Common use of Loans and Deposits Clause in Contracts

Loans and Deposits. For a period of sixty (60) calendar days after the Closing Date, Seller will forward to Buyer as soon as reasonably possible any loan payments received by Seller made with respect to Loans purchased by Buyer and any deposits received by Seller made with respect to Deposits. Buyer shall reimburse Seller upon demand for checks returned on payments forwarded by Seller to Buyer. If the balance due on any Loan purchased pursuant to Section 1.01(d) has been reduced by Seller as a result of a payment by check received prior to the Closing Date, which item is returned after the Closing Date, the Acquisition Value represented by the Loan transferred shall be correspondingly increased and an amount in cash equal to such increase shall be paid by Buyer to Seller promptly upon demand.

Appears in 3 contracts

Samples: Branch Purchase and Assumption Agreement (Harrington West Financial Group Inc/Ca), Branch Purchase and Assumption Agreement (Gold Banc Corp Inc), Branch Purchase and Assumption Agreement (Gold Banc Corp Inc)

AutoNDA by SimpleDocs

Loans and Deposits. For a period of sixty (60) 90 calendar days after the Closing Date, Seller will forward to Buyer as soon as reasonably possible any loan payments received by Seller made with respect to Loans purchased by Buyer and any deposits received by Seller made with respect to DepositsBuyer. Buyer shall reimburse Seller upon demand for checks returned on payments forwarded by Seller to Buyer. If the balance due on any Loan purchased pursuant to Section 1.01(d) has been reduced by Seller as a result of a payment by check received prior to the Closing Date, which item is returned after the Closing Date, the Acquisition Value represented by the Loan transferred shall be correspondingly increased and an amount in cash equal to such increase shall be paid by Buyer to Seller promptly upon demand.

Appears in 2 contracts

Samples: Branch Purchase and Assumption Agreement (Limestone Bancorp, Inc.), Branch Purchase and Assumption Agreement (Citizens First Corp)

Loans and Deposits. For a period of sixty (60) 90 calendar days ------------ -------------------- after the Closing Date, Seller will forward to Buyer as soon as reasonably possible possible, but in no event more than ten (10) days after receipt, any loan payments received by Seller made with respect to Loans purchased by Buyer and any deposits received by Seller made with respect to DepositsBuyer. Buyer shall reimburse Seller upon demand for checks returned on payments forwarded by Seller to Buyer. If the balance due on any Loan purchased pursuant to Section 1.01(d) has been reduced by Seller as a result of a payment by check received prior to the Closing Date, which item is returned after the Closing Date, the Acquisition Value represented by the Loan transferred shall be correspondingly increased and an amount in cash equal to such increase shall be paid by Buyer to Seller promptly upon demand.

Appears in 1 contract

Samples: Branch Purchase and Assumption Agreement (First Southern Bancshares Inc/De)

Loans and Deposits. For a period of sixty (60) 60 calendar days after the Closing Date, Seller will forward to Buyer as soon as reasonably possible any loan payments received by Seller made with respect to Loans purchased by Buyer and any deposits received by Seller made with respect to DepositsBuyer. Buyer shall reimburse Seller upon demand for checks returned on payments forwarded by Seller to Buyer. If the balance due on any Loan purchased pursuant to Section 1.01(d) has been reduced by Seller as a result of a payment by check received prior to the Closing Date, which item is returned after the Closing Date, the Acquisition Value represented by the Loan transferred shall be correspondingly increased and an amount in cash equal to such increase shall be paid by Buyer to Seller promptly upon demand.

Appears in 1 contract

Samples: Branch Purchase and Assumption Agreement (Jacksonville Bancorp Inc)

AutoNDA by SimpleDocs

Loans and Deposits. For a period of sixty (60) calendar days after the Closing Date, Seller will forward to Buyer as soon as reasonably possible any loan payments received by Seller made with respect to Loans purchased by Buyer and any deposits received by Seller made with respect to Deposits. Buyer shall will reimburse Seller upon demand for checks returned on payments forwarded by Seller to Buyer. If the balance due on any Loan purchased pursuant to Section 1.01(d) has been reduced by Seller as a result of a payment by check received prior to the Closing Date, which item is returned after the Closing Date, the Acquisition Value acquisition value represented by the Loan transferred shall will be correspondingly increased and an amount in cash equal to such increase shall will be paid by Buyer to Seller promptly upon demand.

Appears in 1 contract

Samples: Branch Purchase and Assumption Agreement (Ames National Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.