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:

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: