I/we hereby authorized XCHNGE to issue and deliver payment instructions to my / our banker for collection against my/our abovementioned account at my/our abovementioned bank.
The individual payment instructions so authorized to be issued, must be issued and delivered according to the abovementioned interval on the date when the obligation in terms of the Agreement is due and the amount of each individual payment instruction may not differ as agreed to in terms of the Agreement.
The payment instructions so authorized to be issued, must carry a number, which number must be included in the said payment instruction and if provided to me / us should enable me / us to identify the agreement on my / our bank statement. The said number should be added to this form on page 1 under client reference number, before the issuing of any payment instruction and communicated to me / us directly after having been completed by me / us.
I/we agree that the first payment instruction will be issued and delivered as per collection instruction.
If however, the date of the payment instruction falls on a non-processing day (weekend or public holiday) I / We agree that the payment instruction may be debited against my / our account on the following or previous business day.
Allows for tracking of dates to match with flow of Credit at no additional cost to myself / ourselves. I / We authorized the originator to make use of the tracking facility as provided for in the EDO system at no additional cost to myself / ourselves.
Subsequent payment instructions will continue to be delivered in terms of this authority until the obligations in terms of the Agreement have been paid or until this authority is cancelled by me / us by giving the XCHNGE notice in writing of not less than the interval (as indicated on the Authorization) and sent by prepaid registered post or delivered to his / her / its address indicated above.
I / we acknowledge that all payment instructions issued by XCHNGE shall be treated by my / our abovementioned bank as if the instructions had been issued by me ELECTRONICALLY.
I / we agree that although this authority and mandate may be cancelled by me / us, such cancellation will not cancel the Agreement. I / we also understand that I / we cannot reclaim amounts, which have been withdrawn from my / our account (paid) in terms of this authority and mandate if such amounts were legally owing to XCHNGE.
ASSIGNMENTI / we acknowledge that this authority may be ceded or assigned to a third party if the Agreement is also ceded or assigned to that third party.