Common use of Processing, Transmittal and Settlement by Bank Clause in Contracts

Processing, Transmittal and Settlement by Bank. Except as otherwise provided for in this Service Agreement and if Bank elects to accept Entries, Bank shall: (i) use commercially reasonable efforts to comply with the instructions of Company, (ii) process Entries received from Company to conform with the file specifications set forth in the Rules, (iii) transmit such Entries as an ODFI to the "ACH" processor selected by Bank, (iv) settle for such Entries as provided in the Rules, and (v) in the case of a credit Entry received for credit to an account with Bank ("On-Us Entry"), Bank shall credit the Receiver's account in the amount of such Credit Entry on the Effective Entry Date contained in such Credit Entry provided such Credit Entry is received by Bank at the time and in the form prescribed by Bank in Section 5. 10.2. transmit such Entries to the ACH processor by the deposit deadline of the ACH processor, provided: (i) such Entries are completely received by Bank’s cut-off time at the location specified by Bank to Company from time to time; (ii) the Effective Entry Date satisfies the criteria provided by Bank to Company; and (iii) the ACH processor is open for business on such Business Day. Company agrees that the ACH processor selected by Bank shall be considered to have been selected by and designated by Company. The Company will receive immediately Available Funds for any electronic Debit Entry initiated by it on the Settlement Date applicable thereto.

Processing, Transmittal and Settlement by Bank. Except as otherwise provided for in this Service Agreement Section One and if Bank elects to accept Entries, Bank shall: (a) (i) use commercially reasonable efforts to comply with the instructions of CompanyCustomer, (ii) process Entries received from Company Customer to conform with the file specifications set forth in the Rules, (iii) transmit such Entries as an ODFI to the "ACH" ACH processor selected by Bank, (iv) settle for such Entries as provided in the Rules, and (v) in the case of a credit Entry received for credit to an account with Bank ("“On-Us Entry"”), Bank shall credit the Receiver's account in the amount of such Credit credit Entry on the Effective Entry Date contained in such Credit credit Entry provided such Credit credit Entry is received by Bank at the time and in the form prescribed by Bank in Section 5this Part II, subsection 1.3. 10.2. (b) transmit such Entries to the ACH processor by the deposit deadline of the ACH processor, provided: (i) such Entries are completely received by Bank’s cut-cut- off time at the location specified by Bank to Company Customer from time to time; (ii) the Effective Entry Date satisfies the criteria provided by Bank to CompanyCustomer; and (iii) the ACH processor is open for business on such Business Day. Company Customer agrees that the ACH processor selected by Bank shall be considered to have been selected by and designated by CompanyCustomer. The Company Customer will receive immediately Available Funds available funds for any electronic Debit Entry debit entry initiated by it on the Settlement Date applicable thereto.