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

Processing, Transmittal and Settlement by Bank. a. Except as provided in Section 4, the Bank shall (i) process Entries received from the Business Entity in such manner as to conform with the file specifications set forth in the Rules, (ii) transmit such Entries as an ODFI to the Federal Reserve Bank (the "Fed"), and (iii) settle Entries as provided in the Rules. b. The Bank shall transmit such Entries to the Fed by the deadline set forth in the attached Schedule B one to two business days prior to the Effective Entry Date shown in such Entries, provided (i) such Entries are received by the Bank's related cut-off time set forth in attached Schedule B on a business day, (ii) the Effective Entry Date conforms to Schedule B, and (iii) the Fed is open for business on such business day, e.g. excluding Federal Holidays. For purposes of this Agreement, Entries shall be deemed received by the Bank in the case of electronic file transmission when the transmission is completed as provided in Schedule A. c. If any of the requirements of clause (i), (ii), or (iii) of Section 5(b) are not met, the Bank shall use reasonable efforts to transmit such Entries to the Fed by the next deposit deadline on which the Fed is open for business.

Processing, Transmittal and Settlement by Bank. a. Except as provided in Section 4, the Bank shall (i) process Entries received from the Business Entity in such manner as Customer to conform with the file specifications set forth in the Rules, (ii) transmit such Entries as an ODFI Originating Depository Financial Institution to the Federal Reserve Bank (the "FedACH Operator"), and (iii) settle for such Entries as provided in the Rules. b. The Bank shall transmit such Entries to the Fed ACH Operator by the deadline set forth in the attached Schedule B one deadline, according to procedures sent to Customer, two business days Business Days prior to the Effective Entry Date shown in such Entries, provided provided (i) such Entries are received by the Bank's related cut-off time set forth in attached Schedule B procedures to be sent to Customer on a business dayBusiness Day, (ii) the Effective Entry Date conforms to Schedule Bis at least two days after such Business Day, and (iii) the Fed ACH Operator is open for business on such business dayBusiness Day, e.g. excluding Federal Holidays. For purposes of this Agreement, Entries shall be deemed received by the Bank, in the case of hand-delivered files, when received by the Bank at the location set forth in each applicable addendum, schedule, appendix, authorization or other document delivered or made available by the Bank to the Customer to be sent to Customer, and in the case of electronic file transmission transmission, when the transmission is completed as provided in Schedule A.procedures to be sent to Customer. c. If any of the requirements of clause (i), (ii), or (iii) of Section 5(b) are not met, the Bank shall use reasonable efforts to transmit such Entries to the Fed ACH Operator by the next deposit deadline on which the Fed ACH Operator is open for business.