Common use of PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION Clause in Contracts

PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. Except as otherwise provided for in these Terms and to the extent Bank elects to accept Entries irrespective of the provisions below, Bank shall: k.1 use commercially reasonable efforts to comply with the instructions of Customer, (ii) process Entries received from Customer 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 such Entries as provided in the Rules, and (v) in the case of an On-Us Entry, Bank shall credit the Receiver's account in the amount of such credit Entry on the 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 E; and k.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 Customer from time to time, (ii) the Effective Entry Date (as defined in the Rules) satisfies the criteria provided by Bank to Customer, (iii) the ACH processor is open for business on such Business Day, and (iv) no basis exists for Bank to reject the Entry.

PROCESSING, TRANSMITTAL, AND SETTLEMENT BY FINANCIAL INSTITUTION. Except as otherwise provided for in these Terms and to the extent Bank elects to accept Entries irrespective of the provisions below, Bank shall: k.1 1. use commercially reasonable efforts to comply with the instructions of Customer, (ii) process Entries received from Customer 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 such Entries as provided in the Rules, and (v) in the case of an On-Us Entry, Bank shall credit the Receiver's account in the amount of such credit Entry on the 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 Esubsection addressing Transmission of Entries by Customer; and k.2 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 Customer from time to time, (ii) the Effective Entry Date (as defined in the Rules) satisfies the criteria provided by Bank to Customer, (iii) the ACH processor is open for business on such Business Day, and (iv) no basis exists for Bank to reject the Entry.