Common use of Other terms about payments Clause in Contracts

Other terms about payments. 2.7.1 All amounts are expressed in Canadian dollars and are payable in Canadian dollars. 2.7.2 You must keep a deposit account with us or a financial institution that we approve, and you must authorize us to debit that account with the instalment. If we ask, you must authorize us to debit the account with property tax or insurance payments. You must ensure that there are sufficient funds in the account for every instalment or property tax or insurance payment when it's due. If we ask, you must make any other reasonable arrangement for paying the instalment or making the property tax or insurance payment. 2.7.3 Instalments, property tax or insurance payments and other payments must be paid without any set-off. (Having to pay without set-off means that you don't have a right to reduce your debt by any amount we owe you.)