Common use of Processing of Electronic Items Clause in Contracts

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. 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 BranchesBranch. 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."