Authorization to Debit. Borrower hereby expressly authorizes Lender to debit the Over/Under Account and any account maintained by Borrower with any depositary institution in respect of the Pledged Mortgage Loans, including without limitation, any operating, settlement or custodial account, for any and all amounts due Lender hereunder. Further, Lender may offset any amounts owed to Lender by Borrower against any amounts owed to Borrower by Lender or its Affiliates.
Appears in 2 contracts
Sources: Revolving Credit and Security Agreement (Fieldstone Investment Corp), Revolving Credit and Security Agreement (ECC Capital CORP)
Authorization to Debit. Borrower hereby expressly authorizes Lender to debit the Over/Under Account and, if an Event of Default or Potential Default has occurred and is continuing, any account maintained by Borrower with any depositary institution in respect of the Pledged Mortgage Loans, including without limitation, any operating, settlement or custodial account, for any and all amounts due Lender hereunder. Further, Lender may offset any amounts owed to Lender by Borrower against any amounts owed to Borrower by Lender or its Affiliates.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Aames Financial Corp/De)