Electronic Deposit of Funds Terms and Conditions

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Electronic Deposit of Funds - Terms and Conditions

1. Credits.

By completing and submitting this form, RECEIVING COMPANY authorizes, and ORIGINATING COMPANY agrees that ORIGINATING COMPANY may (i) initiate an electronic funds transfer that results in payment to the RECEIVING COMPANY by credit to the deposit account at RECEIVING COMPANY's FINANCIAL INSTITUTION as identified in this Agreement to be credited with payments from ORIGINATING COMPANY, and (ii) ORIGINATING COMPANY will provide associated Remittance Information to RECEIVING COMPANY in accordance with this Agreement. The term "electronic funds transfer" means a series of transactions utilizing the Automated Clearing House (ACH) Network. In the case of Second Day Wires, ORIGINATING COMPANY will initiate a wire transaction through ORIGINATING COMPANY's FINANCIAL INSTITUTION which will be available to RECEIVING COMPANY within 48 business hours utilizing wire process set by the Federal Reserve.

2. Timeliness.

A payment from ORIGINATING COMPANY to RECEIVING COMPANY shall be considered timely with respect to any payment due date determined in accordance with the applicable Business Agreement if the corresponding Funds Transfer is received by the RECEIVING COMPANY's FINANCIAL INSTITUTION on the payment due date with respect to the payment processing time through the ACH Network following ACH Rules.

3. Costs.

Each party shall bear all fees and other charges assessed by its own FINANCIAL INSTITUTION.

4. Rules.

The parties agree to be bound by the rules of the electronic funds transfer system or other mechanism used to communicate a payment.

5.Debits; Blocks/Filters and Reversals.

Nothing herein confers any rights on ORIGINATING COMPANY to debit any account of RECEIVING COMPANY; however, if a systematic or operational event occurs that causes an incorrect or duplicate payment issued by the ORIGINATING COMPANY, then the ORIGINATING COMPANY can act on certain rules (reversals) within the ACH system to request a debit of the incorrect payment amount and a re-issuance of correct payment in order to fulfill the payment obligation satisfactorily. The ORIGINATING COMPANY will not allow (block/filters) RECEIVING COMPANY to debit accounts in the name of the ORIGINATING COMPANY.

6.Discharge: Credit to ORIGINATING COMPANY.

The electronic funds transfer authorized in this agreement constitutes completion of payment obligation to RECEIVING COMPANY and payment obligation of ORIGINATING COMPANY shall be discharged. RECEIVING COMPANY shall credit ORIGINATING COMPANY for the amount of such payment as of the date the transfer of funds was completed.

Disallowance of Credits Taken.

If RECEIVING COMPANY disallows any discounts, allowances, adjustments or other credits taken by the ORIGINATING COMPANY as part of the payment, the RECEIVING COMPANY shall promptly notify ORIGINATING COMPANY of the amount of and reason for disallowance.

 Supplier Enrollment

 Payment Notification

 Payment Options