Assumed Deposits means Deposits.
Assumed Deposits means (i) deposits (as defined in 12 U.S.C. § 1813(l)) that are held by Seller or any of its Subsidiaries in connection with the Transferred Business, including demand deposits, savings accounts, money market deposit accounts, mutual fund and reserve fund sweep accounts, negotiable order of withdrawal accounts, certificates of deposit, deposits acquired through the telephone or the internet or other electronic media and, subject to Section 7.12, XXX, Employee Pension Plan and Xxxxx accounts, including any debit accounts related thereto and (ii) deposits by government agencies that are booked at the Banking Centers, in each case, that are listed on Schedule 1.1(a) (as updated pursuant to Section 7.13), excluding: (i) structured deposits; (ii) brokered deposits; (iii) unclaimed deposits subject to unclaimed property statute/escheatment; and (iv) deposits constituting money orders, certified and official checks and other items in the process of clearing.
Assumed Deposits means Insured Deposits and Deposits of public money (other than such liabilities that are Insured Deposits) in the Failed Bank to the extent such Deposits are properly and fully secured. In the event that a depositor’s aggregate Deposits in the Failed Bank are in excess of its Insured Deposits, the Corporation, in accordance with its standard policies and procedures, shall determine which Deposits are assumed. A Deposit in the form of a negotiable instrument shall not be assumed by or transferred to the Assuming Institution, and any interest with respect thereto as provided in this Agreement shall not accrue or be paid until the owner thereof shall provide proof satisfactory to the Corporation that such negotiable instrument was negotiated to such owner prior to the Bank Closing Date, as provided in 12 C.F.R. § 330.5(b)(4).
Examples of Assumed Deposits in a sentence
Brokered Sweep Deposits Non-brokered reciprocal deposits and non-brokered sweep deposits pass to the Assuming Institution, but they are excluded from Assumed Deposits when the deposit premium is calculated.
The Assuming Institution, from and after the Bank Closing Date, will accrue and pay interest on Assumed Deposits pursuant to Section 2.1 at a rate( s) it determines; provided, that for non-transaction Deposit liabilities, the rate( s) will not be less than the lowest rate offered by the Assuming Institution to its depositors for non-transaction deposit accounts.
More Definitions of Assumed Deposits
Assumed Deposits means Deposits (excluding, however, brokered deposits, as defined by 12 USC 1831f).
Assumed Deposits means all Deposits existing on the Closing Date in one or more of the Branches, together with all Accrued Interest thereon as of the Closing Date; PROVIDED, HOWEVER, that Assumed Deposits shall not include any of the following, which shall be retained by Seller: (i) Deposits which secure loans, (ii) Deposits not assumed pursuant to Sections 3.2(f), 3.2(g), or 6.3, (iii) Deposits which secure Visa card accounts, and (iv) other Deposits, if any, which the Buyer has advised the Seller, at least thirty (30) Business Days prior to the Closing Date, it cannot legally accept.
Assumed Deposits. “ means Deposits.
Assumed Deposits means all Deposits existing on the Closing Date, together with all Accrued Interest thereon as of the Closing Date, but excluding any Deposits excluded pursuant to Section 2.11 or excluded by mutual agreement of Seller and Purchaser.
Assumed Deposits means Deposits
Assumed Deposits means the deposits (as defined in Section 3(l) of the FDI Act) in deposit accounts of Branch Customers booked by Seller at the Branches in the ordinary course of business and in a manner consistent with past practice (other than those deposits (1) due to be escheated in accordance with Seller’s policies and procedures, (2) associated with the Retained Businesses, (3) held as security for a Loan that is not a Purchased Loan or (4) of Retained Employees) in each case that are listed on the Assumed Deposits Schedule (as it may be updated pursuant to Section 3.4(b)).