Common use of Customer Representations/Indemnity Clause in Contracts

Customer Representations/Indemnity. a) Customer represents and warrants to Bank that each Entry: (i) complies with the terms of this Agreement and NACHA Rules; (ii) does not breach any warranty of Customer or Bank contained in this Agreement and NACHA Rules; (iii) complies with Applicable Law, including, without limitation, the Electronic Funds Transfer Act, Regulation E and regulations overseen by OFAC; (iv) is accurate, timely, and authorized; and (v) that any Debit Entry is for a sum that on its Settlement Date is due and owing from the Receiver to Customer or is a correction of a previously transmitted erroneous Credit Entry.

Customer Representations/Indemnity. a) Customer represents and warrants to Bank that each Entry: (i) complies with the terms of this Agreement and NACHA Nacha Rules; (ii) does not breach any warranty of Customer or Bank contained in this Agreement and NACHA Nacha Rules; (iii) complies with Applicable Law, including, without limitation, the Electronic Funds Transfer Act, Regulation E and regulations overseen by OFAC; (iv) is accurate, timely, and authorized; and (v) that any Debit Entry is for a sum that on its Settlement Date is due and owing from the Receiver to Customer or is a correction of a previously transmitted erroneous Credit Entry.