Common use of Charging Accounts Clause in Contracts

Charging Accounts. Whenever Borrowers are obligated, pursuant to Article II hereof, or pursuant to the Notes or any other Loan Document, to make payments of any nature to Agent or Lenders, Agent shall be entitled, and each Borrower, by its execution of the Notes or a Joinder thereto, authorizes Agent, to draw against any Deposit Account owned by such Borrower at Agent on account of such fees and expenses or payments due. Agent shall deliver to the subject Borrower a notice setting forth, in reasonable detail, the amount of the fees, expenses and/or payments to be satisfied by such draw, and the name or number of the account or accounts from which the draw was made. Any such charge shall be subject to the provisions of Section 11.14 hereof relating to the sharing of recoveries among Lenders.

Charging Accounts. Whenever Borrowers are Borrower is obligated, pursuant to Article II , hereof, or pursuant to the Notes or any other Loan Document, to make payments of any nature to Agent or Lenders, Agent shall be entitled, and each Borrower, by its execution of the Notes or a Joinder thereto, Borrower hereby authorizes Agent, Agent to draw against any Deposit Account owned by such Borrower at Agent on account of such fees and expenses or payments due. By 10:00 a.m. on the date on which any draw is made, Agent shall deliver to the subject Borrower a notice setting forth, in reasonable detail, the amount of the fees, expenses and/or payments to be satisfied by such draw, and the name or number of the account or accounts from which the draw was made. Any such charge shall be subject to the provisions of Section 11.14 8.3 hereof relating to the sharing of recoveries among Lenders.