Common use of Returned Items Clause in Contracts

Returned Items. Any item credited for deposit to an Assumed Deposit Account on or prior to the Closing Date and returned unpaid within sixty (60) calendar days after the Closing Date (each a “Returned Item”) will be handled as provided in this Section 2.8.8. If Seller’s bank account is charged for the Returned Item, Seller shall forward such Returned Item to Buyer. If upon Buyer’s receipt of such Returned Item there are sufficient funds in the Assumed Deposit to which such Returned Item was credited or any other Assumed Deposit transferred at the Closing standing in the name of the party liable for such Returned Item or otherwise maintained by Buyer at one of its branches for such party, Buyer will debit any or all of such 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 sufficient funds in the Assumed Deposit because of Buyer’s failure to honor holds placed on such Assumed Deposit (assuming Buyer was duly notified of the hold), Buyer shall deposit the amount of the Returned Item in the Correspondent 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 an Assumed Deposit at any of Seller’s branches prior to the Closing Date and are returned unpaid more than sixty (60) 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 item items that were credited for deposit to an Assumed or cashed against a Deposit Account on or 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 sixty (60) calendar days after the Closing Date (each a “"Returned Item”Items") will be handled as provided in this Section 2.8.8set forth herein. If Seller’s bank 's account is charged for the Returned Item, Seller shall forward such Returned Item to BuyerPurchaser and shall credit the Correspondent Account for the full amount of the Returned Item. If upon Buyer’s Purchaser's receipt of such Returned Item there are sufficient funds in the Assumed Deposit to which such Returned Item was credited or in any other Assumed Deposit transferred at the Closing standing in the name of the party liable responsible for such Returned Item or otherwise maintained by Buyer at one of its branches for such partyItem, Buyer Purchaser will debit any or all of such Assumed Deposit Accounts an Deposits in the amount equal in the aggregate to the Returned Item, and shall deposit that amount in the Correspondent Account. If there are not sufficient funds in the Assumed Deposit, together with all other 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 because of Buyer’s Purchaser's failure to honor holds placed on such Assumed Deposit (assuming Buyer was duly notified of the hold)Deposits, Buyer Seller shall deposit the amount of the Returned Item in not debit the Correspondent 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 Account for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against an Assumed a Deposit at any of Seller’s branches prior to the Closing Date and are returned unpaid more than sixty (60) calendar days after the Closing Date will be the responsibility of BuyerPurchaser; provided, except further however, that for a period of eighteen (18) 18 months after the Closing Date checks drawn on the United States Treasury, 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 or alterations will shall be the responsibility of Seller. Seller will deposit in the Correspondent Account such portion of All amounts due to either party under this Section 6.5 shall be determined without regard to 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 DateFloor Amount.

Returned Items. Any item credited for deposit to an Assumed Deposit Account on or prior to the Closing Date and returned unpaid within sixty (60) calendar days after the Closing Date (each a “Returned Item”) will be handled as provided in this Section 2.8.8. If Seller’s 's bank account is charged for the a Returned Item, Seller shall forward such Returned Item to Buyer, with same-day notification to Buyer. If upon Buyer’s 's receipt of such Returned Item there are sufficient funds in the Assumed Deposit Liability account to which such Returned Item was credited or any other Assumed Deposit Liability account transferred at the Closing standing in the name of the party liable for such Returned Item or otherwise maintained by Buyer at one of its branches for such partyItem, Buyer will debit any or all of such Assumed Deposit Accounts Liability accounts in an amount equal in the aggregate to the Returned Item, to the extent of any balance in such Deposit Liability account, and shall deposit repay that amount in the Correspondent Accountto Seller. If there are not sufficient funds in the Assumed Deposit Liability accounts because of Buyer’s Seller's failure to honor holds placed on such Assumed Deposit (assuming Buyer was duly notified of the hold)Liability accounts, Buyer shall deposit forward such Returned Item to Seller and Seller shall take responsibility for collection of the unpaid amount, and Buyer shall not be liable to Seller for the amount of the Returned Item in the Correspondent AccountItem. If there are not sufficient funds in the Assumed Deposit for any Liability accounts other reasonthan because of Seller's failure to honor holds placed on such Deposit Liability accounts, Buyer shall repay the balance of the Assumed Deposit to Seller and create an overdraft for the unrecovered portion amount of the Returned ItemItem to Seller. Any items that were credited for deposit to or cashed against an Assumed a Deposit at any of Seller’s branches Liability account on or prior to the Closing Date and are returned unpaid more than sixty (60) calendar days after the Closing Date will be the responsibility of the 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 municipalities, and cashier's 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 item items that were credited for deposit to an Assumed or cashed against a Deposit Account on 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 sixty ninety (6090) calendar days after the Closing Date (each a “Returned ItemItems”) will be handled as provided in this Section 2.8.8set forth herein. If Seller’s bank account is charged for the Returned Item, Seller shall forward such Returned Item to BuyerPurchaser and shall credit the Correspondent Account for the full amount of the Returned Item. If upon BuyerPurchaser’s receipt of such Returned Item there are sufficient funds in the Assumed Deposit or purchased Excluded Deposit to which such Returned Item was credited or in any other Assumed Deposit or purchased Excluded Deposit transferred at the Closing standing in the name of the party liable responsible for such Returned Item or otherwise maintained by Buyer at one of its branches for such partyItem, Buyer Purchaser will debit any or all of such Assumed Deposit Accounts an Deposits or purchased Excluded Deposits in the amount equal in the aggregate to the Returned Item, and shall deposit that amount . 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. If Account for the unrecovered portion of the Returned Item; provided, however, that if there are not sufficient funds in the Assumed Deposit or purchased Excluded Deposit because of BuyerPurchaser’s failure to honor holds placed on such Assumed Deposit (assuming Buyer was duly notified of Deposits or purchased Excluded Deposits prior to the hold)Closing and disclosed in writing to Purchaser prior to Closing, Buyer Seller shall deposit the amount of the Returned Item in not debit the Correspondent 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 Account for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against an Assumed a Deposit at any of Seller’s branches or purchased Excluded Deposit prior to the Closing Date and are returned unpaid more than sixty ninety (6090) calendar days after the Closing Date will be the responsibility of BuyerPurchaser; provided, except further however, that for a period of eighteen (18) months after the Closing Date checks drawn on the United States Treasury, 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 or alterations will shall be the responsibility of Seller. Seller will deposit in the Correspondent Account such portion of All amounts due to either party under this Section 6.5 shall be determined without regard to 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 DateFloor Amount.

