ACH Items Sample Clauses
ACH Items. Seller and Buyer will use their best efforts to transfer all ACH arrangements to Buyer as soon as possible after the Closing Date. At least fifteen (15) Business Days prior to the Closing Date, Seller will deliver to Buyer (i) a listing of account numbers for all accounts being assumed by Buyer subject to ACH Items and Recurring Debit arrangements, and (ii) all other records and information necessary for Buyer to administer such arrangements. Buyer shall continue such ACH arrangements and such Recurring Debit arrangements as are originated and administered by third parties and for which Buyer need act only as processor; Buyer shall have no obligation to continue Recurring Debit arrangements that were originated or administered by Seller, and Seller, if so directed by Buyer, shall terminate such arrangements on or prior to the Closing Date. After the Closing Date Seller will use its best efforts by 11:00 a.m. on each Business Day, to (1) telecopy or deliver to Buyer, at such address as Buyer may from time to time designate, a detailed listing of all debits and credits of ACH Items or Recurring Debit activity affecting the Deposits during the prior Business Day, and (ii) remit by wire transfer to Buyer all ACH Item funds then known by Seller that are intended for Deposit accounts being transferred to Buyer; provided, however, that Seller's obligation to deliver such summaries of its expenses and to forward such ACH Items shall continue only until one hundred twenty (120) days after the Closing Date. Thereafter, Seller will return all ACH Items to the paying party. All amounts due and not paid by 11:00 a.m. on the date payment is due shall accrue interest at a rate equal to the Fed Funds Rate as of the date such payment is due.
ACH Items. ACH items will be handled in the following manner:
(i) At least thirty (30) calendar days prior to the Closing Date, Seller will deliver to Purchaser (A) a modem transmission of all ACH Items and recurring debit arrangements in standard ACH format, (B) copies of all ACH origination forms for social security payments and recurring debit arrangements being assumed by Purchaser hereunder, and (C) all other records and information in Seller's possession necessary for Purchaser to administer such arrangements.
(ii) As soon as possible after the Closing Date, Seller and Purchaser will use their reasonable efforts to transfer all ACH arrangements to Purchaser. Purchaser shall continue such ACH arrangements and such recurring debit arrangements as are originated and administered by third parties and for which Purchaser need act only as
ACH Items. (i) Beginning at least thirty (30) calendar days prior to the Closing Date, Seller will deliver each day to Purchaser a modem transmission or paper report of all ACH Items and recurring debit/credit arrangements in standard ACH format.
(ii) At least thirty (30) calendar days prior to the Closing Date, Seller will deliver to Purchaser, (A) copies of any ACH origination forms for social security payments and recurring debit/credit arrangements being assumed by Purchaser which are in Seller's possession hereunder, and (B) all other records and information in Seller's possession necessary for Purchaser to administer such arrangements.
(iii) As soon as possible after the Closing Date, Seller and Purchaser will use their reasonable efforts to transfer all ACH arrangements to Purchaser. Purchaser shall continue such ACH arrangements and such recurring debit arrangements as are originated and administered by third parties and for which Purchaser need act only as processor.
ACH Items. The term “ACH Items” means automated clearing house debits and credits, including social security payments, federal recurring payments and other payments debited and/or credited to or from Deposit accounts pursuant to arrangements between the owner of the account and a third party directly making the credits or debits.
ACH Items. ACH items will be handled in the following manner:
(i) Beginning at least thirty (30) calendar days prior to the Closing Date, Seller will deliver each day to Purchaser a modem transmission or paper report of all ACH Items and recurring debit/credit arrangements in standard ACH format.
(ii) At least thirty (30) calendar days prior to the Closing Date, Seller will deliver to Purchaser, (A) copies of any ACH origination forms for social security payments and recurring debit/credit arrangements being assumed by Purchaser which are in Seller's possession hereunder, and (B) all other records and information in Seller's possession necessary for Purchaser to administer such arrangements.
(iii) As soon as possible after the Closing Date, Seller and Purchaser will use their reasonable efforts to transfer all ACH arrangements to Purchaser. Purchaser shall continue such ACH arrangements and such recurring debit arrangements as are originated and administered by third parties and for which Purchaser need act only as processor.
(iv) Beginning on the Closing Date and for one hundred and twenty (120) calendar days after the Closing Date, Seller shall use commercially reasonable efforts to, prior to 12:00 p.m. (New York
ACH Items. Seller or its vendor will provide to Buyer on or before the Closing Date a list of those originators who, within four (4) months prior to the Closing Date, originated ACH transfers to or from the sold Deposit accounts. The Buyer will promptly use this file of incoming transactions to notify such originators that such Deposit accounts have been sold to Buyer and to provide such originators with the new ABA and account numbers for such sold Deposit accounts. For a period (the "ACH Transaction Transfer Period") of 90 days after the Closing Date, a daily file of incoming transferred transactions will be provided to Buyer. This file will be made available to the Buyer through the use of a mutually acceptable method of transferring ACH transactions and information. The file completion time will be approximately 6:30 a.m. ET. During the ACH Transaction Transfer Period, for ACH transactions presented to Seller on sold Deposit accounts, Seller shall provide next-day net settlement debit or credit transactions. At least thirty (30) days prior to the Closing Date, Buyer must provide Seller with its ABA and settlement account number and written authorization to post transactions. Upon the conclusion of the ACH Transaction Transfer Period, Seller or its vendor shall return all ACH transactions to the originator. For 90 days after the expiration of the ACH Transaction Transfer Period, the reason code (R12 - "Account Sold to Another Financial Institution.") will be provided to the originator. Thereafter, Seller or its vendor will revert to the normal return message provided originators, which is R02 - "Return - Account Closed."
ACH Items. Seller and Buyer will use their best efforts to transfer existing ACH arrangements to Buyer as soon as possible after the Closing Date. At least thirty (30) calendar days prior to the Closing Date, Seller will deliver to Buyer (i) a modem transmission of existing ACH Items and Recurring Debit Arrangements, (ii) copies of existing ACH origination forms for social security payments and Recurring Debit arrangements being assumed by Buyer hereunder, and (iii) all other records and information necessary for Buyer to administer such arrangements. Buyer shall continue such ACH arrangements and such Recurring Debit arrangements as are originated and administered by third parties and for which Buyer need act only as processor. Buyer shall have no obligation to continue Recurring Debit arrangement that were originated or administered by Seller, and Seller shall terminate such arrangements on or prior to the Closing Date. After the Closing Date, Seller will use its best efforts to (i) by no later than 6:00 p.m. on each business day, transmit or deliver to Buyer, at such address as Buyer may from time to time designate, a summary of ACH Items or Recurring Debit activity affecting the Accounts during the prior business day; and (ii) remit by wire transfer to Buyer all ACH Item funds then known by Seller, that are intended for Accounts being transferred to Buyer; provided, however, that Seller's obligation to deliver such summaries and to forward such ACH Items shall continue only until one hundred twenty (120) calendar days after the Closing Date. Thereafter, Seller will return all ACH Items to the originating depository financial institution ("ODFI").