Common use of Payment and Dishonor of Exception Items Clause in Contracts

Payment and Dishonor of Exception Items. Client shall review the Exception Items and electronically communicate its decision to pay or return any or all Exception Items (each, a “Decision”) for all exceptions by the cutoff time in the Implementation Forms, or as otherwise communicated by Bank to Client, each Business Day. If Client does not notify Bank of Client’s Decision prior to the relevant cutoff time, Client will be locked out from making any further Decisions that Business Day. If a Decision is not received on an Exception Item prior to the cutoff time deadline, Bank will return the Item(s), as that is the default position. Decisions are to be communicated over Commercial Online Banking.

Payment and Dishonor of Exception Items. Client shall review the Exception Items and electronically communicate its decision to pay or return any or all Exception Items (each, a “Decision”) for all exceptions by the cutoff time identified in the Implementation Forms, or as otherwise communicated by the Bank to Client, each Business Day. If Client does not notify the Bank of Client’s Decision prior to the relevant cutoff time, Client will be locked out from making any further Decisions that Business Day. If a Decision is not received on an Exception Item prior to the cutoff time deadline, Bank will return the Exception Item(s), as that is the default position. Decisions are communicated to be communicated over the Bank using the Positive Pay application via Commercial Online Banking.