SETTLEMENT OF CREDIT ENTRIES AND RETURNED DEBIT ENTRIES. Member Client agrees to pay for all credit Entries issued by Member Client, User(s), or credit Entries otherwise made effective against Member Client. Member Client shall make payment to Financial Institution on the date as determined by Financial Institution in its sole discretion (“Payment Date”). Member Client shall pay Financial Institution for the amount of each debit Entry returned by a Receiving Depository Financial Institution (“RDFI”) or debit Entry dishonored by Financial Institution. Payment shall be made by Member Client to Financial Institution in any manner specified by Financial Institution. Settlement shall be made by Member Client to financial Institution in any manner specified by the Financial Institution. Notwithstanding the foregoing, Financial Institution is hereby authorized to charge the Member Client account(s) ("Authorized Account(s)”) maintained at Financial Institution, as payment for all payments due Financial Institution under this Agreement. Member Client shall maintain sufficient collected funds in the Authorized Account(s) to pay for all payments due Financial Institution under this Agreement on the Payment Date. In the event the Authorized Account or any other Member Client bank account does not have collected funds sufficient on the Payment Date to cover the total amount of all Entries to be paid on such Payment Date, Financial Institution may take any of the following actions:
Appears in 5 contracts
Samples: Ach Origination Agreement, Ach Origination Agreement, Ach Origination Agreement
