Common use of Return of Unpaid Items and Debits Clause in Contracts

Return of Unpaid Items and Debits. We, in our sole discretion, may return any or all Controlled Disbursement Items if: (a) there are insufficient collected and available funds on deposit in the Funding Account by the established deadline to fund the total of Controlled Disbursement Items; (b) charges cannot be posted to the Disbursement Account because it is closed, suspended, frozen, subject to a dispute, or unavailable for any other reason; (c) there is a communications failure or another condition that prevents us from obtaining information from or transmitting information or funds; or (d) there are insufficient collected and available funds in the Disbursement Account because presentments exceeded the estimated amount that we transferred to the Disbursement Account. We assume no responsibility for determining which Items or debits should be returned unpaid if there are insufficient funds in the Funding Account or the Disbursement Account, and you agree not to assert any claim against us arising out of the order that items and debits in the Funding Account or the Disbursement Account are or are not paid. We may pay and return Items and debits in any order that we choose.

Appears in 4 contracts

Samples: Treasury Management Master Services Agreement, Treasury Management Master Services Agreement, Treasury Management Master Services Agreement

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