Merchant authorizes Toast, Inc., StratEx HoldCo, LLC, Toast Processing Services LLC, Strategy Execution Partners, LLC and their designated agents and representatives (each, as applicable to the activities that such party may perform, “the Authorized Entity”) to initiate one-time and recurring credits and debits, as applicable, to the Bank Account(s) reflected in Merchant’s Toast Payroll Profile, pursuant to the Toast Payroll & Team Management Service Agreement (the “Agreement”).
If the Bank Account information changes at any time, Merchant will provide substitute bank account information to the Authorized Entity within five (5) business days of such change. The Authorized Entity shall not be liable for any delays in receipt of funds or errors in credit entries caused by third parties, including but not limited to, a clearinghouse, a financial institution, or any agent of Merchant. The Authorized Entity shall have the unlimited right to debit, without prior notice, any Bank Account containing funds for the purpose of satisfying any liability or any amounts owed to the Authorized Entity under this Agreement. A fee may be imposed by the Authorized Entity for all rejected ACH transactions.
Merchant agrees to comply with the operating rules and guidelines of the National Automated Clearing House Association and the laws of the United States, as in effect from time to time with respect to ACH transactions. Merchant understands and agrees that the services provided under the Agreement are contingent on this authorization. This authority will remain in effect until five (5) business days after the Authorized Entity receives written notice from Merchant of its cancellation. Accordingly, if Merchant revokes this authorization, then (a) such revocation shall be a material breach of the Agreement and the Authorized Entity may pursue all rights and remedies available to it thereunder, (b) Merchant will remain liable for all payment obligations under the Agreement, and (c) the Authorized Entity will not be liable for its failure to perform under the Agreement as a result of such revocation.
THIS AUTHORIZATION IS APPLICABLE ONLY TO THE SERVICES PROVIDED UNDER THE TOAST PAYROLL & TEAM MANAGEMENT SERVICE AGREEMENT AND WILL NOT IMPACT ANY AUTHORIZATION PROVIDED TO TOAST, INC. IN CONNECTION WITH OTHER TOAST SERVICES.
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