Common use of Processing of Electronic Items Clause in Contracts

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”.