Common use of Preauthorized Repetitive Payment Orders Clause in Contracts

Preauthorized Repetitive Payment Orders. The Client may establish with BBH a process to preauthorize certain repetitive payments or transfers. The Client acknowledges that prior to the issuance of any repetitive payment order, an Authorized Person must (a) request that BBH approve and set-up an appropriate repetitive payment order, and (b) complete such documentation as BBH may require, including a separate Preauthorized Repetitive Payment Order (PPO) form. The PPO shall be delivered to BBH in writing through a Designated Security Procedure, and will become effective after (i) the PPO has been authenticated in the manner required under the Designated Security Procedure and (ii) BBH shall have had a reasonable opportunity to act thereon (which shall be no later than two (2) banking days after receipt by BBH). BBH will perform a callback in accordance with the Callback Procedure to verify the authorization and details of the payment order at the time an Authorized Person establishes the repetitive payment order, but shall not perform a callback (or other authentication) prior to executing an individual payment order thereunder. The PPO may take the form of either: (i) A standing instruction in which the Client provides in the PPO all required information for an FT Instruction (except for the transfer date and amount) on a “standing instructions” basis. The Client may from time-to-time instruct BBH to make a payment under the PPO, through a Designated Security Procedure, which instruction shall reference the repetitive line number (a number assigned to it by BBH after execution of the PPO), details of the payment, the transfer date and the amount of the transfer. BBH will verify the authenticity of this standing instruction in a manner required under the Designated Security Procedure elected by the Client or Authorized Person (but will not perform a callback or other authentication prior to executing individual payments thereunder). An instruction from the Client confirming the transfer date and the amount to be paid pursuant to the PPO shall be an FT Instruction for purposes of this FTSA; or (ii) A recurring instruction in which the Client provides all required information for an FT Instruction with an instruction to process such payments with a specific frequency. Such a recurring instruction shall be an FT Instruction for purposes of this FTSA. BBH will not perform a callback prior to executing a payment under a recurring instruction.

Preauthorized Repetitive Payment Orders. The Client may establish with BBH a process to preauthorize certain repetitive payments or transfers. The Client acknowledges that prior to the issuance of any repetitive payment order, an Authorized Person must (a) request that BBH approve and set-up an appropriate repetitive payment order, and (b) complete such documentation as BBH may require, including a separate Preauthorized Repetitive Payment Order (PPO) form. The PPO shall be delivered to BBH in writing through a Designated Security Procedure, and will become effective after (i) the PPO has been authenticated in the manner required under the Designated Security Procedure and (ii) BBH shall have had a reasonable opportunity to act thereon (which shall be no later than two (2) banking days after receipt by BBH). BBH will perform a callback in accordance with the Callback Procedure to verify the authorization and details of the payment order at the time an Authorized Person establishes the repetitive payment order, but shall not perform a callback (or other authentication) prior to executing an individual payment order thereunder. The PPO may take the form of either: (i1) A standing instruction in which the Client provides in the PPO all required information for an FT Instruction (except for the transfer date and amount) on a “standing instructions” basis. The Client may from time-to-time instruct BBH to make a payment under the PPO, through a Designated Security Procedure, which instruction shall reference the repetitive line number (a number assigned to it by BBH after execution of the PPO), details of the payment, the transfer date and the amount of the transfer. BBH will verify the authenticity of this standing instruction in a manner required under the Designated Security Procedure elected by the Client or Authorized Person (but will not perform a callback or other authentication prior to executing individual payments thereunder). An instruction from the Client confirming the transfer date and the amount to be paid pursuant to the PPO shall be an FT Instruction for purposes of this FTSA; or (ii2) A recurring instruction in which the Client provides all required information for an FT Instruction with an instruction to process such payments with a specific frequency. Such a recurring instruction shall be an FT Instruction for purposes of this FTSA. BBH will not perform a callback prior to executing a payment under a recurring instruction.

Preauthorized Repetitive Payment Orders. The Client may establish with BBH a process to preauthorize certain repetitive payments or transfers. The Client acknowledges that prior to the issuance of any repetitive payment order, an Authorized Person must (a) request that BBH approve and set-up an appropriate repetitive payment order, and (b) complete such documentation as BBH may require, including a separate Preauthorized Repetitive Payment Order (PPO) form. The PPO shall be delivered to BBH in writing through a Designated Security Procedure, and will become effective after (i) the PPO has been authenticated in the manner required under the Designated Security Procedure and (ii) BBH shall have had a reasonable opportunity to act thereon (which shall be no later than two (2) banking days after receipt by BBH). BBH will perform a callback in accordance with the Callback Procedure to verify the authorization and details of the payment order at the time an Authorized Person establishes the repetitive payment order, but shall not perform a callback (or other authentication) prior to executing an individual payment order thereunder. The PPO may take the form of either: (i) A standing instruction in which the Client provides in the PPO all required information for an FT Instruction (except for the transfer date and amount) on a “"standing instructions” " basis. The Client may from time-to-time instruct BBH to make a payment under the PPO, through a Designated Security Procedure, which instruction shall reference the repetitive line number (a number assigned to it by BBH after execution of the PPO), details of the payment, the transfer date and the amount of the transfer. BBH will verify the authenticity of this standing instruction in a manner required under the Designated Security Procedure elected by the Client or Authorized Person (but will not perform a callback or other authentication prior to executing individual payments thereunder). An instruction from the Client confirming the transfer date and the amount to be paid pursuant to the PPO shall be an FT Instruction for purposes of this FTSA; or (ii) A recurring instruction in which the Client provides all required information for an FT Instruction with an instruction to process such payments with a specific frequency. Such a recurring instruction shall be an FT Instruction for purposes of this FTSA. BBH will not perform a callback prior to executing a payment under a recurring instruction.

Preauthorized Repetitive Payment Orders. The Client may establish with BBH a process to preauthorize certain repetitive payments or transfers. The Client acknowledges that prior to the issuance of any repetitive payment order, an Authorized Person must (a) request that BBH approve and set-up an appropriate repetitive payment order, and (b) complete such documentation as BBH may require, including a separate Preauthorized Repetitive Payment Order (“PPO”) form. The PPO shall be delivered to BBH in writing through a Designated Security Procedure, and will become effective after (i) the PPO has been authenticated in the manner required under the Designated Security Procedure and (ii) BBH shall have had a reasonable opportunity to act thereon (which shall be no later than two (2) banking days after receipt by BBH). BBH will perform a callback in accordance with the Callback Procedure to verify the authorization and details of the payment order at the time an Authorized Person establishes the repetitive payment order, but shall not perform a callback (or other authentication) prior to executing an individual payment order thereunder. The PPO may take the form of either: (i) A standing instruction in which the Client provides in the PPO all required information for an FT Instruction (except for the transfer date and amount) on a “standing instructions” basis. The Client may from time-to-time instruct BBH to make a payment under the PPO, through a Designated Security Procedure, which instruction shall reference the repetitive line number (a number assigned to it by BBH after execution of the PPO), details of the payment, the transfer date and the amount of the transfer. BBH will verify the authenticity of this standing instruction in a manner required under the Designated Security Procedure elected by the Client or Authorized Person (but will not perform a callback or other authentication prior to executing individual payments thereunder). An instruction from the Client confirming the transfer date and the amount to be paid pursuant to the PPO shall be an FT Instruction for purposes of this FTSA; or (ii) A recurring instruction in which the Client provides all required information for an FT Instruction with an instruction to process such payments with a specific frequency. Such a recurring instruction shall be an FT Instruction for purposes of this FTSA. BBH will not perform a callback prior to executing a payment under a recurring instruction.