Common use of Closing of Accounts Clause in Contracts

Closing of Accounts. The borrower hereby authorizes the bank to · to close the accounts at the end of a calendar quarter or at any other time and to carry the balance forward to the new account or to call in such balance; · to debit or, respectively, credit, at its discretion, even before maturity of these accounts, any amounts which the borrower receives from the bank in cash or otherwise or which the borrower is, for any legal cause, entitled to claim from the bank; _________________________________________________________________________________________