Common use of Debit Clause in Contracts

Debit. The Bank is hereby authorised at any time without notice by notice in writing to the Borrower to debit any of the Borrower's account with the Bank in respect of interest, commission, charges, fees, normal bank charges and all other monies due and payable hereunder as well as debit the recovery fees and other amounts and sums of money payable by the Borrower. No such debiting shall be deemed to be a payment of the amount due (except to the extent of any amount available in any of the Borrower's current account) or a waiver of any event of default under any agreement relating to the Facility. If such debiting causes any of the Borrower's account to be overdrawn, interest shall be charged accordingly.

Debit. The Bank is hereby authorised at any time without notice by notice in writing to the Borrower Assignor to debit any of the BorrowerAssignor's account with the Bank in respect of interest, commission, charges, fees, normal bank charges and all other monies due and payable hereunder as well as debit the recovery fees and other amounts and sums of money payable by the BorrowerAssignor. No such debiting shall be deemed to be a payment of the amount due (except to the extent of any amount available in any of the BorrowerAssignor's current account) or a waiver of any event of default under any agreement relating to the Facility. If such debiting causes any of the BorrowerAssignor's account to be overdrawn, interest shall be charged accordingly.