated to make pay Lender under the Note: Account No: ▇▇▇-▇▇▇▇-▇▇▇▇ Without limiting any of the terms of the Term Loan Documents, Borrower acknowledges and agrees that if Borrower defaults in its obligation to make a Payment because the collected funds in the Account are insufficient to make such Payment in full on the date that such Payment is due, then Borrower shall be responsible for all late payment charges and other consequences of such default by Borrower under the terms of the Term Loan Documents.