Conditions for the Service. You agree to apply for and submit all documents required by us to open a Controlled Disbursement Account for you with BNY Mellon for this Service and funding account (“Funding Account”) with us to be used in providing us with the funds necessary to cover all checks presented against the Controlled Disbursement Account. Each Banking Day we will receive information from BNY Mellon regarding presentments against the Controlled Disbursement Account and will transfer funds for that day’s presentments. If, for any reason, BNY Mellon does not provide Bank with presentment information, the total of all debits, net of adjustments and other charges (the “Total Clearings”), which are subsequently charged to the Controlled Disbursement Account for such day will be estimated. The Bank will then determine the collected balance in the Funding Account as of 8:00 a.m.
Appears in 4 contracts
Samples: Global Transaction Services Master Agreement, Master Agreement, Global Transaction Services Master Agreement
