Laserfiche WebLink
<br /> <br />TM-1429 Controlled Disbursement Service Description Page 1 of 5 <br />Revised 04-30-2014 <br />CONTROLLED DISBURSEMENT <br />SERVICE DESCRIPTION <br /> <br />1. Introduction. The Service Documentation contains the terms governing the Wells Fargo Bank, <br />N.A. (“Bank”) Controlled Disbursement service (“Service”) and includes: <br /> <br />(a) this Service Description; <br /> <br />(b) the Acceptance of Services or Treasury Management Product Enrollment form; <br /> <br />(c) the Master Agreement for Treasury Management Services ("Master Agreement"); <br /> <br />(d) the account agreement governing the account(s) Company uses in connection with the <br />Service; and <br /> <br />(e) User Guides which include Terms of Use, software, software licenses, price schedules, <br />specifications, instructions, and notices; <br /> <br />This Service Description and the Master Agreement are posted at Bank’s Commercial <br />Electronic Office® (CEO®) portal. If there is a conflict among the documents comprising the <br />Service Documentation, they will govern in the order listed above. Company’s use of the <br />Service confirms Company’s receipt of and agreement to be bound by the applicable Service <br />Documentation. If an enhancement to the Service or other change requires a change to this <br />Service Description, Bank will post an updated Service Description on the CEO® portal. When <br />required by applicable law, Bank will notify Company of the update. If Company continues to <br />use the Service after the update takes effect, Company will be deemed to have agreed to the <br />update. <br /> <br />2. Required Account(s) and Services. Company, as defined in the Acceptance, will establish <br />and maintain: <br /> <br />(a) one or more demand deposit accounts with Bank or Bank’s affiliate (each, a “Funding <br />Account”); <br /> <br />(b) one or more checking accounts (each, a “Disbursement Account”) at Bank or Bank’s <br />affiliate(s) (each, a “Disbursing Bank”); and <br /> <br />(c) the information reporting service specified by Bank (“Information Reporting Service”). <br /> <br />Each Funding Account and Disbursement Account and the Information Reporting Service will be <br />identified in the Service Documentation. Each Funding Account will be linked to one or more <br />Disbursement Accounts maintained by Company. Company will use each Disbursement <br />Account solely to issue checks (or payable-through drafts) and electronic debits (each, a <br />“Debit”) in accordance with this Service Description. Company will not issue any Debits on any <br />Disbursement Accounts until Bank notifies Company that such Disbursement Account is <br />operational. Company irrevocably authorizes Disbursing Bank to release to Bank all information <br />requested by Bank with respect to each Disbursement Account. <br /> <br />Each Disbursement Account and Funding Account will be governed by Wells Fargo Bank, <br />N.A.’s Commercial Account Agreement (“Account Agreement”), except that if Company’s <br />6.1.D. - Page 93