DEBIT ORDER MANDATE Clause Samples

A Debit Order Mandate clause authorizes a service provider or creditor to automatically deduct payments from a customer's bank account on agreed dates. In practice, this clause typically outlines the account details, payment frequency, and the amount to be debited, ensuring both parties are clear on the terms of the automatic payments. Its core function is to streamline the payment process, reduce missed payments, and provide certainty for both the payer and the payee.
DEBIT ORDER MANDATE. This signed Authority and Mandate refers to our contract as dated as on signature hereof (“the Agreement”). The Company Subscriber authorise you to issue and deliver payment instructions to the bank for collection against our abovementioned account at our above mentioned bank (or any other bank or branch to which we may transfer our account) on condition that the sum of such payment instructions will never exceed our obligations as agreed to in the Agreement, and commencing on the commencement date and continuing until this Authority and Mandate is terminated by both parties by giving a notice in writing of no less than 20 ordinary working days, and sent by prepaid registered post, email, fax or delivered to your address indicated on page 1 of this agreement. The individual payment instructions so authorised to be issued must be issued and delivered as follows: i. On the 4th or 5th day (“payment day”) of each and every ▇▇▇▇▇.▇▇ the event that the payment day falls on a Saturday, Sunday or recognized South African public holiday, the payment day will automatically be the very next ordinary business day. Further, if there are insufficient funds in the nominated account to meet the obligation, you are entitled to track my account and re-present the instruction for payment as soon as sufficient funds are available in my account; ii. Monthly; on or after the dates when the obligation in terms of the Agreement is due and the amount of each individual payment instruction may not be more or less that the obligation due; The Company understand that the withdrawals hereby authorised will be processed through a computerized system provided by the South African Banks and I also understand that details of each withdrawal will be printed on my bank statement. Each transaction will contain a number, which must be included in the said payment instruction and if provided to you should enable you to identify the Agreement. A payment reference is will be allocated before the issuing of any payment instruction. The Company shall not be entitled to any refund of amounts which you have withdrawn while this authority was in force, if such amounts were legally owing to you.
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DEBIT ORDER MANDATE. In the event that the outstanding debt is not settled, for any reason, the Renter mandates EBIKES4AFRICA or its Cessionary to collect the amount owing in either one lump sum or monthly instalments from the Renter’s bank account by means of a debit order. This mandate shall constitute a valid debit order, which debit order shall automatically apply and EBIKES4AFRICA or its Cessionary shall be authorised to collect the instalments/lump sum by means of the said debit order from any of the Renter’s bank accounts. The Renter further consents to the tracing of such banking details should the banking details as provided by the Renter be incorrect or no longer relevant.
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DEBIT ORDER MANDATE. 6.3.1. By signing and/or accepting ,the Authority and Mandate for Payment Instructions which forms a part of the Pre-Agreement Statement and Quotation, You have authorised the Credit Provider to satisfy Your obligation by making a charge against an account held by You as per section 124 of the NCA. 6.3.2. The Credit Provider shall present debit orders to Your bank on Your ▇▇▇- ary date or when funds are available in Your account. Should funds not be available at the time that the debit order is presented to Your bank, the Credit Provider may continue presenting the unpaid debit order for as long as it is permissible to do so. 6.3.3. The Consumer will be liable for any and all bank or other charges in- curred by the Credit Provider and/or the Consumer due to any non-payment.
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DEBIT ORDER MANDATE. 6.3.1. By signing and/or accepting ,the Authority and Mandate for PaymentInstructions which forms a part of the Pre-Agreement Statement and Quotation, Youhave authorised the Credit Provider to satisfy Your obligation bymaking a chargeagainst an account held by You as per section 124 of the NCA. 6.3.2. The Credit Provider shall present debit orders to Your bank on Your salary dateor when funds are 6.3.3. The Consumer will be liable for any and all bank or other charges incurred bythe Credit Provider and/or the Consumer due to any non-payment.
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Related to DEBIT ORDER MANDATE

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  • Normal order of application Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied: (a) FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents and the Master Agreement in the following order and proportions: (i) first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21 and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document or in the Master Agreement); (ii) secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents and the Master Agreement (and, for this purpose, the expression “interest” shall include any net amount which the Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the relevant Swap Bank at the time of application or distribution under this Clause 17); and (iii) thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure of the Swap Bank (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder); (b) SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document or the Master Agreement but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and

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