Clearing Items Sample Clauses

Clearing Items. During the 30-day period following the Closing Date, if it is not possible to clear checks and other items drawn on a Deposit account through Buyer’s then current clearing procedures, Seller will make provisional settlement to the presenting institution and will forward such checks and other items on such Deposit to Buyer, no later than the next business day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three business days. Upon the expiration of such 30-day period, Seller shall cease forwarding checks and other debits against the Deposit accounts and return them to the originators marked “Account Closed.” Upon timely presentation to Buyer, Buyer will assume all responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation, or with ordinary care), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of items.
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Clearing Items. During the ninety (90)-day period after the Closing Date, if it is not possible to clear checks and other items drawn on a Deposit account through Buyer’s then current clearing procedures, Seller shall make provisional settlement to the presenting institution and shall forward such checks and other items on such Deposit to Buyer, no later than the next Business Day after receipt thereof, and Buyer shall reimburse Seller for such provisional settlement within one (1) Business Day. Upon the expiration of the ninety (90)-day period, Seller shall cease forwarding checks and other debits against the Deposit accounts and return them to the originators marked “Account Closed.” Upon timely presentation to Buyer, Buyer shall assume all responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of items.
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Clearing Items. From the Closing Date and for one hundred eighty (180) calendar days thereafter, items drawn on Transaction Accounts assumed by the Buyer may continue to be presented to the Seller. The Seller will make provisional settlement to the presenting institution and will present such items to the Buyer within the Seller's midnight deadline. For the first ninety (90) calendar days following the Closing Date, the Seller shall perform its obligations under the first two sentences of this Section 4.6 at no cost to the Buyer. For the remaining ninety (90) calendar day period, the Buyer shall pay the Seller $0.50 for each item so processed. After one hundred eighty (180) calendar days from the Closing Date, the Seller shall return to the sender any items presented. Upon timely presentation to the Buyer, the Buyer will assume all responsibility for such items (except for such items which have not been handled by the Seller in accordance with applicable law or regulation, or with ordinary care), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of large items.
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Clearing Items. During the sixty (60) day period following the Closing Date, if it is not possible to clear checks and other items drawn on the Assumed Deposit Accounts through Buyer's then current clearing procedures, Seller will make provisional settlement to the presenting institution and will forward such checks and other items on the Assumed Deposits to Buyer, via courier, at Buyer's expense, no later than the next Business Day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement. Upon the expiration of such sixty (60) day period, Seller shall cease forwarding checks and other debits against Assumed Deposit Accounts and return them to the originators marked "Account Closed". During this sixty (60) day period, Buyer will not be obligated to pay Seller for any item processed, but after such ninety day period, Buyer will pay Seller $0.05 for each item processed by Seller. After sixty (60) days from the Closing Date, Buyer will pay Seller $1.00 for each item returned by Seller. Upon timely presentation to Buyer, Buyer will assume all responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of large items.
Sample 1
Clearing Items. During the 90-day period following the date of Closing, if it is not possible to clear checks and other items drawn on a Deposit account through Purchaser’s then current clearing procedures, Seller will provide on or before Noon of that day, a list of all items presented and the amount thereof. No later than 2:00 p.m. the same day, Purchaser will verbally notify Seller if any of such items should not be paid, and will notify Seller in writing within one business day thereafter of such fact. With respect to any items presented other than those Purchaser notifies Seller should not be paid, Seller will make provisional settlement to the presenting institution and will forward such checks and other items on such Deposit to Purchaser, no later than the next business day after receipt thereof, and Purchaser will reimburse Seller for such provisional settlement. Upon the expiration of such 90-day period, Seller shall cease forwarding checks and other debits against the Deposit accounts and return them to the originators marked “Refer to Maker”. Upon timely presentation to Purchaser, Purchaser will assume all responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation, or with ordinary care), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of items.
