Payment Funds definition
Examples of Payment Funds in a sentence
If, after receipt of funds, Customer is unable to post a transaction due to invalid payment information, Customer shall notify Bank, and Bank shall be authorized to return the Payment Funds to the Payment Originator.
Customer authorizes Bank and its third party service provider to post current and future Payment Funds from Payors to its Account(s) in a manner consistent with information Customer has previously provided to Bank to resolve incorrect or incomplete Payor or Payor Account information.
On each Business Day, Bank will electronically deliver or make available to Customer an E-File with Payment Data regarding Payment Funds that have been received by Bank’s third party service provider.
Bank or its third party service provider will initiate a credit to Customer’s Account(s) for next business day settlement, of the Payment Funds applicable to non-rejected (non-returned) electronic payments processed daily prior to established cut off time.
Bank is hereby authorized to (i) process Electronic Payments Data and Payment Funds received from Bank’s third party vendor, (ii) deposit Payment Funds to an Account established by Customer at Bank, and (iii) to act on behalf of Customer according to the instructions provided by Customer to Bank to process Returns and make Reversing Entries to Customer’s Account(s).
Customer agrees to promptly review all Payments credited to Customer’s Account within two (2) Business Days after receipt of the E-File containing Payment Data related to associated Payment Funds, and to notify Bank of any errors in the E-File (including without limitation any Payments that should have been credit to Customer’s Account(s) but that were not credited, and any Payments that should have been rejected and Returned but that were credited to your Account(s)).
The Payment Funds shall not be used for any purpose except as expressly provided in this Agreement.
If for any reason the Payment Funds are inadequate to pay the Merger Consideration, Parent shall remain liable and shall promptly make available to the Payment Agent additional funds for the payment thereof.
The Payment Agent shall agree to hold such funds (the "Payment Funds") for delivery as contemplated herein.
No Payment Funds may be rejected by Bank or Client unless the Payment Data for such payment is incorrect, incomplete or the account is blocked or closed.