Common use of Contract Buyout Clause in Contracts

Contract Buyout. a. Customer may terminate this Agreement at any time by giving M&I at least one hundred eighty (180) days' prior written notice and paying M&I a percentage of the total estimated remaining unpaid monthly processing fees according to the schedule following this Section. For the purpose of this computation, total estimated remaining unpaid monthly processing fees shall be equal to the mean average of the total monthly fees paid in the three (3) months preceding the termination notice, multiplied by the number of months remaining in the Agreement. If Termination Occurs During Months Buyout Percentage ------------- ----------------- 1-24 60% 25-48 50% 49-60 30% 61 and thereafter 25% b. The contract buyout amount set forth above shall be paid prior to the deconversion of any affected accounts. The contract buyout amount shall be paid by Customer regardless of the form by which the termination occurs (except as a result of an incurred Event of Default on the part of M&I), including but not limited to, sale of assets or stock, assumption of liabilities, merger, consolidation, absorption, liquidation, or termination as a result of an Event of Default on the part of Customer (as described in Section 11 of this Agreement).

Contract Buyout. a. Customer may terminate this Agreement at any time by giving M&I at least one hundred eighty (180) days' prior written notice and paying M&I a percentage of the total estimated remaining unpaid monthly processing fees according to the schedule following this which follows this Section. For the purpose of this computation, total estimated remaining unpaid monthly processing fees shall be equal to the mean average of the total monthly fees paid in the three (3) months preceding the termination notice, multiplied by the number of months remaining in the Agreement. If Termination Occurs Buyout During Months Buyout Percentage ------------- ----------------- 1-24 1 - 36 60% 25-48 5037 - 72 40% 49-60 30% 61 73 - and thereafter 2530% b. The contract buyout amount set forth above shall be paid prior to the deconversion of any affected accounts. The Except as specifically set forth in Section 13(e), the contract buyout amount shall be paid by Customer regardless of the form by which the termination occurs (except as a result of an incurred Event of Default on the part of M&I)occurs, including but not limited to, sale of assets or stock, assumption of liabilities, merger, consolidation, absorption, liquidation, or termination as a result of an Event of Default on the part of Customer (as described in Section 11 of this Agreement).