Common use of Processing Services Clause in Contracts

Processing Services. Bank shall provide for the processing of Entries received from Client to conform to the requirements set forth in this Agreement. Bank shall provide for transmitting of such Entries as an ODFI to the Federal Reserve System or through the use of an ACH Client Sender. Bank shall settle for such Entries as provided in the Rules. Bank shall provide for the processing of the Entries as defined in Schedule B provided that the file was received on time, the Federal Reserve Bank is open for business, and the effective entry date is stated. If any of the requirements are not met in this Section 6.4, Bank shall use reasonable efforts to transmit such Entries to the ACH by the next deposit deadline of the ACH following that specific in Schedule B which is a business day and a day on which the ACH is open for business. Bank shall not cancel or amend an Entry after it is delivered to Bank. Bank shall use reasonable efforts to act on a request by Client for reversal of a file of Entries according to the Rules; provided that Bank shall not be liable for interest or loses if such reversal is not effected. Any request by Client for reversal of a file of Entries must comply with the Delivery Requirements and Security Procedures as defined in Schedule B. Client shall reimburse Bank for any expenses, losses, or damages Bank may incur in effecting or attempting to effect Client's request for the reversal of a file of Entries. Bank is entitled to payment from Client in the amount of any such reversal of a debit file of Entries prior to acting on any request thereof.

Processing Services. (a) Bank shall provide provide, either directly or through a third party subcontractor, for the processing of Entries received from Client to conform to the requirements set forth in this Agreement. Bank shall provide for transmitting of such Entries as an ODFI to the Federal Reserve System or through the use of an ACH Client Sender. Bank shall settle for such Entries as provided in the Rules. . (b) Bank shall provide for the processing of the Entries as defined in Schedule B provided that the file File was received on time, the Federal Reserve Bank is open for business, and the effective entry date is stated. If any of the requirements are not met in this Section 6.4, Bank shall use reasonable efforts to transmit such Entries to the ACH by the next deposit deadline of the ACH following that specific in Schedule B which is a business day and a day on which the ACH is open for business. . (c) Bank shall not cancel or amend an Entry after it is delivered to Bank. Bank shall use reasonable efforts to act on a request by Client for reversal of a file File of Entries according to the Rules; provided that Bank shall not be liable for interest or loses if such reversal is not effected. Any request by Client for reversal of a file File of Entries must comply with the Delivery Requirements and Security Procedures as defined in Schedule B. Client shall reimburse Bank for any expenses, losses, or damages Bank may incur in effecting or attempting to effect Client's request for the reversal of a file File of Entries. Bank is entitled to payment from Client in the amount of any such reversal of a debit file File of Entries prior to acting on any request thereof.