Common use of Bank Rights and Responsibilities Clause in Contracts

Bank Rights and Responsibilities. For all Imaged Items processed by you pursuant to this Service Description, either: (i) digitized images will be converted to Substitute Checks and presented for payment to established Endpoints; or (ii) Image Exchange Items will be presented for payment through image exchange networks. The Bank may, at the Bank’s sole discretion, determine the manner of processing. All such processing and presentment shall be done in accordance with timeframes and deadlines set forth in the Supporting Documents and as otherwise established by the Bank from time to time. Unless otherwise agreed by you and the Bank, the Bank will process any returned Items in accordance with applicable law and this Agreement. Subject to the terms of this Service Description, availability of credit from Items processed under this Service Description will be subject to the availability schedule of the Bank, which may be amended from time to time. The Bank may, at the Bank’s sole option, with or without cause, at any time and from time to time, refuse to process any Imaged Items. The Bank may, from time to time, establish transaction limitations and assign them to you. In addition to any other rights, we may have under this Agreement and otherwise with regard to the Accounts of yours, we may hold and use funds in any Account following termination of this Agreement. Without limitation, you recognize that under the Uniform Commercial Code, Regulation CC, the Electronic Check Clearing House Organization (“ECCHO”) Rules (as applicable) and the rules of any image exchange network, our representations and warranties with regard to Image Exchange Items and Substitute Checks may expose us to claims for several years following processing of the Image Exchange Item or Substitute Check.