Common use of Establishment of EFT Account Clause in Contracts

Establishment of EFT Account. Retailer shall establish a separate account for the deposit of money from sales of Lottery Tickets and Shares with a financial institution that has the capability of making electronic funds transfers (“EFT(s)”). In extraordinary circumstances, and only with prior written approval from authorized Lottery staff, Retailer may pay money it owes to Lottery in another manner as prescribed by Lottery, no later than 5 p.m. on the day of the scheduled EFT draw.