MCB Bank Limited = OOMS = PSO

STANDING INSTRUCTIONS FOR DEBIT TO ACCOUNT (SIDA)

Dated:

1.                     The Divisional Head

                        Cash Management Division

                        MCB Bank Limited

                        Karachi

2.                     The Manager

                        ________Branch

                        MCB bank Limited

                        Branch Code: _____

REF:              MY/ OUR ACCOUNT NUMBER _____________________WITH                        THE ABOVE MENTIONED BRANCH

Dear Sir,

                        Standing Instructions for Debit to Account (SIDA) I/We, ________________________________, (Sole Proprietor/Partnership Firm) having NIC number/registration number _______________________ have agreed with Pakistan State Oil (“PSO”) that as a method for collecting amounts from me/us by PSO against the order placed by me/us for POL product(s), I/we hereby authorize you, i.e. MCB Bank Limited ( “MCB”) to debit my/our Account number __________________________ (“my/our Account”)pursuant to written Instructions in the form of invoice claim raised by PSO through electronic medium (hereinafter referred to as the “Funds Transfer Instruction/ Direct Debit Instruction”). I/We accordingly hereby authorize you as follows:

1.         That you will debit my/our Account at your branch mentioned above for all such amounts as may be advised to you by Online Order Management System (“OOMS”) in favor of PSO from time to time by MCB through the Funds Transfer Instruction/ Direct Debit Instruction.

2.         That you are hereby irrevocably authorized to carry out the above instructions through Online Order Management System (OOMS) without any reference to me/us and without any inquiry from me/us as to the justification or otherwise of the Funds Transfer Instruction/ Direct Debit Instruction to my/our Account. And I/We further undertake and agree as follows:

a)         That I/we shall not be entitled to direct/instruct/ amend/vary/modify/withdraw/cancel any instruction stated herein or otherwise in writing or in any manner whatsoever to you in respect of any matter of and incidental to the authorization for Funds Transfer Instruction/ Direct Debit Instruction and you are hereby expressly authorized to ignore/disregard such instructions from me/us, if any, unless specifically authorized by PSO in writing.

(b)       That you shall provide to PSO information about my Account or accounts, including statement of account, acknowledgement and receipt of this letter as and when requested by the PSO.

(c)       That my/our Account will be closed only on receipt by you of NOC in writing to this effect from PSO and all sums in respect of which you have received Funds Transfer Instruction/ Direct Debit Instructions, will be paid out prior to closure of my/our Account or accounts with your Bank.

(d)       That all sums in my/our Account in respect of which you have received Funds Transfer Instruction/ Direct Debit Instructions are for the benefit of PSO for the purpose of making payment to PSO for products supplied or will be supplied to me/us by PSO.

(e)       That you shall promptly notify PSO in the event of any claim, order, notice of attachment or other demand being received from a third party or a court of law pertaining to my/our Account.

(f)        That after Funds Transfer Instruction/ Direct Debit Instructions are received at your branch, you shall not delay transfer of funds from my/our Account to PSO Main Account and that such transfer shall be done within the time period as agreed between you and PSO.

(g)       That you may dishonor the Funds Transfer Instruction/ Direct Debit Instruction with prior written information to PSO on the same day when the Funds Transfer Instruction/ Direct debit Instruction is/are received at your Bank provided there is insufficient balance in my/our Account and that you shall on the same day inform relevant department MCB about the dishonor by faxing the dishonor intimation letter or sending it through courier on the same day.

(h)       That in the event of dishonor of any Funds Transfer Instruction/ Direct Debit Instruction for reasons abovementioned or otherwise, any damage or loss to PSO shall be compensated from my/our Account, except where you erroneously or negligently accept the Funds Transfer Instruction/ Direct Debit Instruction through OOMS, then in such case you shall be liable to complete the transaction of transfer of funds.

(i)        In case of any erroneous details/order given by me/us to PSO, which is forwarded to you through OOMS, any damage, loss or cost suffered by you or PSO will always be debited/adjusted from my/us account. I/We hereby agree that all the terms set out herein are binding on me/ us and my/our successors and assigns and shall not be varied/altered/amended/revoked in any manner whatsoever without the express written approval of PSO.

Yours truly,

Authorized Signatures:

Name

Designation

N.I.C.No.

WITNESS:

1.                                                                     2.

Name_______________________          Name________________________

Designation________________               Designation_________________

C.N.I.C.No.   _________________           C.N.I.C.No. __________________

PSO Dealer / Customer Name: ____________________________________

PSO Dealer / Customer Code: ____________________________________

PSO Dealer Email Address: ____________________________________

PSO Dealer Mobile Phone No: ____________________________________

Complete Mailing Address: _______________________________________

_____________________________________________________________