Charges Against Loan Checking Account Sample Clauses
The "Charges Against Loan Checking Account" clause authorizes the lender to deduct certain fees, charges, or payments directly from the borrower's designated loan checking account. In practice, this means that any amounts owed under the loan agreement—such as interest payments, late fees, or other agreed-upon charges—can be automatically withdrawn by the lender without requiring separate authorization each time. This clause ensures timely payment of obligations, reduces administrative burden, and minimizes the risk of missed or late payments by streamlining the collection process.
Charges Against Loan Checking Account. After the occurrence of an Event of Default, Agent shall have the right, and Borrower hereby irrevocably authorizes Agent, to charge the Loan Checking Account held with Agent without the further approval of Borrower, for any installment of interest due under the Notes, any reasonable costs or expenses incurred by Agent and Lenders which are to be paid or reimbursed by Borrower under the terms of this Agreement or any of the other Loan Documents (including, without limiting the generality of the foregoing, all Construction Inspector, Appraisal and reasonable attorneys' fees), and all principal and interest and all other sums due to Agent and Lenders under the Notes, this Agreement or any of the other Loan Documents, all to the extent that the same are not paid by the respective due dates thereof. If the balance of the Loan Checking Account is not sufficient to satisfy the foregoing obligations on the respective due dates thereof and so long as an Event of Default is continuing, the Agent shall have the right, and Borrower hereby irrevocably authorizes Agent, to fund Advances into the Loan Checking Account to satisfy such foregoing obligations.
Charges Against Loan Checking Account. After the occurrence and during the continuance of an Event of Default, Agent shall have the right, and Borrower hereby irrevocably authorizes Agent, to charge any account of Borrower with Agent, including the Loan Checking Account, without the further approval of Borrower, for (i) any installment of interest or principal due hereunder, (ii) any costs or expenses incurred by Agent and Lenders which are to be paid or reimbursed by Borrower under the terms of this Agreement or any of the other Loan Documents, or (iii) any other sums due to Agent hereunder or any of the other Loan Documents, and any other Obligations, all to the extent that the same are not paid by the respective due dates thereof. Borrower shall at all times maintain and keep collected balances in the Loan Checking Account sufficient to satisfy the foregoing obligations on the respective due dates thereof; provided, however, that Borrower shall not be required to keep a balance in the Loan Checking Account sufficient to pay principal until the Maturity Date.
Charges Against Loan Checking Account. To the extent that the same are not paid by the respective due dates thereof including any applicable grace period, then the Lender shall have the right, and the Borrower hereby irrevocably authorizes the Lender, to charge any account of the Borrower with the Lender, including the Loan Checking Account, without the further approval of the Borrower, for (i) any installment of interest due under the Note and, (ii) any costs or expenses incurred by the Lender which are to be paid or reimbursed by the Borrower under the terms of this Agreement or any of the other Loan Documents (including, without limiting the generality of the foregoing, all Construction Inspector, Appraisal and reasonable attorney's fees) or (iii) any other sums due to the Lender under the Note, this Agreement or any of the other Loan Documents. The Borrower shall at all times maintain and keep collected balances in the Loan Checking Account sufficient to satisfy the foregoing obligations on the respective due dates thereof.
Charges Against Loan Checking Account. The Lender shall have the right, and the Borrower hereby irrevocably authorizes the Lender, to charge the Borrower’s designated Operating Account maintained with the Lender without the further approval of the Borrower, for any regular installment of interest or principal due under the Note. The Borrower shall at all times maintain and keep collected balances in the Operating Account sufficient in amount to satisfy the foregoing obligations on the respective due dates thereof.