Sample 1
Clearing Items. From the Closing Date and for ninety (90) calendar days thereafter, items drawn on Transaction Accounts assumed by the Buyer may continue to be presented to the Seller. The Seller will make provisional settlement to the presenting institution and will forward such items to the Buyer, via courier, at Buyer's expense, no later then the next Business Day after receipt thereof, and the Buyer will reimburse the Seller for such provisional settlement. For the first ninety (90) calendar days following the Closing Date, the Seller shall perform its obligations under the first two sentences of this Section 4.6 at no cost to the Buyer. After ninety (90) calendar days from the Closing Date, the Buyer will pay the Seller $10.00 for each item processed by the Seller. Upon timely presentation to the Buyer, the Buyer will assume all responsibility for such items (except for such items which have not been handled by the Seller in accordance with applicable law or regulation, or with ordinary care), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of large items.
Sample 1
Clearing Items. During the 45-day period following the Closing Date, if any checks, drafts or other debit items on a Deposit account are presented to or received by Seller through the banking system, Seller will make provisional settlement to the presenting institution for any such debit item and will deliver such checks and other items on such Deposit to Buyer no later than the next business day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three business days. Upon timely presentation to Buyer, Buyer will assume all responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation, or with ordinary care), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of items. During the 60-day period following the Closing Date, if any automated clearing house or other automatic credits or deposits to a Deposit account are received by Seller through the banking system, Seller shall accept any such credit item and pay the amount thereof to Buyer no later than the next business day. During the 60-day period following the Closing Date, if any automated clearing house or other automatic debits from a Deposit account are received by Seller through the banking system, Seller will make provisional settlement thereof no later than the next business day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three business days. Seller shall provide to Buyer each day an electronic listing of all debit and credit items received and settled for that day as described in this Section 9.3, and Seller and Buyer shall cooperate to establish reasonable procedures for content and transmittal of those daily listings and for payments to each other of amounts due under this Section 9.3 by credit to the deposit accounts established as described in Section 9.12 below. Upon the expiration of such 45-day period (and with respect to automated clearing house or other automatic credits or debits to a Deposit account, upon expiration of a 60-day period), Seller may cease forwarding to Buyer checks and other debit items against the Deposit accounts and return them to the originators marked “Account Closed,” and may cease accepting any such credit items. During the 60-day period, Seller and Buyer agree to cooperate to communicate with Customers and automated clearing house ori...
Sample 1
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Clearing Items. (a) During the ninety (90) day period following the Closing Date, if any checks, drafts, or other debit items (including automated clearing house or other automatic or preauthorized drafts or payment orders) on a Deposit account are presented to or received by Seller through the banking system, Seller will make provisional settlement to the presenting institution for any such debit item and will forward such checks and other items on such Deposit to Buyer no later than the next Banking Day after receipt thereof, and Buyer will reimburse Seller for such provisional settlement within three (3) Banking Days. Upon timely presentation to Buyer, Buyer will assume all responsibility for such items (except for such items that have not been handled by Seller in accordance with applicable law or regulation or with ordinary care), including but not limited to determining whether to honor or dishonor such items and giving any required notification for the return of items.
Sample 1

