Common use of Remittance Processing Clause in Contracts

Remittance Processing. Bank’s Partner will open envelopes as received from the Lockbox and deposit processed remittances to the Lockbox Account. Bank’s Service Provider will endorse the checks received and image the deposited items. You hereby irrevocably make, constitute and appoint Bank’s Service Provider (and all persons designated by us for such purposes) as your true and lawful attorney-in-fact to indorse your name on all remittances processed hereunder. Bank’s Service Provider’s indorsement shall not be a guaranteed indorsement. Bank’s Service Provider will create deposit batches of no more than 300 checks and will deposit the same to the Lockbox Account daily. No deposits will be made on weekends or federal bank holidays. Bank’s Service Provider will use commercially reasonable efforts to process and deposit items on the next Business Day after receipt of items for deposit by Bank at its offices. Any unprocessed remittances will be forwarded to Customer.