Common use of Payment Items Clause in Contracts

Payment Items. Buyer shall establish the Correspondent Account with Seller prior to the Closing. For a period of one hundred and twenty (120) calendar days after the Closing Date, Seller shall forward to Buyer all items presented to Seller for payment against the Assumed Deposit Accounts and Purchased Account Loans (“Payment Items”) on the next Business Day after such Payment Items are received. Buyer and Seller agree that any costs incurred to retain a third party to provide timely forwarding of such Payment Items to Buyer shall be borne equally by Buyer and Seller. Seller will deduct payment for these Payment Items from the Correspondent Account held by Seller on the day such Payment Items are forwarded to Buyer; provided, that if Buyer instructs Seller to return any such Payment Item, then Seller will not deduct the amount of such returned Payment Item from the Correspondent Account. Seller shall provide Buyer by 10:00 A.M. (local time) items from the Correspondent Account. Seller shall notify Buyer by noon each Business Day of the items presented to Seller for payment against the Assumed Deposit Accounts and any Purchased Account Loans on the prior Business Day and Buyer shall deposit in the Correspondent Account funds sufficient to cover the items presented to the Buyer each Business Day. Buyer shall issue checks or other payment items bearing Buyer’s routing transit and account number to Assumed Deposit Account customers within ten (10) Business Days following the Closing Date. These items shall replace items issued with Seller’s identification on them. Seller shall have no obligation to pay such Payment Items and Seller shall use its commercially reasonable efforts not to return any Payment Item.

Payment Items. Buyer shall establish the Correspondent Account a correspondent account with Seller prior to the Closing. For Then, for a period of one hundred and twenty (120) calendar days after the Closing Date, Seller shall forward to Buyer all items presented to Seller for payment against the Assumed Deposit Accounts and Purchased Account Loans (“"Payment Items”") on the next Business Day business day after such Payment Items are received. Buyer and Seller agree that any costs incurred to retain a third party to provide timely forwarding of such Payment Items to Buyer shall be borne equally by Buyer and Seller. Seller will deduct payment for these Payment Items items from the Correspondent Account Buyer's correspondent account held by Seller on the day or before such Payment Items are forwarded to Buyer; provided, that if Buyer instructs time as is required for Seller to return any meet its midnight deadline with respect to such Payment Item, then Seller will not deduct the amount of such returned Payment Item from the Correspondent Account. Seller shall provide Buyer by 10:00 A.M. (local time) items from the Correspondent Accountitems. Seller shall notify Buyer by noon each Business Day business day of the items presented to Seller for payment against the Assumed Deposit Accounts and any Purchased Account Loans on the prior Business Day business day and Buyer shall deposit in the Correspondent Account wire funds sufficient to cover the items presented to the Buyer each Business Daybusiness day to the Buyer correspondent account held by Seller. Buyer shall issue checks or other payment items Payment Items bearing Buyer’s 's routing transit and account number to Assumed Deposit Account customers within ten (10) Business Days 10 business days following the Closing Date. These items shall replace items issued with Seller’s 's identification on them. Seller shall have no obligation to pay such Payment Items and Seller shall use its commercially reasonable efforts not to return any Payment Item.

Payment Items. Buyer shall establish the Correspondent Account a correspondent account with Seller prior to the Closing. For Then, for a period of one hundred and twenty (120) calendar days after the Closing Date, Seller shall forward to Buyer all items presented to Seller for payment against the Assumed Deposit Accounts and Purchased Account Loans (“Payment Items”) on the next Business Day business day after such Payment Items are received. Buyer and Seller agree that any costs incurred to retain a third party to provide timely forwarding of such Payment Items to Buyer shall be borne equally by Buyer and Seller. Seller will deduct payment for these Payment Items items from the Correspondent Account Buyer’s correspondent account held by Seller on the day or before such Payment Items are forwarded to Buyer; provided, that if Buyer instructs time as is required for Seller to return any meet its midnight deadline with respect to such Payment Item, then Seller will not deduct the amount of such returned Payment Item from the Correspondent Account. Seller shall provide Buyer by 10:00 A.M. (local time) items from the Correspondent Accountitems. Seller shall notify Buyer by noon each Business Day business day of the items presented to Seller for payment against the Assumed Deposit Accounts and any Purchased Account Loans on the prior Business Day business day and Buyer shall deposit in the Correspondent Account wire funds sufficient to cover the items presented to the Buyer each Business Daybusiness day to the Buyer correspondent account held by Seller. Buyer shall issue checks or other payment items Payment Items bearing Buyer’s routing transit and account number to Assumed Deposit Account customers within ten (10) Business Days business days following the Closing Date. These items shall replace items issued with Seller’s identification on them. Seller shall have no obligation to pay such Payment Items and Seller shall use its commercially reasonable efforts not to return any Payment Item. Seller shall establish a correspondent account with another financial institution, reasonably acceptable to the Buyer, with such institution to assume its obligations under this section following the liquidation of the Seller. Any costs imposed by such institution shall be borne by Seller and provided further, the Company shall not be relieved of its obligation to perform Seller’s duties due to the appointment of a successor institution.