Controlled Disbursement Service Clause Samples

The Controlled Disbursement Service clause defines the terms under which a bank provides clients with early notification of the total amount of checks that will clear against their account each day. This service typically involves the bank informing the client each morning of the day's presentments, allowing the client to make timely funding decisions and manage their cash flow more efficiently. By providing advance notice of disbursements, the clause helps organizations optimize their liquidity and reduce the risk of overdrafts or insufficient funds.
Controlled Disbursement Service. The terms and conditions enumerated below apply solely to Bank’s Controlled Disbursement Service. The terms in this section apply to Customer if and only if Customer enrolls in this Service, as evidenced by the submission to Bank of an Enrollment Request signed by Customer’s duly authorized representative.
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Controlled Disbursement Service. ‌ This Service provides you with pre-notification of checks that post to your Account each Business Day. This Service requires that you: (i) designate an Account with us as your "Funding Account"; (ii) designate another account as your “Controlled Disbursement Account" at another bank (such disbursement bank, the "DB"), designated by us; and (iii) enroll in, and use, the DB's payee positive pay service. Please Note: You are required to maintain the Controlled Disbursement Account and the payee positive pay service with DB, subject to the DB's terms and conditions. You will issue checks from your Controlled Disbursement Account, with the DB acting as the paying bank for such checks. Checks issued for payment against your Controlled Disbursement Account must include language as described in the Magnetic Ink Printing Specifications. Both bank names must appear in the same size characters. When these checks are presented to the DB for payment each Business Day (as defined by the DB and/or us), the DB will provide you with early morning notification, either directly or through us, of the total amount of the checks that have been presented to the DB for payment that Business Day. Prior to issuance of any checks and upon each reorder of check stock you shall comply with the check stock quality test procedures specified by the DB. Failure to comply or use of check stock which has failed the test may subject you to reject handling and/or manual processing fees. You shall also be responsible to safeguard the security of blank checks and to promptly notify us and/or the DB it if an issued check or any blank check stock is lost or stolen. If blank check stock is lost or stolen you shall place a stop payment or range-stop payments on such compromised check stock and/or close the relevant account. As you issue checks, you shall create an issue file with the payee name, issue date, serial number and dollar amount of each check. You shall upload or transmit the issue file to the DB no later than the DB's deadline on the day on which any check is released by you for delivery. Each Business Day, the DB may debit our master account with them and credit your Controlled Disbursement Account for that amount to fund the checks and adjustments posting to your Controlled Disbursement Account that Business Day. We will then debit your Funding Account for that amount. Alternatively, we may transfer directly to your Controlled Disbursement Account the amount necessary to cover the ch...
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Controlled Disbursement Service. This Service provides you with pre-notification of checks that post to your Account each Business Day. This Service requires that you:
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Controlled Disbursement Service. ‌ Currently, we offer two types of Controlled Disbursement Services: the standard Controlled Disbursement Service and the Third Party Controlled Disbursement Service, which are described below.
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Controlled Disbursement Service. The Controlled Disbursement Service permits Provident to transfer specified funds from the Funding Account to the Controlled Disbursement Account daily.
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Controlled Disbursement Service. With this Service, we will cover the checks you write against your account at another institution (the “Disbursing Bank”) with funds maintained in your account with us. Please see the Controlled Disbursement Service addendum for additional terms.
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Controlled Disbursement Service 
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Related to Controlled Disbursement Service

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”). 12.2 Any transfers by the Borrower to an account held by the Lender within SEPA shall not be subject to any fees.

  • Funds Transfer Disbursements The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement.

  • Deemed Disbursements Upon the occurrence and during the continuation of any Event of Default of the type described in clauses (b) through (d) of Section 8.1.9 with respect to any Obligor (other than Subsidiaries that are not Material Subsidiaries) or, with notice from the Administrative Agent acting at the direction of the Required Lenders, upon the occurrence and during the continuation of any other Event of Default, (a) an amount equal to that portion of all Letter of Credit Outstandings attributable to the then aggregate amount which is undrawn and available under all Letters of Credit issued and outstanding shall, without demand upon or notice to the Borrower or any other Person, be deemed to have been paid or disbursed by the applicable Issuer under such Letters of Credit (notwithstanding that such amount may not in fact have been so paid or disbursed); and (b) upon notification by the Administrative Agent to the Borrower of its obligations under this Section, the Borrower shall be immediately obligated to reimburse the applicable Issuer for the amount deemed to have been so paid or disbursed by such Issuer. Any amounts so payable by the Borrower pursuant to this Section shall be deposited in cash with the Administrative Agent and held as collateral security for the Obligations in connection with the Letters of Credit issued by the applicable Issuer. At such time as the Events of Default giving rise to the deemed disbursements hereunder shall have been cured or waived, the Administrative Agent shall return to the Borrower all amounts then on deposit with the Administrative Agent pursuant to this Section, together with accrued interest at the Federal Funds Rate, which have not been applied to the satisfaction of such Obligations.

  • Reimbursement Obligation of the Borrower The Borrower agrees to reimburse each Issuing Lender on each date on which such Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by such Issuing Lender (but in any event no such reimbursement shall be required before the date on which Base Rate Loans would be made (or the procedure specified in Section 2.26 would become applicable) as described in the last two sentences of this Section) for the amount of (a) such draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Each such payment shall be made to such Issuing Lender at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.13(b) and (ii) thereafter, Section 2.13(c). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 7(f) shall have occurred and be continuing with respect to the Borrower, in which case the procedures specified in Section 2.26 for funding by L/C Participants shall apply) constitute a request by the Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of Base Rate Loans in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans could be made, pursuant to Section 2.5, if the Administrative Agent had received a notice of such borrowing at the time of such drawing under such Letter of Credit.

  • Reimbursement Obligation of the Borrowers In the event of any drawing under any Letter of Credit, each Borrower agrees to immediately reimburse the Issuing Lender for amounts paid by the Issuing Lender in respect of draws under each Letter of Credit. In order to facilitate such repayment, each Borrower hereby irrevocably requests that the Lenders make, and the Lenders hereby severally agree to make, on the terms and conditions of this Agreement (other than as provided in Articles 2 and 6 with respect to the amounts of, the timing and form of requests for, and the repayment of, Revolving Credit Loans hereunder and in Section 7.2 with respect to conditions precedent to Revolving Credit Loans hereunder), with respect to any drawing under a Letter of Credit, a Revolving Credit Loan bearing interest at the Base Rate commencing on the day on which any drawing is made under any Letter of Credit and in the aggregate amount of such drawing plus any amounts referred to in Section 3.3(c) incurred by the Issuing Lender in connection with such draw, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses. Each Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse the Issuing Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including non-satisfaction of the conditions set forth in Section 2.3(a) or Article 7.