Common use of Debit Clause in Contracts

Debit. The Depositor authorizes the Bank, without prior notice, to debit the Depositor's account for repayment of principal, interest, overdue interest, handling charges, postage, cable charges, acceptance or discount charges, commitment fees, penalties for dishonored checks, handling fees for cancelling dishonored checks and other sums payable to the Bank.

Debit. The Depositor authorizes the Bank, without prior notice, to debit the Depositor's account for repayment of principal, interest, overdue interest, handling charges, postage, cable charges, acceptance or discount charges, commitment fees, penalties for dishonored checkscheques, handling fees for cancelling dishonored checks cheques and other sums payable to the Bank.