Common use of Auto Payment Clause in Contracts

Auto Payment. 24.1 Your Auto Payment authorisation can be obtained electronically, telephonically or in writing signed by you. 24.2 In terms of the Auto Payment, we will deduct monthly, by way of a payment instruction to your Bank, on the payment due date, from the account provided by you, the agreed amount, in respect of the amounts due on your Credit facility. 24.3 Should your Auto Payment be returned unpaid in the consecutive month, your Auto Payment will be suspended and we will proceed with our collections process. 24.4 Missed Auto Payments will not result in the cancellation of the Auto Payment. 24.5 Should a required payment be received (direct deposit or electronic transfer) before the Auto Payment is scheduled to run, the Auto Payment will not be processed for that month. 24.6 If the bank account from which your Auto Payment is processed is closed by you at any time and your Auto Payment is returned unpaid, then we will be entitled to cancel your Credit facility unless alternate Auto Payment arrangements have been made for the payment of your Credit facility.

Auto Payment. 24.1 Your Auto Payment authorisation can be obtained electronically, telephonically or in writing signed by you. 24.2 In terms of the Auto Payment, we will deduct monthly, by way of a payment instruction to your Bank, on the payment due date, from the account provided by you, the agreed amount, in respect of the amounts due on your Credit facility. 24.3 Should your Auto Payment be returned unpaid in the consecutive month, your Auto Payment will be suspended and we will proceed with our collections process. 24.4 Missed Auto Payments Payment will not result in the cancellation of the Auto Payment. 24.5 Should a required payment be received (direct deposit or electronic transfer) before the Auto Payment is scheduled to run, the Auto Payment will not be processed for that month. 24.6 If the bank account from which your Auto Payment is processed is closed by you at any time and your Auto Payment is returned unpaid, then we will be entitled to cancel your Credit facility unless alternate Auto Payment arrangements have been made for the payment of your Credit facility.