Common use of ACH Origination Clause in Contracts

ACH Origination. You agree to initiate credit and/or debit Entries as the Originator by means of the Automated Clearing House (“ACH”) Network pursuant to the terms of this Service Description and the rules of the National Automated Clearing House Association (“NACHA”) and the local Automated Clearing House Association (the “Rules”), and that we are willing to act as an Originating Depository Financial Institution (“ODFI”) with respect to such Entries. You further agree that you are bound by the provisions and requirements of the Rules and the applicable NACHA Operating Guidelines. Accordingly, you may submit ACH Entries to us in accordance with the terms and conditions of this Service Description. You are responsible for all Entries to the fullest extent provided by law and as set forth in this Service Description. Defined terms in this Service Description shall have the meaning provided in this Agreement and as defined in the Rules, unless otherwise defined in this Service Description. The term “Entry” or “Entries” shall have the meaning provided in the Rules and shall mean the data received from you hereunder from which we prepare Entries. Furthermore, except as otherwise provided in this Agreement, other capitalized terms in this Section shall have the meaning provided in the Rules.