Direct Debiting System Sample Clauses

The Direct Debiting System clause authorizes the automatic withdrawal of funds from a party’s bank account to fulfill payment obligations under the agreement. Typically, this clause outlines the process for setting up direct debits, such as providing necessary account details and ensuring sufficient funds are available, and may specify the timing and frequency of withdrawals. Its core practical function is to streamline payment collection, reduce administrative burden, and minimize the risk of late or missed payments.
Direct Debiting System. (a) For the purposes of collecting amounts due from Borrowers under the Portfolio Assets sold by the Seller to the Guarantor comprised in the Covered Bond Portfolio, the Servicer in accordance with this Agreement will, unless otherwise agreed to in writing with the Guarantor, act or cause another Person approved in writing by the Guarantor (such approval not to be unreasonably withheld) to act as collection agent for the Guarantor under a scheme for either the manual or automated debiting of bank accounts (the “Direct Debiting System”) provided such Direct Debiting System is operated in accordance with policies and procedures which would be acceptable to a Reasonable and Prudent Mortgage Lender. (b) If at any time the Servicer shall receive notice whether under the Direct Debiting System or otherwise that any amount or part thereof which was paid in or collected under the Direct Debiting System and which has been transferred to the Cash Manager or the GIC Account, as the case may be, has not been received as cleared funds or has otherwise been recalled, the Servicer shall notify the Cash Manager and instruct the Cash Manager to, and the Cash Manager shall, forthwith return or debit the GIC Account and transfer to the Servicer or credit such account as the Servicer may direct in writing for the whole or any part of such amount and an amount equal to any costs which are not recoverable by the Servicer from the relevant Borrower and incurred by the Servicer as a result of such shortfall provided that no amount returned by the Cash Manager or debited from the GIC Account for the credit of the collection accounts in respect of any shortfall may be made on or after a Calculation Date in respect of the relevant period between that Calculation Date and the next Guarantor Payment Date unless sufficient funds are available after providing or making provision for all payments to be made by the Guarantor on the next succeeding Guarantor Payment Date. In the event any such amount is not repaid prior to the relevant Guarantor Payment Date, the Guarantor shall on or after such Guarantor Payment Date, transfer, or cause to be transferred on its behalf, from the Cash Manager or the GIC Account to the Servicer or such account as the Servicer may direct in writing an amount equal to such shortfall, subject to the Guarantor having sufficient funds available to it to do so or the Servicer shall deduct an amount equal to such shortfall from payments otherwise paid to the Guaran...
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Direct Debiting System. For the purposes of collecting amounts due from Borrowers under the Loans and their Related Security sold by the Seller to the Guarantor comprised in the Portfolio, the Servicer in accordance with this Agreement will, unless otherwise agreed to in writing with the Guarantor, act or cause another Person approved in writing by the Guarantor and the Bond Trustee (such approval not to be unreasonably withheld) to act as collection agent for the Guarantor under a scheme for either the manual or automated debiting of bank accounts (the “Direct Debiting System”) provided such Direct Debiting System is operated in accordance with policies and procedures which would be acceptable to reasonable and prudent institutional mortgage lenders in the Servicer’s market. Any unpaid amounts under such Direct Debiting System which are repaid by the Seller to the bank making such payment, if such bank is unable to recoup that amount itself from its customer accounts, will be paid in accordance with Section 4.11 (Third Party Amounts) of the Mortgage Sale Agreement.
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