Processing, Transmittal and Settlement by Bank. a. Except as provided in Sections 5 and 6 of this Article III, Bank shall (i) process Entries received from Company to conform with the file specifications set forth in the Rules, (ii) transmit such Entries as an ODFI to the Federal Reserve Bank (the “ACH Operator”) acting as an ACH processor, and (iii) settle for such Entries as provided in the Rules. b. Bank shall transmit such Entries to the ACH Operator one (1) Business Day prior to the Effective Entry Date of the Entries, provided (i) such Entries are received by Bank’s Cut-off Time on a Business Day, and (ii) the ACH Operator is open for business on such Business Day. In the event the Entry is a Same Day ACH transaction file, Bank shall transmit such Entry to the ACH Operator same day, provided the Entry is received prior to the Bank’s Same Day ACH Cut-off Time on a Business Day. For purposes of this ACH Agreement, Entries shall be deemed receivable by Bank, in the case of transmittal by electronic transmissions, when the transmission (and compliance with any related Security Procedure provided for herein) is completed. c. If any of the requirements of clause (i), (ii), or (iii) of Section 6(b) are not met, Bank shall use reasonable efforts to transmit such Entries to the ACH Operator by the next deposit deadline of the ACH Operator which is a Business Day and a day on which the ACH Operator is open for business. d. A Same Day ACH transaction is intended for your use only. Trying to use Same Day ACH to process payments on behalf of someone other than you is prohibited and will be grounds for termination of Same Day ACH and your access to the Service. Bank may use nonaffiliated third parties acting on its behalf to process your Same Day ACH transaction. These third-party processors must adhere to Bank’s strict security and privacy protection standards.
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Samples: Internet Banking Agreement, Internet Banking Agreement, Internet Banking Agreement
