Direct Debit Arrangements Sample Clauses
The Direct Debit Arrangements clause establishes the terms under which payments will be automatically withdrawn from a party’s bank account. Typically, this clause outlines the authorization process, the frequency and timing of debits, and the obligations of both the payer and the payee, such as ensuring sufficient funds are available and providing advance notice of changes. Its core function is to streamline recurring payments, reduce administrative burden, and minimize the risk of missed or late payments by automating the transaction process.
Direct Debit Arrangements. With respect to all Deposits that have arrangements providing for direct debit of such accounts by third parties (“Direct Debit Accounts”), for one hundred twenty (120) days after the Closing Date, Seller shall forward to Buyer all direct debits on Direct Debit Accounts on the Business Day after receipt thereof, and shall give Buyer a daily accounting of such debits to Buyer’s clearing account. Thereafter, Seller may discontinue forwarding such entries and return them to the originators marked “Account Closed.”
Direct Debit Arrangements. Drawing Arrangements
a. The Customer acknowledges that, by completing the bank account details and signing the Application, moneys due to Viva Energy will be drawn from the Customer’s bank account. Viva Energy will only initiate a drawing when a payment is due from you under these Viva Energy Terms & Conditions.
b. If the Due Date falls on a non-Business Day, Viva Energy will draw the amount on the first Business Day before the Due Date, or as agreed in writing by Viva Energy.
c. Viva Energy reserves the right to cancel the drawing arrangements at any time and to arrange with the Customer an alternate payment method upon no less than 48 hours prior written notice. Customer’s Rights
d. Subject to the Customer having arranged a suitable alternative payment method under subclause (f)(iv) below, the Customer may, by giving written notice to Viva Energy:
i. terminate the drawing arrangements;
ii. stop payment of a drawing; or
iii. request changes to the amount or frequency of the drawing, providing Viva Energy receives such notice at least 48 hours days prior to the Due Date.
e. The Customer shall immediately give notice to Viva Energy if a drawing has been completed incorrectly. Customer’s Responsibilities
f. It is the Customer’s responsibility to ensure that:
i. sufficient funds are available in the bank account to meet a drawing on the Due Date;
ii. the authorisation given to draw on the bank account as completed in the Application is identical to the account signing instructions held by the financial institution where the account is held;
iii. Viva Energy is advised if the bank account is transferred or closed; and
iv. a suitable alternate payment method is arranged if the drawing arrangements are cancelled either by the Customer, the nominated financial institution or Viva Energy.
Direct Debit Arrangements. With respect to all Branch Deposits ------------------------- that have arrangements providing for direct debit of such Accounts by third parties ("Direct Debit Accounts"), Buyer will send appropriate notice to all --------------------- holders of Direct Debit Accounts as soon as practicable after the receipt of all regulatory approvals (except for statutory waiting periods), and after the notices provided in Section 5.4, instructing such ----------- customers concerning transfer of customer direct debit authorizations from Seller to Buyer. Seller shall cooperate with Buyer in soliciting the transfer of such authorizations. Such notice shall be in a form agreed to by the parties. For a period of ninety (90) days following the Closing Date, Seller will forward by electronic transmission to Buyer all direct debits on Direct Debit Accounts on the Business Day following the date of receipt thereof, and will give Buyer a daily accounting by electronic transmission of such debits to Buyer's clearing account. Thereafter, Seller may discontinue forwarding such entries and return them to the originators marked "Return for Better Routing". Seller will not be obligated to accept new direct debit arrangements on Branch Deposits after the date when all regulatory approvals have been obtained, nor will Seller be obligated to forward such direct debits or give an accounting thereof other than by electronic transmission. As soon as practicable after the Closing Date, Buyer will provide Direct Debit originators with the Account numbers and conversion tapes relating to Assumed Deposits that have direct debit arrangements in effect.