Common use of Clearing Items Clause in Contracts

Clearing Items. (a) During the ninety (90) day period following the Closing Date, if any checks, drafts, or other debit items (including automated clearing house or other automatic or preauthorized drafts or payment orders) on a Deposit account are presented to or received by Seller through the banking system, Seller will make provisional settlement to the presenting institution for any such debit item and will forward such checks and other items on such Deposit to Buyer no later than the next Banking Day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three (3) Banking Days. Upon timely presentation to Buyer, Buyer will assume all responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation or with ordinary care), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of items. (b) Seller will use reasonable efforts to transfer to Buyer on the Closing Date all of those automated clearing house and FedWire direct deposit arrangements that are tied by agreement or other standing arrangement to the Deposits. However, during the ninety (90) day period following the Closing Date, if any automated clearing house or other automatic credits or deposits to a Deposit account are received by Seller through the banking system, Seller shall accept any such credit item and pay the amount thereof to Buyer no later than the next Banking Day. (c) Seller shall provide to Buyer each day an electronic listing of all debit and credit items received and settled for that day as described above, and Seller and Buyer shall cooperate to establish reasonable procedures for content and transmittal of those daily listings and for payments to each other of amounts due under this Section 2.11. (d) Upon the expiration of such ninety (90) day period, Seller may cease forwarding to Buyer checks and other debit items against the Deposit accounts and return them to the originators marked “Account Closed” and may cease accepting any such credit items. However, during the ninety (90) day period, Seller and Buyer agree to cooperate to communicate with Customers and automated clearing house originators in an effort to avoid the continuing presentment of debit and credit items to Seller and to establish reasonable procedures for the handling of any such debit or credit items following the ninety (90) day period in an effort to avoid, to the extent practicable, the return of any Customer’s debit or credit items and the resulting inconvenience or harm to that Customer.

Clearing Items. (a) During the ninety (90) 45-day period following the Closing Date, if any checks, drafts, drafts or other debit items (including automated clearing house or other automatic or preauthorized drafts or payment orders) on a Deposit account are presented to or received by Seller through the banking system, Seller will make provisional settlement to the presenting institution for any such debit item and will forward deliver such checks and other items on such Deposit to Buyer no later than the next Banking Day business day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three (3) Banking Daysbusiness days. Upon timely presentation to Buyer, Buyer will assume all responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation regulation, or with ordinary care), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of items. (b) Seller will use reasonable efforts to transfer to Buyer on . During the Closing Date all of those automated clearing house and FedWire direct deposit arrangements that are tied by agreement or other standing arrangement to the Deposits. However, during the ninety (90) 60-day period following the Closing Date, if any automated clearing house or other automatic credits or deposits to a Deposit account are received by Seller through the banking system, Seller shall accept any such credit item and pay the amount thereof to Buyer no later than the next Banking Day. (c) business day. During the 60-day period following the Closing Date, if any automated clearing house or other automatic debits from a Deposit account are received by Seller through the banking system, Seller will make provisional settlement thereof no later than the next business day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three business days. Seller shall provide to Buyer each day an electronic listing of all debit and credit items received and settled for that day as described abovein this Section 9.3, and Seller and Buyer shall cooperate to establish reasonable procedures for content and transmittal of those daily listings and for payments to each other of amounts due under this Section 2.11. (d) 9.3 by credit to the deposit accounts established as described in Section 9.12 below. Upon the expiration of such ninety 45-day period (90) and with respect to automated clearing house or other automatic credits or debits to a Deposit account, upon expiration of a 60-day period), Seller may cease forwarding to Buyer checks and other debit items against the Deposit accounts and return them to the originators marked “Account Closed,” and may cease accepting any such credit items. However, during During the ninety (90) 60-day period, Seller and Buyer agree to cooperate to communicate with Customers and automated clearing house originators in an effort to avoid the continuing presentment of debit and credit items to Seller and to establish reasonable procedures for the handling of any such debit or credit items following the ninety (90) day period transitional time periods set forth in an effort this Section 9.3, so as to avoid, to the extent practicable, the return of any Customer’s debit or credit items and the resulting inconvenience or harm to that Customer.