Common use of Debit Authorization Clause in Contracts

Debit Authorization. Borrower authorizes Bank, if and to the extent any payment due to Bank hereunder is not otherwise made when due, to debit Borrower’s demand deposit or savings account with Bank or Bank’s affiliates (as if Bank and its affiliates were one and the same entity) for the amount of any payment required to be made by Borrower to Bank pursuant to this Agreement or any Document (including, without limitation, obligations to pay principal, interest, penalties, fees, costs and expenses under and in connection with any Loan); provided, that Borrower shall remain liable in accordance with the terms of this Agreement or any Document, as applicable, if the balance in such account is not sufficient to pay the full amount of any payment on the due date thereof.