Common use of Returned Items Clause in Contracts

Returned Items. Any items that were credited for deposit to or cashed against a Deposit or a purchased Excluded Deposit prior to the Closing and are returned unpaid or involve encoding errors or disputes of Regulation E, but excluding foreign items, on or within ninety (90) calendar days after the Closing Date (“Returned Items”) will be handled as set forth herein. If Seller’s account is charged for the Returned Item, Seller shall forward such Returned Item to Purchaser and shall credit the Correspondent Account for the full amount of the Returned Item. If upon Purchaser’s receipt of such Returned Item there are sufficient funds in the Deposit or purchased Excluded Deposit to which such Returned Item was credited or in any other Deposit or purchased Excluded Deposit transferred at Closing standing in the name of the party responsible for such Returned Item, Purchaser will debit any or all such Deposits or purchased Excluded Deposits in the amount equal in the aggregate to the Returned Item. If there are not then sufficient funds in the Deposit or purchased Excluded Deposit, together with all other Deposits and purchased Excluded Deposits transferred at Closing standing in the name of the party responsible for such Returned Item, for Seller to recover the full amount of the Returned Item, Seller shall debit the Correspondent Account for the unrecovered portion of the Returned Item; provided, however, that if there are not sufficient funds in the Deposit or purchased Excluded Deposit because of Purchaser’s failure to honor holds placed on such Deposits or purchased Excluded Deposits prior to the Closing and disclosed in writing to Purchaser prior to Closing, Seller shall not debit the Correspondent Account for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against a Deposit or purchased Excluded Deposit prior to the Closing and are returned unpaid more than ninety (90) calendar days after the Closing Date will be the responsibility of Seller.

Returned Items. Any items that were credited for deposit to or cashed against a Deposit or a purchased Excluded Deposit prior to the Closing and are returned unpaid or involve encoding errors or disputes of Regulation E, but excluding foreign items, on or within ninety (90) calendar days after the Closing Date (“Returned Items”) will be handled as set forth herein. If Seller’s account is charged for the Returned Item, Seller shall forward such Returned Item to Purchaser and shall credit the Correspondent Account for the full amount of the Returned Item. If upon Purchaser’s receipt of such Returned Item there are sufficient funds in the Deposit or purchased Excluded Deposit to which such Returned Item was credited or in any other Deposit or purchased Excluded Deposit transferred at Closing standing in the name of the party responsible for such Returned Item, Purchaser will debit any or all such Deposits or purchased Excluded Deposits in the amount equal in the aggregate to the Returned Item. If there are not then sufficient funds in the Deposit or purchased Excluded Deposit, together with all other Deposits and purchased Excluded Deposits transferred at Closing standing in the name of the party responsible for such Returned Item, for Seller to recover the full amount of the Returned Item, Seller shall debit the Correspondent Account for the unrecovered portion of the Returned Item; provided, however, that if there are not sufficient funds in the Deposit or purchased Excluded Deposit because of Purchaser’s failure to honor holds placed on such Deposits or purchased Excluded Deposits prior to the Closing and disclosed in writing to Purchaser prior to Closing, Seller shall not debit the Correspondent Account for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against a Deposit or purchased Excluded Deposit prior to the Closing and are returned unpaid more than ninety (90) calendar days after the Closing Date will be the responsibility of Purchaser; provided, further however, that for a period of eighteen (18) months after the Closing checks drawn on the United States Treasury and checks issued by state governments and municipalities will be the responsibility of Seller and for a period of twenty-four (24) months after the Closing checks returned for endorsement irregularities shall be the responsibility of Seller. All amounts due to either party under this Section 6.5 shall be determined without regard to any Floor Amount.

