Entry Settlement. Company shall provide F&M BANK with immediately available funds not later than one business day prior to each Settlement Date sufficient in amount to pay all Entries initiated by Company which are to be settled on that date. Company hereby authorizes and instructs F&M BANK to make deposits and withdrawals from any of Company's Accounts as appropriate to provide the services specified in this Agreement. Notwithstanding anything in this Agreement to the contrary, F&M BANK reserves the right to require that sufficient collected funds be in Company's Accounts prior to the time any Entry is processed by F&M BANK under this Agreement. In the case of an Entry received for credit or debit to an account maintained with F&M BANK (an “On-Us Entry”), F&M BANK shall credit or debit the Receiver's account, as the case may be, in the amount of such Entry on the Effective Entry Date shown in such Entry, provided the requirements of this Agreement have been met.
Appears in 2 contracts
Sources: Treasury Management Agreement, Treasury Management Agreement