Common use of Cancellation or Amendment of Entries Clause in Contracts

Cancellation or Amendment of Entries. Company shall have no right to cancel or amend any Entry/File after receipt of Entry/File by Bank. However, Bank shall use reasonable efforts to act on a request by Company to cancel an Entry/File before transmitting it to the ACH Network or processing it as an on-us Entry. Bank shall have no liability if it fails to affect the cancellation. Bank may reject any Entry/File, including an on-us Entry, and may reject any Entry if Company is not otherwise in compliance with the terms of the Agreement. Bank shall notify Company of such rejection no later than the Business Day such Entry would otherwise have been transmitted by Bank to the ACH Network or, in the case of an on-us Entry, its effective Entry date. It shall be the responsibility of Company to remake any Entries or files rejected by Bank or the ACH Operator. Bank shall notify Company of the receipt of a Return Entry from the ACH no later than one (1) banking day after the banking day of such receipt. Bank shall have no obligation to re-transmit a Return Entry if Bank complied with the terms of this Agreement with respect to the original Entry. Company authorizes Bank to charge back returns to Company’s designated Account the amount of any Return Entry as soon as information is made available to Bank. Company will promptly provide immediately available funds to indemnify Bank if any debit Entry is returned after Bank has permitted Company to withdraw funds in the amount thereof or if any adjustment memorandum that relates to such Entry is received by Bank. Company may initiate a reversing Entry or file of Entries for erroneous or duplicate transactions, as permitted by the NACHA Rules. In doing so Company warrants that Entries or files were initiated within five (5) banking days of the original Entry or Entries and within twenty-four hours of discovery of the error. Company also warrants that the account holder of a reversing Entry has been notified of the reversal, and the reason for the reversal, no later than the settlement day of the reversal. For both reversing Entries and files, Company indemnify all parties of the transaction(s) from and against any claim, demand, loss, liability, or expense.