Outgoing Cash Sample Clauses
The 'Outgoing Cash' clause defines the rules and procedures governing the transfer or payment of funds from one party to another under the agreement. Typically, it specifies the timing, method, and conditions under which cash payments must be made, such as for settling invoices, reimbursing expenses, or fulfilling contractual obligations. By clearly outlining these requirements, the clause ensures both parties understand their financial responsibilities and helps prevent disputes over payment timing or methods.
Outgoing Cash. On days on which it is open for business, the Trustee will process outgoing checks, wires and ACH transfers within forty eight hours after receipt of the distribution instructions from an authorized party. Outgoing checks are delivered to the U.S. postal service or other designated delivery services. The Float Period for distributions issued using checks begins on the day a check is issued from the Trust and ends when the check is presented for payment. If distributions are made using ACH transfers the Float Period begins when the ACH transfer is initiated and ends the next business day when the funds are deposited in the payee’s account. If distributions are made using wire transfers no Float is earned.