Common use of Automated Clearing House (“ACH”) Service Clause in Contracts

Automated Clearing House (“ACH”) Service. The Bank may initiate electronic fund transfer Entries (as hereinafter defined) by means of the Automated Clearing a. Rules, Laws, and Regulations; Additional Definitions. Customer will comply with, and will ensure that the origination of all ACH transactions complies with, all rules of the National Automated Clearing House Association (“NACHA”), and abide by all local, state, and federal laws and regulations, including but not limited to, the Electronic Fund Transfer Act and Regulation E, and sanctions laws administered by the Office of Foreign Assets Control (OFAC), as are existence as of the date of this Agreement and as amended from time to time (herein collectively referred to as the “Rules”). It shall further be the responsibility of the Customer to obtain information regarding such OFAC enforced sanctions. (This information may be obtained directly from the OFAC Compliance Hotline.) The specific duties of the Customer provided in this Section 28 in no way limit the foregoing undertaking. Unless otherwise defined herein, capitalized terms shall have the meanings provided in the Rules. The term “Entries” shall have the meaning provided in the Rules and shall also mean the data received from Customer hereunder from which the Bank prepares Entries and for the purposes of any request from Customer for reversal of an Entry. The term “Business Day” shall mean a legal banking day where both the Bank and the ACH processor is open for business.