ODFI Is A Third-Party Beneficiary Sample Clauses

The "ODFI Is A Third-Party Beneficiary" clause establishes that the Originating Depository Financial Institution (ODFI) has enforceable rights under the agreement, even though it is not a direct party to the contract. In practice, this means the ODFI can take legal action to protect its interests if the terms of the agreement are breached, particularly in the context of ACH transactions where the ODFI facilitates payments on behalf of its clients. This clause ensures that the ODFI is able to safeguard its role and recover losses or enforce obligations, thereby reducing risk and clarifying the rights of all parties involved in the payment process.
ODFI Is A Third-Party Beneficiary. Merchant and TransFirst acknowledge that the ODFI is a third-party beneficiary of this Agreement, and the ODFI has all the rights under this Agreement as if it were a party thereto.
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Related to ODFI Is A Third-Party Beneficiary

  • No Third Party Beneficiary The terms and provisions of this Agreement are intended solely for the benefit of each party hereto and their respective successors or permitted assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person.

  • Third Party Beneficiary The Owner Trustee is a third-party beneficiary to this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

  • 8No Third-Party Beneficiaries This Agreement will not be construed to create any obligation by either ICANN or Registry Operator to any non-party to this Agreement, including any registrar or registered name holder.

  • ▇▇ Third Party Beneficiaries Nothing in this Agreement, express or implied, is intended to or shall confer upon any person not a party hereto any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, except as described in Section 21(b) of this Agreement. Without limiting the generality of the foregoing, nothing in this Agreement is intended to, or shall be read to, (i) create in any shareholder or person other than the Adviser or the Fund(s) in question (including without limitation any shareholder in any Fund) any direct, indirect, derivative or other rights against the Adviser or Sub-Adviser or (ii) create or give rise to any duty or obligation on the part of the Adviser or Sub-Adviser (including without limitation any fiduciary duty) to any shareholder or person other than a Fund, all of which rights, benefits, duties and obligations are hereby expressly excluded.

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