Scanning Checks and Remittances Sample Clauses

Scanning Checks and Remittances. You may scan Checks and Remittances at the times and days selected by you in compliance with the terms of the Service Documentation using the Image Capture Equipment and submit them to us for lockbox processing. The Images of the Checks and Remittances will be submitted by you to us over the Internet using encryption security for the File sent to us for processing. You agree you will scan for processing only original Checks that will meet the ANSI X9.37 standards for image quality required by Reg. CC, or other standards established by us or Applicable Law. However, to be eligible for processing on the day transmitted, the entire File must be received by us no later than our established Lockbox Distributed Capture cut- off time for your lockbox (the “Cut-Off Time”) which we will communicate to you either orally or in writing, and which we may change at our discretion. You shall be solely liable, and we shall not have any liability whatsoever, for the accuracy of the images and information in any File or for the actions that we may take based on the belief that those images and information are accurate. A File is not deemed to be received by us unless and until it successfully passes the edits for conformity with the applicable technical requirements and any applicable business rules as applied to specific transactions within that File, and is not otherwise deemed by us to be incomplete or lacking in any way. For purposes of determining when a File has been received by us, our records shall be determinative. A File which is successfully received by us on a Business Day after the Cut-Off Time shall be deemed to have been received on the next Business Day. We reserve the right to change the number of Files that may be transmitted in a day, the deposit limit, and/or the Cut-Off Time. All such changes shall be effective immediately and may be implemented prior to your receipt of notice thereof.
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Related to Scanning Checks and Remittances

  • Remittances On each Remittance Date the Company shall remit by wire transfer of immediately available funds to the Purchaser (a) all amounts deposited in the Custodial Account as of the close of business on the Determination Date (net of charges against or withdrawals from the Custodial Account pursuant to Section 4.05), plus (b) all amounts, if any, which the Company is obligated to distribute pursuant to Section 5.03, minus (c) any amounts attributable to Principal Prepayments received after the applicable Principal Prepayment Period which amounts shall be remitted on the following Remittance Date, together with any additional interest required to be deposited in the Custodial Account in connection with such Principal Prepayment in accordance with Section 4.04(viii), and minus (d) any amounts attributable to Monthly Payments collected but due on a Due Date or Dates subsequent to the first day of the month of the Remittance Date, which amounts shall be remitted on the Remittance Date next succeeding the Due Period for such amounts. With respect to any remittance received by the Purchaser after the second Business Day following the Business Day on which such payment was due, the Company shall pay to the Purchaser interest on any such late payment at an annual rate equal to the Prime Rate, adjusted as of the date of each change, plus three percentage points, but in no event greater than the maximum amount permitted by applicable law. Such interest shall be deposited in the Custodial Account by the Company on the date such late payment is made and shall cover the period commencing with the day following such second Business Day and ending with the Business Day on which such payment is made, both inclusive. Such interest shall be remitted along with the distribution payable on the next succeeding Remittance Date. The payment by the Company of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the Company.

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  • Collections All collections of monies or other property in respect, or which are to become part, of the Property (but not the safekeeping thereof upon receipt by PFPC Trust) shall be at the sole risk of the Fund. If payment is not received by PFPC Trust within a reasonable time after proper demands have been made, PFPC Trust shall notify the Fund in writing, including copies of all demand letters, any written responses and memoranda of all oral responses and shall await instructions from the Fund. PFPC Trust shall not be obliged to take legal action for collection unless and until reasonably indemnified to its satisfaction. PFPC Trust shall also notify the Fund as soon as reasonably practicable whenever income due on securities is not collected in due course and shall provide the Fund with periodic status reports of such income collected after a reasonable time.

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