Common use of Authorized Accounts Clause in Contracts

Authorized Accounts. Member represents to Launch Credit Union that: (a) the Authorized Accounts will be maintained primarily for commercial purposes; and (b) the Authorized Accounts shall at all times have a balance of immediately available funds sufficient to meet Member’s payment obligations under this Agreement. Launch Credit Union may, without prior notice or demand, obtain payment of any amount due and payable to it under this Agreement by debiting one or more Authorized Accounts, and shall credit the Authorized Accounts for any amount received by Launch Credit Union by reason of the return of a Transaction transmitted by Launch Credit Union for which Launch Credit Union has previously received payment or credit from Member. Such credit or debit shall be made as of the day of such receipt by Launch Credit Union. In the event there are not sufficient available funds in the Authorized Accounts, less any reserve requirement, to cover Member’s obligations under this Agreement, Member agrees that Launch Credit Union may debit any account maintained by Member with Launch Credit Union or that Launch Credit Union may set off against any amount it owes to Member, in order to obtain payment of Member’s obligations under this Agreement. Launch Credit Union is not obligated to complete the processing of Transactions when the total amount of such Transactions exceeds the balance of available funds in the Authorized Accounts. If Launch Credit Union processes any Transaction when the balance of available funds in the Authorized Accounts is inadequate, it does not constitute an obligation to process similar Transactions at any other time. Upon notice of insufficient amounts in the Authorized Accounts, Member shall have five (5) business days to deposit sufficient funds to cure the breach under this Agreement. Failure to do so shall result in the immediate termination of Launch Credit Union’s duty to process Transactions under this Agreement and shall constitute grounds for immediate termination of this Agreement without notice to Member.

Authorized Accounts. Member represents to Launch Credit Union that: (a) the Authorized Accounts will be maintained primarily for commercial purposes and not consumer purposes; and (b) the Authorized Accounts shall at all times have a balance of immediately available funds sufficient to meet Member’s payment obligations under this Agreement. Launch Credit Union may, without prior notice or demand, obtain payment of any amount due and payable to it under this Agreement by debiting one or more Authorized Accounts, and shall credit or debit the Authorized Accounts for any amount received by Launch Credit Union by reason of the return of a Transaction transmitted by Launch Credit Union for which Launch Credit Union has previously received payment or credit from Member. Such credit or debit shall be made as of the day of such receipt by Launch Credit Union. In the event there are not sufficient available funds in the Authorized Accounts, less any reserve requirement, to cover Member’s obligations under this Agreement, Member agrees that Launch Credit Union may debit any account maintained by Member with Launch Credit Union or that Launch Credit Union may set off against any amount it owes to Member, in order to obtain payment of Member’s obligations under this Agreement. Launch Credit Union is not obligated to complete the processing of Transactions when the total amount of such Transactions exceeds the balance of available funds in the Authorized Accounts. If Launch Credit Union processes any Transaction when the balance of available funds in the Authorized Accounts is inadequate, it does not constitute an obligation to process similar Transactions at any other time. Upon notice of insufficient amounts in the Authorized Accounts, Member shall have five (5) business days to deposit sufficient funds to cure the breach under this Agreement. Failure to do so shall may result in the immediate termination of Launch Credit Union’s duty to process Transactions under this Agreement and shall constitute grounds for immediate termination of this Agreement without notice to Member.

Authorized Accounts. Member M ember represents to Launch Credit Union that: (a) the Authorized Accounts will be maintained primarily for commercial purposes and not consumer purposes; and (b) the Authorized Accounts shall at all times have a balance of immediately available funds sufficient to meet Member’s payment obligations under this Agreement. Launch Credit Union may, without prior notice or demand, obtain payment of any amount due and payable to it under this Agreement by debiting one or more Authorized Accounts, and shall credit or debit the Authorized Accounts for any amount received by Launch Credit Union by reason of the return of a Transaction transmitted by Launch Credit Union for which Launch Credit Union has previously received payment or credit from MemberM ember. Such credit or debit shall be made as of the day of such receipt by Launch Credit Union. In the event there are not sufficient available funds in the Authorized Accounts, less any reserve requirement, to cover MemberM ember’s obligations under this Agreement, Member M ember agrees that Launch Credit Union may debit any account maintained by Member M ember with Launch Credit Union or that Launch Credit Union may set off against any amount it owes to MemberM ember, in order to obtain payment of MemberM ember’s obligations under this Agreement. Launch Credit Union is not obligated to complete the processing of Transactions when w hen the total amount of such Transactions exceeds the balance of available funds in the Authorized Accounts. If Launch Credit Union processes any Transaction when w hen the balance of available funds in the Authorized Accounts is inadequate, it does not constitute an obligation to process similar Transactions at any other time. Upon notice of insufficient amounts in the Authorized Accounts, Member M ember shall have five (5) business days to deposit sufficient funds to cure the breach under this Agreement. Failure to do so shall may result in the immediate termination of Launch Credit Union’s duty to process Transactions under this Agreement and shall constitute grounds for immediate termination of this Agreement without notice to MemberM ember.

Authorized Accounts. Member M ember represents to Launch Credit Union that: (a) the Authorized Accounts will be maintained primarily for commercial purposes and not consumer purposes; and (b) the Authorized Accounts shall at all times have a balance of immediately available funds sufficient to meet MemberM ember’s payment obligations under this Agreement. Launch Credit Union may, without prior notice or demand, obtain payment of any amount due and payable to it under this Agreement by debiting one or more Authorized Accounts, and shall credit or debit the Authorized Accounts for any amount received by Launch Credit Union by reason of the return of a Transaction transmitted by Launch Credit Union for which Launch Credit Union has previously received payment or credit from MemberM ember. Such credit or debit shall be made as of the day of such receipt by Launch Credit Union. In the event there are not sufficient available funds in the Authorized Accounts, less any reserve requirement, to cover MemberM ember’s obligations under this Agreement, Member M ember agrees that Launch Credit Union may debit any account maintained by Member M ember with Launch Credit Union or that Launch Credit Union may set off against any amount it owes to MemberM ember, in order to obtain payment of MemberM ember’s obligations under this Agreement. Launch Credit Union is not obligated to complete the processing of Transactions when w hen the total amount of such Transactions exceeds the balance of available funds in the Authorized Accounts. If Launch Credit Union processes any Transaction when w hen the balance of available funds in the Authorized Accounts is inadequate, it does not constitute an obligation to process similar Transactions at any other time. Upon notice of insufficient amounts in the Authorized Accounts, Member M ember shall have five (5) business days to deposit sufficient funds to cure the breach under this Agreement. Failure to do so shall may result in the immediate termination of Launch Credit Union’s duty to process Transactions under this Agreement and shall constitute grounds for immediate termination of this Agreement without notice to MemberM ember.