Common use of Direct Charge Clause in Contracts

Direct Charge. The Bank may charge any account of any of the Borrower (other than accounts designated as payroll accounts) with any interest, principal, fees, costs and charges owing to the Bank and will notify the Borrower of the amount so charged.

Direct Charge. The Bank may charge any account of any of the Borrower (other than accounts designated as payroll accounts) with any interest, principal, fees, costs and charges owing to the Bank and will notify the Borrower of the amount so charged.