Conversion without Guarantee definition

Conversion without Guarantee means that once the dollar amount of the sale has been calculated, the cashier feeds the consumer’s check in a Magnetic Ink Character Recognition (MICR) reader. The cashier is then prompted by the attached POS device to enter the check amount, including cash back if applicable. The POS terminal connects to SPS-EFT’s host network. SPS-EFT then creates a transaction file to be delivered to the ACH, debiting the customer’s bank account electronically and crediting the Merchant’s account. Each day, SPS-EFT shall create a transaction file for settlement through the ACH. Merchant shall be funded within 72 hours of the time of confirmed batchout. SPS-EFT is given notification, under NACHA rules, within 72 hours on returned items. SPS-EFT shall re-submit NSF items electronically.
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Conversion without Guarantee means that once the dollar amount of the sale has been calculated, the cashier feeds the consumer’s check in a Magnetic Ink Character Recognition (MICR) reader. The cashier is then prompted by the attached POS device to enter the check amount, including cash back if applicable. The POS terminal connects to GETI’s host network. GETI then creates a transaction file to be delivered to the ACH, debiting the customer’s bank account electronically and crediting the Merchant’s account. Each day, GETI shall create a transaction file for settlement through the ACH. Merchant shall be funded within 72 hours of the time of confirmed batchout. GETI is given notification, under NACHA rules, within 72 hours on returned items. GETI shall re-submit NSF items electronically.
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Related to Conversion without Guarantee

  • Conversion and “Converted” each refers to a conversion of Advances of one Type into Advances of the other Type pursuant to Section 2.08 or 2.09.

  • Mandatorily Convertible Securities means any mandatorily convertible equity-linked securities issued by the Borrower or its Subsidiary, so long as the terms of such securities require no repayments or prepayments and no mandatory redemptions or repurchases, in each case prior to at least 91 days after the later of the termination of the Commitments and the repayment in full of the Revolving Credit Advances and all other amounts due under this Agreement.

  • Conversion Price shall have the meaning set forth in Section 4(b).

  • Write-Down and Conversion Powers means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

  • Make-Whole Fundamental Change Conversion Period has the following meaning: