PAY BY COMPUTER TERMS AND CONDITIONS
AUTHORIZATION AGREEMENT FOR DIRECT DEPOSITS (ACH CREDIT)
AND DIRECT PAYMENTS (ACH DEBIT)
This Authorization Agreement for Direct Deposit (ACH Transfer Credit) and Direct Payments (ACH Debits) is part of(and incorporated by reference into) the Agreement for the Purchase and Sale of Future Receivables (the “Agreement”) between Seller and FundCanna, LLC (“Purchaser”). Capitalized terms used and not otherwise definedherein will have same respective meanings given to such terms in the Agreement.
DISBURSEMENTS. By signing below, Seller authorizes Purchaser (and/or its successors and assigns) or its designee to disburse the net Purchase Price by initiating an ACH Credit to the checking account indicated below, the “Designated Account,” in the amount set forth in the Agreement. This authorization is to remain in full force and effect until Purchaser has received written notification from Seller of its termination in such time and in such manner as to afford Purchaser and Seller’s depository bank a reasonable opportunity to act on it.
REMITTANCES AND PAYMENTS. By signing below, Seller agrees to enroll and authorizes Purchaser or its
designee to collect remittances and payments required under the terms of the Agreement by initiating ACH Debit entries to the Designated Account. Seller authorizes Purchaser or its designee to increase the amount of any scheduled
ACH Debit entry or assess multiple ACH Debits for the amount of any previously scheduled payment(s) that was not paid as provided for in the Agreement and any unpaid Fees. This authorization is to remain in full force and effect until Purchaser or its designee has received written notification from Seller of its termination in such time and in such manner as to afford Purchaser and Seller’s bank a reasonable opportunity to act on it. Purchaser or its designee may suspend or terminate this authorization if Seller fails to keep Seller’s Designated Account in good standing or if there are insufficient funds in Seller’s Designated Account to process any payment.
PROVISIONAL PAYMENT: Credit given by us to you with respect to an Automated Clearing House (“ACH”)
credit entry ( “ A C H E n t r y ” ) is provisional until we receive final settlement for such entry through a Federal
Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making to you via such entry (i.e. the originator of the entry) will not be deemed to have paid you in the amount of such entry.
BUSINESS PURPOSE ACCOUNT. By signing below, Seller attests that the Designated Account was established
for business and commercial purposes only and not for personal, family or household purposes.
ACCOUNT CHANGES. Seller agrees to notify Purchaser, promptly, in writing, if there are any changes to the account and routing numbers of the Designated Account. In the event that this account is deemed closed, insufficient or frozen, or a stop payment has been issued, and Purchaser obtains information that Seller maintains a different checking account, then Seller hereby authorizes Purchaser, without notice or further permission, to replace that new account information on this form and begin immediate withdrawals based on the newly obtained account information.
The initiation and transmission of each ACH Entry will be subject to, and will be made in accordance with, the
Operating Rules of the National Automated Clearing House (“NACHA Rules”). Purchaser may process each ACH
Entry directly or through any mechanism Purchaser selects. Seller agrees to comply with and be bound by the NACHA Rules and all applicable laws. Seller represents and warrants with respect to each ACH Entry that, on the date it is originated, Seller has authorized the debiting of the Designated Account by at least the amount of the ACH Entry. Seller agrees to indemnify Purchaser for any losses, liabilities, costs or expenses Purchaser suffers or incurs as a result of any breach of these representations and warranties. Seller’s authorization for ACH Entries set forth herein will remain in full force and effect until Seller notifies purchaser in writing at 9530 Towne Centre Drive, Ste. 120, San Diego, CA 92121 that Seller wishes to revoke its authorization. Seller understands that Purchaser requires at least five Business Days’ prior notice in order to cancel Seller’s authorization.
