Common use of Safe Deposit Business Clause in Contracts

Safe Deposit Business. (a) As of the Effective Time, Purchaser will assume and discharge Seller's obligations with respect to the safe deposit box business at the Banking Centers arising on or after the Effective Time in accordance with the terms and conditions of contracts or rental agreements related to such business, and Purchaser will maintain all facilities necessary for the use of such safe deposit boxes by persons entitled to use them; provided, that nothing herein shall be deemed to prohibit Purchaser, after the Effective Time, from discontinuing the safe deposit box services or facilities at the Banking Centers (all in accordance with applicable law and any contractual obligations regarding the same).

Appears in 4 contracts

Samples: Purchase and Assumption Agreement (BNC Bancorp), Purchase and Assumption Agreement (Hampton Roads Bankshares Inc), Purchase and Assumption Agreement (Hampton Roads Bankshares Inc)

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Safe Deposit Business. (a) As of the Effective Time, Purchaser will assume and discharge Seller's ’s obligations with respect to the safe deposit box business at the Banking Centers arising on or after the Effective Time in accordance with the terms and conditions of contracts or rental agreements related to such businessthe Safe Deposit Contracts, and Purchaser will maintain all facilities necessary for the use of such safe deposit boxes by persons entitled to use them; provided, that nothing herein shall be deemed to prohibit Purchaser, after the Effective Time, from discontinuing the safe deposit box services or facilities at the Banking Centers (all in accordance with applicable law and any contractual obligations regarding the same).

Appears in 2 contracts

Samples: Purchase and Assumption Agreement (Virginia Financial Group Inc), Purchase and Assumption Agreement (Virginia Financial Group Inc)

Safe Deposit Business. (a) As of the Effective Time, Purchaser will assume and discharge Seller's ’s obligations with respect to the safe deposit box business at the Banking Centers arising on or after the Effective Time in accordance with the terms and conditions of contracts or rental agreements related to such business, and Purchaser will maintain all facilities necessary for the use of such safe deposit boxes by persons entitled to use them; provided, provided that nothing herein shall be deemed to prohibit Purchaser, after the Effective Time, from discontinuing the safe deposit box services or facilities at the Banking Centers (all in accordance with applicable law and any contractual obligations regarding the same).

Appears in 2 contracts

Samples: Purchase and Assumption Agreement (Eastern Virginia Bankshares Inc), Purchase and Assumption Agreement (New Peoples Bankshares Inc)

Safe Deposit Business. (a) As of the Effective Time, Purchaser will assume and discharge Seller's ’s obligations with respect to the safe deposit box business at the Banking Centers arising on or after the Effective Time in accordance with the terms and conditions of contracts or rental agreements related to such business, and Purchaser will maintain all facilities necessary for the use of such safe deposit boxes by persons entitled to use them; provided, that nothing herein shall be deemed to prohibit Purchaser, after the Effective Time, from discontinuing the safe deposit box services or facilities at the Banking Centers (all in accordance with applicable law and any contractual obligations regarding the same).

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Ecb Bancorp Inc)

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Safe Deposit Business. (a) As of the Effective Time, Purchaser will assume and discharge Seller's obligations with respect to the safe deposit box business at the Banking Centers Branches arising on or after the Effective Time in accordance with the terms and conditions of contracts or rental agreements related to such businessthe Safe Deposit Contracts, and Purchaser will maintain all facilities necessary for the use of such safe deposit boxes by persons entitled to use them; provided, that nothing herein shall be deemed to prohibit Purchaser, after the Effective Time, from discontinuing the safe deposit box services or facilities at the Banking Centers Branches (all in accordance with applicable law and any contractual obligations regarding the same).

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Chemung Financial Corp)

Safe Deposit Business. (a) As of the Effective Time, Purchaser will assume and discharge Seller's ’s obligations with respect to the safe deposit box business at the Banking Centers Center arising on or after the Effective Time in accordance with the terms and conditions of contracts or rental agreements related to such business, and Purchaser will maintain all facilities necessary for the use of such safe deposit boxes by persons entitled to use them; provided, provided that nothing herein shall be deemed to prohibit Purchaser, after the Effective Time, from discontinuing the safe deposit box services or facilities at the Banking Centers Center (all in accordance with applicable law and any contractual obligations regarding the same).

Appears in 1 contract

Samples: Purchase and Assumption Agreement (First National Corp /Va/)

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