Returned Items. Any item items that were credited for deposit to an Assumed or cashed against a Deposit Account on 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 sixty ninety (6090) calendar days after the Closing Date (each a “Returned ItemItems”) will be handled as provided in this Section 2.8.8set forth herein. If Seller’s bank account is charged for the Returned Item, Seller shall forward such Returned Item to BuyerPurchaser and shall credit the Correspondent Account for the full amount of the Returned Item. If upon BuyerPurchaser’s receipt of such Returned Item there are sufficient funds in the Assumed Deposit or purchased Excluded Deposit to which such Returned Item was credited or in any other Assumed Deposit or purchased Excluded Deposit transferred at the Closing standing in the name of the party liable responsible for such Returned Item or otherwise maintained by Buyer at one of its branches for such partyItem, Buyer Purchaser will debit any or all of such Assumed Deposit Accounts an Deposits or purchased Excluded Deposits in the amount equal in the aggregate to the Returned Item, and shall deposit that amount . 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. If Account for the unrecovered portion of the Returned Item; provided, however, that if there are not sufficient funds in the Assumed Deposit or purchased Excluded Deposit because of BuyerPurchaser’s failure to honor holds placed on such Assumed Deposit (assuming Buyer was duly notified of Deposits or purchased Excluded Deposits prior to the hold)Closing and disclosed in writing to Purchaser prior to Closing, Buyer Seller shall deposit the amount of the Returned Item in not debit the Correspondent 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 Account for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against an Assumed a Deposit at any of Seller’s branches or purchased Excluded Deposit prior to the Closing Date and are returned unpaid more than sixty ninety (6090) 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 item items that were credited for deposit to an Assumed or cashed against a Deposit Account on or prior to the Closing Date and are returned unpaid on or within sixty (60) calendar 60 days after the Closing Date (each a “"Returned Item”Items") will be handled as provided in this Section 2.8.8set forth herein. If Seller’s 's bank account is charged for the Returned Item, Seller shall forward such Returned Item to BuyerPurchaser and shall credit the Correspondent Account for the full amount of the Returned Item. If upon Buyer’s Purchaser's receipt of such Returned Item there are sufficient funds in the Assumed Deposit to which such Returned Item was credited or in any other Assumed Deposit transferred at the Closing standing in the name of the party liable responsible for such Returned Item or otherwise maintained by Buyer at one of its branches for such partyItem, Buyer Purchaser will debit any or all of such Assumed Deposit Accounts an Deposits in the amount equal in the aggregate to the Returned Item, and shall deposit that amount in the Correspondent Account. If there are not sufficient funds in the Assumed Deposit, together with all other 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 because of Buyer’s Purchaser's failure to honor holds placed on such Assumed Deposit (assuming Buyer was duly notified of the hold)Deposits, Buyer Seller shall deposit the amount of the Returned Item in not debit the Correspondent 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 Account for the unrecovered portion of the Returned Item. Any items that were credited for deposit to or cashed against an Assumed a Deposit at any of Seller’s branches prior to the Closing Date and are returned unpaid more than sixty (60) calendar 60 days after the Closing Date will be the responsibility of BuyerPurchaser; provided, except however, that for a period of eighteen (18) 18 months after the Closing Date checks drawn on the United States Treasury, 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 or alterations will shall 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.