Common use of Borrowing Authorization Clause in Contracts

Borrowing Authorization. Receipt by Bank of a borrowing resolution from Borrower or other proof of authority to enter into the transactions contemplated herein. Deposit Account. Establishment by Borrower of a demand deposit account at Bank into which advance of the loan may be credited and from which monthly payments shall be automatically deducted in connection with the Loan. Additional Documents. Receipt by Bank of such additional supporting documents as Bank or its counsel may reasonably request.

Borrowing Authorization. Receipt by Bank of a borrowing resolution from Borrower or other proof of authority and Guarantors authorizing Borrower and Guarantors to enter into the transactions contemplated herein. Deposit Account. Establishment by Borrower of a demand deposit account at Bank into which advance of the loan may be credited and from which monthly payments shall be automatically deducted in connection with the Loan. Additional Documents. Receipt by Bank of such additional supporting documents as Bank or its counsel may reasonably request.