Common use of Statements of Fact Clause in Contracts

Statements of Fact. The Employer has engaged Future Systems for the calculation of payrol1s, related products and services, and the provision of electronic funds transfer services and preparation of related checks and vouchers (collectively the “Payroll Services”). An Originating Depository Financial Institution (hereinafter called "BANK”) has established a batch processing service with Future Systems, a third-party processor. Future Systems will provide services for the preparation and transmission of electronic files and records for electronic funds transfers (collectively hereinafter called “EFTs”) to the BANK and ACH Entries (as defined below), subject to the NACHA Rules (as defined below), to members of NACHA (as defined below), and electronic payment orders and records to process EFTs settlement of such EFTs, and related reporting thereof on behalf of the BANK, (collectively called the "ACH Services"). The Employer desires to utilize the ACH Services, subject to the terms of this Agreement, in conjunction with the Payroll Services by Future Systems at the current fee schedule and processing deadline schedules as amended from time to time.