Common use of Credit Transactions Clause in Contracts

Credit Transactions. Credit Transactions are to be delivered on or before two banking days prior to the effective date of the entries contained within the file. Should the Bank on an exception basis choose to accept entries received on the last banking day prior to the effective entry date, it does not create a future obligation to do so. Any entries not received on or before two banking days prior to the effective entry date may experience delays in settlement and Bank will be held harmless in the event settlement does not occur on the effective entry date