Direct Debit Mandates - Operation of Direct Debit Scheme Sample Clauses

The 'Direct Debit Mandates - Operation of Direct Debit Scheme' clause defines the rules and procedures governing the use of direct debit as a payment method under the agreement. It typically outlines how a payer authorizes the payee to collect funds directly from their bank account, the responsibilities of both parties in maintaining valid mandates, and the process for handling changes or cancellations. This clause ensures that payments are collected efficiently and securely, reducing administrative burden and minimizing the risk of missed or late payments.
Direct Debit Mandates - Operation of Direct Debit Scheme. The Servicer shall operate its Direct Debiting Scheme in accordance with its Customary Operating Practices. If an Obligor will not permit a Direct Debit to be made to his bank account under the Direct Debiting Scheme in relation to a Financing Contract or if an existing Direct Debit is cancelled, the Servicer shall use all reasonable endeavours in accordance with its Customary Operating Practices to ensure that alternative payment arrangements are promptly made which ensure the timely payment of amounts payable by the Obligor under such Financing Contract.
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