Common use of Automated Clearing House Clause in Contracts

Automated Clearing House. ACH") Credit Entries/Provisional Payments. When a Fund, CSSI or CDI initiates or receives ACH credit and debit entries pursuant to the Transfer Agent's Operating Guidelines for Funds Transfer and the rules of the National Automated Clearing House Association and the New England Clearing House Association, State Street or another bank, including but not limited to United Missouri Bank and M&T Bank, will act as an Originating Depository Financial Institution and/or Receiving Depository Financial Institution, as the case may be, with respect to such entries. Credits given by the Transfer Agent with respect to an ACH credit entry are provisional until the Transfer Agent receives final settlement for such entry from the Federal Reserve Bank. If the Transfer Agent does not receive such final settlement, each Fund, CSSI and CDI agrees that the Transfer Agent shall receive a refund of the amount credited to the Fund, CSSI or CDI respectively in connection with such entry, and the party making payment to the Fund, CSSI or CDI via such entry shall not be deemed to have paid the amount of the entry.