Common use of Ach Settlement Clause in Contracts

Ach Settlement. Settlement Process and Timing. CUSTOMER wishes to initiate debit and credit entries pursuant to the terms of this Agreement and the operating rules and guidelines of the National Automated Clearing House Association (“NACHA”) and any ACH Operator (the “Rules”), and applicable foreign, federal, state, and local laws and regulations, as the same may be amended from time to time (“Laws”) and in compliance with all applicable requirements of the ODFI and any applicable Federal, state or banking regulatory authority (“Agency”). PROCESSOR will only settle CUSTOMER’s transactions. Promptly after presentment of transaction records pursuant to this Agreement and in conformance with PROCESSOR’s Operating Guide, PROCESSOR will initiate a transfer of the applicable settlement funds to CUSTOMER within 48 hours after processing the applicable transactions in one of the following ways: (i) Direct Settlement Account. If CUSTOMER maintains a settlement account at a financial institution with which PROCESSOR has arrangements permitting direct payment of settlement funds (a “Settlement Account”), PROCESSOR will initiate a transfer of such applicable settlement funds through a credit to the Settlement Account.

Ach Settlement. Settlement Process and Timing. CUSTOMER wishes to initiate debit and credit entries pursuant to the terms of this Agreement and the operating rules and guidelines of the National Automated Clearing House Association (“NACHA”) and any ACH Operator (the “Rules”), and applicable foreign, federal, state, and local laws and regulations, as the same may be amended from time to time (“Laws”) and in compliance with all applicable requirements of the ODFI and any applicable Federal, state or banking regulatory authority (“Agency”). PROCESSOR will only settle CUSTOMER’s transactions. Promptly after presentment of transaction records pursuant to this Agreement and in conformance with PROCESSOR’s Operating Guide, PROCESSOR will initiate a transfer of the applicable settlement funds to CUSTOMER within 48 hours after processing the applicable transactions in one of the following ways: (i) Direct Settlement Account. If CUSTOMER maintains a settlement account at a financial institution with which PROCESSOR has arrangements permitting direct payment of settlement funds (a “Settlement Account”), PROCESSOR will initiate a transfer of such applicable settlement funds through a credit to the Settlement Account.of