Debit Authorization

I hereby authorize the Lender, its holding company, or any of their designated agent, to draw against the above-mentioned bank (or any other bank or branch to which I may transfer my account) the amount necessary for the payment of the monthly/quarterly/annual commitment due in respect of loan repayments/deductions or any future indebtedness I many incur with the Lender. All such withdrawals from my bank account by the Lender shall be treated as though they had been authorized/signed by me personally. Should my loan account fall into arrears or any periodical installment be returned by my bank on the basis of insufficient funds in my account, then, I at this moment authorize the Lender to increase my monthly installment to recover the arrears within the contract period or to collect this amount in partial amounts which amounts may be deducted from my account at any time. I agree that the Lender shall be entitled to change the date that deductions are made, to coincide with my salary payment date and I need not be notified of such, I understand that the withdrawals at this moment authorized will be processed by computer through any electronic means and I also understand that details of each withdrawal will be printed on my bank statement or on an accompanying voucher. I agree to pay any bank charges relating to this debit order instruction.

I agree to pay any and all bank charges that relate to this debit order including, without derogating from the generality hereof, all lodgement, failure, and other costs that the Lender may incur. I understand that I shall not be entitled to any refund of amounts that may have been withdrawn by the Lender while was in force if such amounts were legally owing to the lender. Issuance of this instruction by the Lender shall be regarded as receipt thereof by my bank (whichever it is or will be). I hereby authorise the Lender to use debit order instruction as a stop order when so required. I hereby confirm that I also understand that the Lender may apply set-off in this matter and any other current or future matter where I am in debted to the Lender, including debts ceded to the Lender. This set-off hall includes but is not limited to actions where certain monies in excess of the original amount of the debt have been collected by the Lender but I am not in a position to claim a refund for such monies if I am still indebted to the Lender. Furthermore, I agree to let the Lender know when I change/move my account.