Common use of Check Sorting Clause in Contracts

Check Sorting. For ninety (90) days following the Closing Date, on a daily basis Seller shall out sort all checks drawn on an account maintained at any Branch office and prepare them to be couriered to Purchaser at a location designated by Purchaser by the close of business on the day they are received; provided that Seller shall also transmit to Purchaser, as instructed by Purchaser, copies of all items payable in the amount of $2,500 or more. Purchaser shall arrange and pay for all couriers that are necessary for check processing activity during this period. Purchaser shall settle for the gross dollar amount of out sorted checks drawn on an account maintained at any Branch Office by wire transfer in immediately available funds to Seller's Account on the day that Purchaser receives the daily accounting of debits from Seller; provided, however, that after thirty (30) days following the Closing Date, Purchaser shall settle on a weekly basis by wire transfer in immediately available funds. All rejected checks written on an account maintained at any Branch Office which is transferred to Purchaser pursuant to this Agreement are to be the responsibility of Purchaser. After the ninety (90) day period, Seller may return such items marked "Account Closed".

Check Sorting. For ninety (90) calendar days following the Closing Date, on a daily basis Seller shall out sort all checks drawn on an account maintained at any the Branch office Office and prepare them to be couriered to Purchaser at a location designated by Purchaser by the close of business on the day they are received; provided that Seller shall also transmit to Purchaser, as instructed by Purchaser, copies of all items payable in the amount of $2,500 or more. Purchaser shall arrange and pay for all couriers that are necessary for check processing activity during this period. Purchaser shall settle for the gross dollar amount of out sorted checks drawn on an account maintained at any the Branch Office by wire transfer in immediately available funds to Seller's Account on the day that Purchaser receives the daily accounting of debits from Seller; provided, however, that after thirty (30) calendar days following the Closing Date, Purchaser shall settle on a weekly basis by wire transfer in immediately available funds. All rejected checks written on an account maintained at any the Branch Office which is transferred to Purchaser pursuant to this Agreement are to be the responsibility of Purchaser. After the ninety (90) calendar day period, Seller may return such items marked "Account Closed".

Check Sorting. For ninety (90) calendar days following the Closing Date, on a daily basis Seller shall out sort all checks drawn on an account maintained at any the Branch office Office and prepare them to be couriered to Purchaser at a location designated by Purchaser by the close of business on the day they are received; provided that Seller shall also transmit to Purchaser, as instructed by Purchaser, copies of all items payable in the amount of $2,500 or more. Purchaser shall arrange and pay for all couriers that are necessary for check processing activity during this period. Purchaser shall settle for the gross dollar amount of out sorted checks drawn on an account maintained at any the Branch Office by wire transfer in immediately available funds to Seller's Account on the day that Purchaser receives the daily accounting of debits from Seller; provided, however, that after thirty (30) calendar days following the Closing Date, Purchaser shall settle on a weekly basis by wire transfer in immediately available funds. All rejected checks written on an account maintained at any the Branch Office which is that are transferred to Purchaser pursuant to this Agreement are is to be the responsibility of Purchaser. After the ninety (90ninety-(90) calendar day period, Seller may return such items marked "Account Closed".