Related to Clearing Items

  • Clearing Account If the Servicer finds it necessary to use a clearing account, the following guidelines must be followed:

  • Clearing Status The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement and the Authorized Participant shall give prompt written notice thereof to the Trustee.

  • Foreign Subcustodians and Securities Depositories Unless instructed otherwise by the Fund, the Custodian may deposit and/or maintain non-U.S. Investments of the Fund in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.2.4 below, the Custodian shall have prepared an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Subsection 8.2.3 of this Section and Rule 17f-7. Additionally, the Custodian may, at any time and from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an "eligible foreign custodian" under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund outside the United States. Such appointment of foreign Subcustodians shall be subject to approval of the Fund or the Foreign Custody Manager in accordance with Subsections 8.2.1 and 8.2.2 hereof, and use of non-U.S. Securities Depositories shall be subject to the terms of Subsections 8.2.3 and 8.2.4 hereof. An Instruction to open an account in a given country shall comprise authorization of the Custodian to hold assets in such country in accordance with the terms of this Agreement. The Custodian shall not be required to make independent inquiry as to the authorization of the Fund to invest in such country.

  • Clearing Agency Obligations The Clearing Agency will make book-entry transfers among its participants and receive and transmit payments of principal of and interest on the Book-Entry Notes to the participants.

  • Information Regarding Foreign Subcustodians Upon request of a Fund, the Custodian shall deliver, or cause any Approved Foreign Custody Manager to deliver, to the Fund a letter or list stating: (i) the identity of each Foreign Subcustodian then acting on behalf of the Custodian; (ii) the Eligible Securities Depositories (as defined in Section 5(f)) in each foreign market through which each Foreign Subcustodian is then holding cash, securities and other Assets of the Fund; and (iii) such other information as may be requested by the Fund to ensure compliance with rules and regulations under the 1940 Act.

  • Foreign Assets/Account Reporting Information Italian residents who, during the fiscal year, hold investments abroad or foreign financial assets (e.g., cash, Shares and RSUs) which may generate income taxable in Italy are required to report such on their annual tax returns (UNICO Form, RW Schedule) or on a special form if no tax return is due. The same reporting obligations apply to Italian residents who, even if they do not directly hold investments abroad or foreign financial assets (e.g., cash, Shares and RSUs), are beneficial owners of the investment pursuant to Italian money laundering provisions.

  • Establishment of and Deposits to Custodial Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):

  • Certification Regarding Foreign Subcustodians Upon request of a Fund, the Custodian shall deliver to such Fund a certificate stating: (i) the identity of each Foreign Subcustodian then acting on behalf of the Custodian; (ii) the countries in which and the Securities Depositories and Clearing Agencies through which each such Foreign Subcustodian is then holding cash, Securities and other Assets of such Fund; and (iii) such other information as may be requested by such Fund, and as the Custodian shall be reasonably able to obtain, to evidence compliance with rules and regulations under the 1940 Act.

  • Domestic Subcustodians and Securities Depositories The Custodian may deposit and/or maintain, either directly or through one or more agents appointed by the Custodian, Investments of the Fund in any Securities Depository in the United States, including The Depository Trust Company, provided such Depository meets applicable requirements of the Federal Reserve Bank or of the Securities and Exchange Commission. The Custodian may, at any time and from time to time, appoint any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund in the United States.

  • Excluded Items Notwithstanding anything in this Agreement to the contrary, Purchaser and Seller agree that each Acquired Companies Acquisition shall exclude those items listed on Schedule 7.12 to the applicable Acquired Companies Annex (in each case, the “Excluded Items”). Seller shall retain all benefits and liabilities with respect to the Excluded Items, and Seller shall, prior to the Closing Date, use Commercially Reasonable Efforts to cause the applicable Acquired Companies to distribute, transfer or assign, in each case effective as of or prior to the Closing, each Excluded Item to Seller or a non-Acquired Company Affiliate of Seller. Purchaser acknowledges that the inability of Seller to have any Excluded Item distributed, transferred or assigned, in each case effective as of or prior to the Closing, from any applicable Acquired Company for any reason shall not delay the applicable Closing, and any Excluded Item that Seller is unable to so distribute, transfer or assign by the applicable Closing shall be referred to as a “Non-Transferred Excluded Item.” After the applicable Closing Date with respect to each Non-Transferred Excluded Item, Purchaser shall, at Seller’s expense, use Commercially Reasonable Efforts to cause any Person under its control with knowledge of relevant facts pertaining to any Non-Transferred Excluded Item to provide assistance to Seller as reasonably requested by Seller to cause the transfer of each Non-Transferred Excluded Item following the applicable Closing Date to Seller or a non-Acquired Company Affiliate of Seller and, pending such transfer, to optimize the value of each Non-Transferred Excluded Item. If any payment is received by an applicable Acquired Company, or any other value is received by an applicable Acquired Company as a result of its ownership of a Non-Transferred Excluded Item following the applicable Closing Date, then Purchaser will cause the applicable Acquired Company to pay over such payment or an equivalent amount equal to such value received to Seller or a non-Acquired Company Affiliate of Seller.

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