Processing of Electronic Items Sample Clauses
Processing of Electronic Items. Seller will provide Buyer, at least twenty (20) Business Days before Closing, the list of all ACH entries for electronic transfer accounts domiciled at the Branches. Buyer shall continue such ACH arrangements and such recurring debit arrangements as are originated and administered by third parties and for which Buyer need act only as processor. Buyer shall have no obligation to continue any such arrangements that were originated and administered by Seller and Seller shall terminate such arrangements on or before the Closing Date. Within five (5) days after the Closing, Buyer shall notify ACH originators with respect to Deposit Liabilities to change the routing numbers and account numbers from those of Seller to those of Buyer in compliance with NACHA rules and regulations. Seller will continue to accept and transmit to Buyer ACH entries and corresponding funds for ninety (90) calendar days following Closing. Seller, at Buyer’s expense, agrees for a period of ninety (90) calendar days after the Closing Date to provide electronic “ACH format” transmissions to Buyer no later than 2:00 p.m. on each Business Day of all such ACH transfers received by Seller on the previous Business Day for same day settlement. After the ninety (90) day period, Seller may discontinue accepting and forwarding ACH entries and funds and return them to the originators marked “Account Closed.” In the case of FED Wires intended for Deposit Accounts, Seller shall remit and transfer to Buyer no later than 3:00 p.m. (EST) on each business day all FED Wire received for such Deposit Accounts. Compensation for FED Wires not delivered to Buyer will be the sole responsibility of Seller. Seller may discontinue accepting and forwarding FED Wires after the ninety (90) day period and return them to the originators marked “Account Closed”.
Processing of Electronic Items. Seller will provide Purchaser, at least twenty (20) Business Days prior to Closing Date, the list of Automated Clearing House ("ACH") entries for electronic transfer accounts domiciled at the Branches. Purchaser shall continue such ACH arrangements and such recurring debit arrangements as are originated and administered by third parties and for which Purchaser need act only as processor. Purchaser shall have no obligation to continue any such arrangements that were originated and administered by Seller and Seller shall terminate such arrangements on or prior to the Closing Date. Within five (5) days after the Closing Date, Purchaser shall notify ACH originators with respect to Deposit Liabilities to change the routing numbers and account numbers from those of Seller to those of Purchaser. Seller will continue to accept and forward to Purchaser ACH entries and corresponding funds and notifications of changes to ACH originators for sixty (60) calendar days following Closing. Seller agrees that any daily magnetic tapes or electronic transmissions provided to an agent for processing designated by Purchaser shall include a record of all such recurring ACH transfers received by Seller on the previous Business Day. After the sixty (60) day period, Seller may discontinue accepting and forwarding ACH entries and funds and return them to the originators marked "Account Closed."
Processing of Electronic Items. For a period not to exceed three months after the Closing Date Seller agrees to continue to receive after the Closing on behalf of Purchaser all federal recurring payments or ACH transfers currently directed to Seller. Seller also agrees that any daily magnetic tapes or electronic transmissions provided to Purchaser pursuant to section 7.2 herein shall include a record of all such recurring federal payments or ACH transfers received by Seller on the previous business day. Purchaser agrees to reimburse Seller for any telephone costs incurred by Seller in the provision of this service.
Processing of Electronic Items. Seller will provide Buyer, at ------------------------------- least twenty (20) Business Days prior to Closing, the list of ACH entries for electronic transfer accounts domiciled at the Branch Office. Buyer shall continue such ACH arrangements and such recurring debit arrangements as are originated and administered by third parties and for which Buyer need act only as processor. Buyer shall have no obligation to continue any such arrangements that were originated and administered by Seller and Seller shall terminate such arrangements on or prior to the Closing Date. Within thirty (30) days after Closing, Buyer shall notify ACH originators with respect to Target Deposits to change the routing numbers and account numbers from those of Seller to those of Buyer. Seller will continue to accept and forward to Buyer ACH entries and corresponding funds for sixty (60) calendar days following Closing. Seller agrees that any daily magnetic tapes or electronic transmissions provided to Buyer shall include a record of all such recurring ACH transfers received by Seller on the previous Business Day. After the sixty (60) day period, Seller may discontinue accepting and forwarding ACH entries and funds and return them to the originators marked "Account Closed."