Common use of Settlement Process and Timing Clause in Contracts

Settlement Process and Timing. CUSTOMER wishes to initiate debit and/or credit entries pursuant to the terms of this Agreement and the operating rules and guidelines of the National Automated Clearing House Association (“Nacha”) and any ACH Operator (the “Rules”), and applicable foreign, federal, state, and local laws and regulations, as the same may be amended from time to time (“Laws”) and in compliance with all applicable requirements of the ODFI and any applicable Federal, state or banking regulatory authority (“Agency”). PROCESSOR will only settle CUSTOMER’s transactions. Promptly after presentment of transaction records pursuant to this Agreement and in conformance with PROCESSOR’s Operating Guide, PROCESSOR will initiate a transfer of the applicable settlement funds to CUSTOMER within the agreed upon funding schedule after processing the applicable transactions by an Automated Clearing House(ACH) entry. Notwithstanding the foregoing, PROCESSOR reserves the right, at its sole and absolute discretion, to adjust the settlement cycle based upon account performance and changes in estimated exposure.

Settlement Process and Timing. CUSTOMER wishes to initiate debit and/or credit entries pursuant to the terms of this Agreement and the operating rules and guidelines of the National Automated Clearing House house Association (“Nacha”) and any ACH ACh Operator (the “Rules”), and applicable foreign, federal, state, and local laws and regulations, as the same may be amended from time to time (“Laws”) and in compliance with all applicable requirements of the ODFI and any applicable Federal, state or banking regulatory authority (“Agency”). PROCESSOR will only settle CUSTOMER’s transactions. Promptly after presentment of transaction records pursuant to this Agreement and in conformance with PROCESSOR’s Operating Guide, PROCESSOR will initiate a transfer of the applicable settlement funds to CUSTOMER within the agreed upon funding schedule after processing the applicable transactions by an Automated Clearing House(ACHhouse(ACh) entry. Notwithstanding the foregoing, PROCESSOR reserves the right, at its sole and absolute discretion, to adjust the settlement cycle based upon account performance and changes in estimated exposure.