Returned Items. Any items that were credited for deposit to or cashed against a Deposit or a purchased Excluded Deposit prior to the Closing and are returned unpaid or involve encoding errors or disputes of Regulation E, but excluding foreign items, on or within ninety (90) calendar days after the Closing Date (“Returned Items”) will be handled as set forth herein. If Seller’s 's bank account is charged for the a Returned Item, Seller shall forward such Returned Item to Purchaser and shall credit the Correspondent Account for the full amount of the Returned ItemBuyer, with same-day notification to Buyer. If upon Purchaser’s Buyer's receipt of such Returned Item there are sufficient funds in the Deposit or purchased Excluded Deposit Liability account to which such Returned Item was credited or in any other Deposit or purchased Excluded Deposit Liability account transferred at the Closing standing in the name of the party responsible liable for such Returned Item, Purchaser Buyer will debit any or all of such Deposits or purchased Excluded Deposits Deposit Liability accounts in the an amount equal in the aggregate to the Returned Item, to the extent of any balance in such Deposit Liability account, and shall repay that amount to Seller. If there are not then sufficient funds in the Deposit or purchased Excluded Deposit, together with all other Deposits and purchased Excluded Deposits transferred at Closing standing in the name of the party responsible for such Returned Item, for Seller to recover the full amount of the Returned Item, Seller shall debit the Correspondent Account for the unrecovered portion of the Returned Item; provided, however, that if there are not sufficient funds in the Deposit or purchased Excluded Deposit Liability accounts because of Purchaser’s Seller's failure to honor holds placed on such Deposits or purchased Excluded Deposits prior Deposit Liability accounts, Buyer shall forward such Returned Item to the Closing Seller and disclosed in writing to Purchaser prior to Closing, Seller shall take responsibility for collection of the unpaid amount, and Buyer shall not debit the Correspondent Account be liable to Seller for the unrecovered portion amount of the Returned Item. If there are not sufficient funds in the Deposit Liability accounts other than because of Seller's failure to honor holds placed on such Deposit Liability accounts, Buyer shall repay the amount of the Returned Item to Seller. Any items that were credited for deposit to or cashed against a Deposit Liability account on or purchased Excluded Deposit prior to the Closing Date and are returned unpaid more than ninety (90) calendar sixty days after the Closing Date will be the responsibility of the Buyer, except that for a period of eighteen months after the Closing Date checks drawn on the United States Treasury, checks issued by state governments and municipalities, and cashier's checks will be the responsibility of Seller.

Returned Items. Any items that were item credited for deposit to an Assumed Deposit Account on or cashed against a Deposit or a purchased Excluded Deposit prior to the Closing Date and are returned unpaid or involve encoding errors or disputes of Regulation E, but excluding foreign items, on or within ninety sixty (9060) calendar days after the Closing Date (each a “Returned ItemsItem”) will be handled as set forth hereinprovided in this Section 2.8.8. If Seller’s bank account is charged for the Returned Item, Seller shall forward such Returned Item to Purchaser and shall credit the Correspondent Account for the full amount of the Returned ItemBuyer. If upon PurchaserBuyer’s receipt of such Returned Item there are sufficient funds in the Deposit or purchased Excluded Assumed Deposit to which such Returned Item was credited or in any other Deposit or purchased Excluded Assumed Deposit transferred at the Closing standing in the name of the party responsible liable for such Returned ItemItem or otherwise maintained by Buyer at one of its branches for such party, Purchaser Buyer will debit any or all of such Deposits or purchased Excluded Deposits in the Assumed Deposit Accounts an amount equal in the aggregate to the Returned Item, and shall deposit that amount in the Correspondent Account. If there are not then sufficient funds in the Deposit or purchased Excluded Deposit, together with all other Deposits and purchased Excluded Deposits transferred at Closing standing in the name of the party responsible for such Returned Item, for Seller to recover the full amount of the Returned Item, Seller shall debit the Correspondent Account for the unrecovered portion of the Returned Item; provided, however, that if there are not sufficient funds in the Deposit or purchased Excluded Assumed Deposit because of PurchaserBuyer’s failure to honor holds placed on such Deposits or purchased Excluded Deposits prior to Assumed Deposit (assuming Buyer was duly notified of the Closing and disclosed hold), Buyer shall deposit the amount of the Returned Item in writing to Purchaser prior to Closing, Seller shall not debit the Correspondent Account Account. If there are not sufficient funds in the Assumed Deposit for any other reason, Buyer shall repay the balance of the Assumed Deposit to Seller and create an overdraft for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against a an Assumed Deposit or purchased Excluded Deposit at any of Seller’s branches prior to the Closing Date and are returned unpaid more than ninety sixty (9060) calendar days after the Closing Date will be the responsibility of Buyer, except that for a period of eighteen (18) months after the Closing Date checks drawn on the United States Treasury, checks issued by state governments and municipalities and checks returned for endorsement irregularities or alterations will be the responsibility of Seller. Seller will deposit in the Correspondent Account such portion of any overdraft amount on an Assumed Deposit (including interest at the Federal Funds Rate in effect on the Closing Date) created by Returned Items received by Seller and passed on to Buyer during the sixty (60) calendar days that follow the Closing Date, which is not recovered by Buyer within sixty (60) calendar days after the Closing Date.

