2024-07-09_tammi.franzese_Canada PAD Agreement.docx

Pre-Authorized Debit (PAD) Agreement

New Enrollment Pre-Authorized Agreement (PAD)

Type: Personal/Household PAD

WHEREAS the undersigned (“We, Our or Us”) as used herein refer to: [payor name];

AND WHEREAS We hereby agree to grant TheKey access to Our bank account for the purpose of allowing TheKey to debit such account for amounts owing by Us pursuant to this Pre-Authorized Agreement;

NOW, THEREFORE, We hereby authorize and agree as follows:

Scope - We acknowledge that this Authorization is provided for the benefit of TheKey and Our financial institution named below (Financial Institution) and is provided in consideration of the Financial Institution agreeing to process debits against Our account (Account) in accordance with the Rules of the Canadian Payments Association.

Authority to Debit Account - We understand that the transaction amount may increase or decrease from time to time because We choose to change the status or nature of Our requested services from TheKey. We hereby authorize TheKey to draw on the Account on a weekly basis (or as required by our TheKey client agreement) for the purpose of paying TheKey amounts owing to it pursuant to Our TheKey client agreement and this PAD agreement.

Cancellation of Arrangement - This PAD Authorization may be cancelled upon notice by Us. We acknowledge that, in order to revoke this Authorization, We must provide notice in writing to TheKey. We acknowledge that it could take up to 5 business days after TheKey’s receipt of such notice to implement our revocation.

Waiver of Pre-notification - We and TheKey agree to waive the pre-notification requirement, as set out in Section 7 of Appendix II of rule H4 of the Canadian Payments Association, of any debit to Our Account.

Validation by Processing Institution - We acknowledge that the Financial Institution is not required to (i) verify that a PAD has been issued in accordance with the particulars of this Authorization including, but not limited to, the amount; (ii) verify that any purpose of payment for which the PAD was issued has been fulfilled by TheKey as a condition to honoring a PAD issued on Our Account.

Recourse Rights - We have certain recourse rights if any debit does not comply with this PAD Agreement. For example, we have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD Agreement. To obtain more information on our recourse rights, we may contact our financial institution or visit www.payments.ca.

Disclosure of Information Consent - We consent to the disclosure of any personal information that may be contained on this Authorization to the financial institution and/or financial services partner at which TheKey maintains its account to be credited with the PADs as far as any such disclosure of personal information is directly related to and necessary for the proper application of Rule H4 of the Canadian Payments Association.

Confidentiality – TheKey agrees to hold all information included in this agreement in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out account debits as agreed to in this PAD.

Payee Contact Information – If there are any questions about this PAD Agreement, please contact TheKey at laszlo.kovacs@thekey.com.

The details of the Account that TheKey is authorized to draw upon are indicated below.

Payor Name	Telephone


	
Province	Postal Code

Financial Institution

Financial Institution	Institution Number (3 digits)


	
Transit Number (5 digits)	Account Number
We understand the terms hereof and acknowledge and agree to participate in this PAD Agreement with TheKey. We warrant and guarantee that all persons whose signatures are required to sign on Our Account have signed this Authorization below.

IN WITNESS WHEREOF, We have executed this agreement as of the date written below.


	
Authorized Signature(s)	Date