Settlement Process and Timing Sample Clauses
The Settlement Process and Timing clause defines the procedures and deadlines for completing the transfer of funds or assets between parties after a transaction. It typically outlines when payments must be made, the method of settlement (such as wire transfer or check), and any conditions that must be met before settlement occurs. By clearly specifying these details, the clause ensures both parties understand their obligations and helps prevent disputes or delays related to payment or delivery.
Settlement Process and Timing. CUSTOMER wishes to initiate debit and/or 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 the agreed upon funding schedule after processing the applicable transactions by an Automated Clearing House(ACH) entry. Notwithstanding the foregoing, PROCESSOR reserves the right, at its sole and absolute discretion, to adjust the settlement cycle based upon account performance and changes in estimated exposure.
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.
(ii) Automated Clearing House Credit. If CUSTOMER receives payment of settlement funds through automated clearing house credit, PROCESSOR will initiate a transfer of such applicable settlement funds through ACH to CUSTOMER’s Settlement Account. Notwithstanding the foregoing, PROCESSOR reserves the right, at its sole and absolute discretion, to adjust the settlement cycle based upon account performance and changes in estimated credit exposure.