Common use of Loan Statements Clause in Contracts

Loan Statements. All advances to or for the benefit of the Borrower pursuant to this Agreement shall be charged to the loan account or accounts opened in the Borrower's name on the Lender's books. The Lender periodically shall render to the Borrower statements of such loan account or accounts, setting forth the daily loan balance and total accrued interest during the subject period, which, when so rendered, shall be considered prima facie evidence of the correctness thereof except to the extent that the Lender receives written notice of any exceptions proposed by the Borrower within a reasonable time, but in no event later than one hundred twenty (120) days from the date of such statement. If for any reason the Borrower has not paid interest charges and/or any fees for services, expenses incurred or other charges owed to the Lender by the Borrower, the Lender, at its option and discretion, may at any time or times debit such charges, expenses, and fees to the Borrower's loan account and such amounts shall be added to the principal amount thereof, or the Lender may debit such interest, charges and fees, and any other unpaid Obligations then due, to any deposit or other account of the Borrower at the Lender. Such debits shall not constitute a waiver of any Event of Default. Any item received in payment towards the Borrower's outstanding indebtedness which requires clearance or payment shall not be considered to have been credited until final clearance and final payment.

Loan Statements. All advances to or for the benefit of the any Borrower --------------- pursuant to this Agreement shall be charged to the loan account or accounts opened in the such Borrower's name on the Lender's books. The Lender periodically shall render to the Borrower BBI statements of such loan account or accounts, setting forth the daily loan balance and total accrued interest during the subject period, which, when so rendered, shall be considered prima facie evidence of the correctness thereof except to the extent that the Lender receives written notice of any exceptions proposed by the Borrower BBI within a reasonable time, but in no event later than one hundred twenty (120) days from the date of such statement. If for any reason the reason, any Borrower has not paid interest charges and/or any fees for services, expenses incurred or other charges owed to the Lender by the such Borrower, the Lender, at its option and discretion, may at any time or times debit such charges, expenses, and fees to the such Borrower's loan account and such amounts shall be added to the principal amount thereof, or the Lender may debit such interest, charges and fees, and any other unpaid Obligations then due, to any deposit or other account of the such Borrower at the Lender. Such debits shall not constitute a waiver of any Event of Default. Any item received in payment towards the any Borrower's outstanding indebtedness Indebtedness which requires clearance or payment shall not be considered to have been credited until final clearance and final payment.