Returned Items. Any items that were credited for deposit to or cashed against a Deposit or a purchased Excluded Deposit prior to the Closing and are returned unpaid or involve encoding errors or disputes of Regulation E, but excluding foreign items, on or within ninety sixty (9060) calendar days after the Closing Date (“"Returned Items”") will be handled as set forth herein. If Seller’s 's account is charged for the Returned Item, Seller shall forward such Returned Item to Purchaser and shall credit the Correspondent Account for the full amount of the Returned Item. If upon Purchaser’s 's receipt of such Returned Item there are sufficient funds in the Deposit or purchased Excluded Deposit to which such Returned Item was credited or in any other Deposit or purchased Excluded Deposit transferred at Closing standing in the name of the party responsible for such Returned Item, Purchaser will debit any or all such Deposits or purchased Excluded Deposits in the amount equal in the aggregate to the Returned Item. If there are not then sufficient funds in the Deposit or purchased Excluded Deposit, together with all other Deposits and purchased Excluded Deposits transferred at Closing standing in the name of the party responsible for such Returned Item, for Seller to recover the full amount of the Returned Item, Seller shall debit the Correspondent Account for the unrecovered portion of the Returned Item; provided, however, that if there are not sufficient funds in the Deposit or purchased Excluded Deposit because of Purchaser’s 's failure to honor holds placed on such Deposits or purchased Excluded Deposits prior to the Closing and disclosed in writing to Purchaser prior to ClosingDeposits, Seller shall not debit the Correspondent Account for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against a Deposit or purchased Excluded Deposit prior to the Closing and are returned unpaid more than ninety sixty (9060) calendar days after the Closing Date will be the responsibility of Purchaser; provided, further however, that for a period of 18 months after the Closing checks drawn on the United States Treasury and checks issued by state governments and municipalities will be the responsibility of Seller and for a period of 24 months after closing checks returned for endorsement irregularities shall be the responsibility of Seller. All amounts due to either party under this Section 6.5 shall be determined without regard to any Floor Amount.

Returned Items. Any items that were credited for deposit to or cashed against a Deposit or a purchased Excluded Deposit prior to the Closing and are returned unpaid or involve encoding errors or disputes of Regulation E, but excluding foreign items, on or within ninety (90) calendar 60 days after the Closing Date (“"Returned Items”") will be handled as set forth herein. If Seller’s 's bank account is charged for the Returned Item, Seller shall forward such Returned Item to Purchaser and shall credit the Correspondent Account for the full amount of the Returned Item. If upon Purchaser’s 's receipt of such Returned Item there are sufficient funds in the Deposit or purchased Excluded Deposit to which such Returned Item was credited or in any other Deposit or purchased Excluded Deposit transferred at Closing standing in the name of the party responsible for such Returned Item, Purchaser will debit any or all such Deposits or purchased Excluded Deposits in the amount equal in the aggregate to the Returned Item. If there are not then sufficient funds in the Deposit or purchased Excluded Deposit, together with all other Deposits and purchased Excluded Deposits transferred at Closing standing in the name of the party responsible for such Returned Item, for Seller to recover the full amount of the Returned Item, Seller shall debit the Correspondent Account for the unrecovered portion of the Returned Item; provided, however, that if there are not sufficient funds in the Deposit or purchased Excluded Deposit because of Purchaser’s 's failure to honor holds placed on such Deposits or purchased Excluded Deposits prior to the Closing and disclosed in writing to Purchaser prior to ClosingDeposits, Seller shall not debit the Correspondent Account for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against a Deposit or purchased Excluded Deposit prior to the Closing and are returned unpaid more than ninety (90) calendar 60 days after the Closing Date will be the responsibility of Purchaser; provided, however, that for a period of 18 months after the Closing checks drawn on the United States Treasury and checks issued by state governments and municipalities will be the responsibility of Seller and for a period of 24 months after closing checks returned for endorsement irregularities shall be the responsibility of Seller.