Common use of Processing Company's Electronic File Clause in Contracts

Processing Company's Electronic File. We shall separately disclose to you the transmission deadline (“cutoff time”) on any day which is a Business Day for processing checks by the Federal Reserve System or other clearing network for the payment of items. If you transmit your ICL Files to Bank on a Business Day before the cutoff time, we will review and, if appropriate, process your ICL Files on that Business Day. If you transmit your ICL Files to us after the cutoff time on any Business Day, we shall review and, if appropriate, may process your ICL Files on either the presentment date or on the following Banking Day. An ICL File shall not be deemed received by us until we receive the ICL File at a licensed location of the Bank and is accepted by us. We are not responsible for any losses arising directly or indirectly from damage or alteration to the ICL File prior to its receipt by us. An ICL File must be received by us on a Business Day prior to the applicable processing cutoff hour or it will be deemed to have been received by us at the opening of our next Business Day.