INTERNAL: Is 5 day repayment specified in virtual check terms and conditions?

According to section 16, we have 5 days from the settlement date of the debit entries to remit debit entries.

Please note, we also have the right to net settle rejects or fees or any other funds due.

A copy of the Virtual Check Merchant agreement Terms and Conditions is available by visiting UNO, follow by company tab and then by clicking sales library. Terms and Condition option will be available. And finally the file name " Virtual Check Merchant Agreement Terms and Conditions "will be available in PDF format.

 Virtual Check Merchant Agreement Terms and Conditions

16. Collection of Amounts from Debit Entries and

Fees. Concurrent with the execution and delivery of

this Agreement, Sage shall have established a fiduciary

account and a ledger account on its books in

connection with its master account, titled "Sage

Corporation/Fiduciary” (the "Agent Account") with

the Bank(s) into which funds received from Customer

Accounts shall be credited and from which funds may

be debited by Sage for settlement in accordance with

this Agreement. Within 5 days of the Settlement Date

of the respective debit Entries initiated by it hereunder

(or such longer period as may be required by Sage as a

condition to acceptance of this Agreement, which shall

be specified in a written notice to the Company), Sage

shall direct the remittance to the Company of the

aggregate amount of such debit Entries less (i) all

applicable fees and charges payable to Sage under this

Agreement or required by Sage to fund or replenish

the reserve established hereunder and (ii) the amount

of rejected Entries and returns of debit Entries (the

“Net Settlement Amount”). Periodic and other single

charges payable hereunder shall be deducted from the

first transmittal of Entries received during the period

in which the fee or charge is payable. From time to

time, Sage shall debit the Agent Account, the

Authorized Account, or related clearing account for

fees and charges earned under this Agreement and for

any returns not previously deducted. The Company

authorizes Sage and Bank to debit via ACH the Agent

Account, the Authorized Account, the Reserve

Account, any other account the Company has with

Sage, an affiliate or subsidiary of Sage, Bank or at any

other financial institution as an offset for any amount

the Company owes under this Agreement or under any

other contract, note, guaranty, or dealing of any kind

now existing or later entered into between the

Company and Sage or any subsidiary or affiliate,

whether the Company’s obligation is direct, indirect,

primary, secondary, fixed, contingent, joint or several.

In the event such ACH does not fully reimburse Sage

and Bank for the amount owed, the Company will

immediately pay Sage and Bank such amount. The

Company acknowledges that this Agreement is an

agreement pursuant to which Sage is extending the

Company financial accommodations within the

meaning of Section 365(c) of the Bankruptcy Code.

In the event Company becomes a debtor in any

bankruptcy or similar proceeding, this Agreement

cannot be assumed or enforced by any other person
 

and Sage shall be excused from any further

performance hereunder.