Common use of Automatic Deduction Clause in Contracts

Automatic Deduction. ▇▇▇▇▇▇▇▇ agrees that principal and interest payments on the Note will be deducted automatically on the due date from checking account number 17685-00698 maintained by ▇▇▇▇▇▇▇▇ at Lender (the “Checking Account”). Lender will debit the Checking Account on the dates the payments become due. If a due date does not fall on a Business Day, Lender will debit the Checking Account on the first Business Day following the due date. Borrower will maintain the Checking Account in good standing with Lender throughout the term of the Loan, and maintain sufficient funds in the Checking Account on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, Lender may reverse the debit.

Automatic Deduction. ▇▇▇▇▇▇▇▇ agrees that principal and interest payments on the Note will be deducted automatically on the due date from checking account number 17685-00698 00608 maintained by ▇▇▇▇▇▇▇▇ at Lender (the “Checking Account”). Lender will debit the Checking Account on the dates the payments become due. If a due date does not fall on a Business Day, Lender will debit the Checking Account on the first Business Day following the due date. Borrower will maintain the Checking Account in good standing with Lender throughout the term of the Loan, and maintain sufficient funds in the Checking Account on the dates Lender enters debits authorized by this Agreement. If there are insufficient funds in the Checking Account on the date Lender enters any debit authorized by this Agreement, without limiting Lender’s other remedies in such an event, Lender may reverse the debit.