Common use of Virtual Vault Services Clause in Contracts

Virtual Vault Services. Bank’s Virtual Vault Service allows Customer to deposit United States currency into a Smart Safe which tallies the amount of currency deposited. Customer may not remove currency from the Smart Safe once it has been inserted. Customer’s Smart Safe is electronically polled at agreed upon intervals to capture deposits. Following each the occurrence of each polling event the Smart Safe will transmit a Virtual Vault Report to Bank. Once currency deposit totals are received by Bank, Customer’s designated Account is given provisional credit for the currency deposits reflected on each Virtual Vault Report. In order to utilize the Virtual Vault Service Customer is required to contract with a third party service provider approved by Bank (the "Virtual Vault Vendor") for the purchase/ lease and installation of the Smart Safe. Customer hereby agrees to comply with its obligations under the Virtual Vault Vendor Agreement. The Virtual Vault Vendor provides its services on behalf of Customer and is not an agent of the Bank. Customer acknowledges that provisional credit may only be available for those currency deposits communicated to Bank by the Smart Safe Vendor even if such deposits are inserted by Customer prior to the applicable deadline. Bank reserves the right to refuse to provide provisional credit for any Deposits at its reasonable discretion. Any Items other than currency deposited into a Smart Safe shall not be eligible for provisional credit and Customer shall not receive credit for any such Items until such Items have been duly delivered to Bank or a Bank vault location and processed in accordance with Section 3 above.