CDS Payment Order Clause Samples

CDS Payment Order. CDS is irrevocably and duly authorized and directed by Participant to: a) require and receive an advice from Participant’s Settlement Bank with respect to Participant’s Settlement limit; b) direct Settlement Bank to credit and debit Participant’s Settlement Bank account with the amount resulting from Settlement obligations of Participant and CDS; and c) direct Settlement Bank to perform other related activities. Participant makes necessary arrangements with its Settlement Bank to enable CDS to utilize the authorization and direction given hereunder.