Safe Deposit Business. The Assuming Institution will honor and discharge, from and after the Bank Closing Date, in the usual course of conducting a banking business, the duties and obligations of the Failed Bank with respect to all Safe Deposit Boxes of the Failed Bank and will maintain all of the necessary facilities for the use of such Safe Deposit Boxes by the renters thereof during the period for which such Safe Deposit Boxes have been rented and the rent therefor paid to the Failed Bank, subject to the provisions of the rental agreements between the Failed Bank and the respective renters of such Safe Deposit Boxes; provided, that the Assuming Institution may relocate the Safe Deposit Boxes of the Failed Bank to any office of the Assuming Institution located in the Failed Bank Assessment Area in which such Safe Deposit Boxes were located. The Assuming Institution will (a) locate and maintain the Safe Deposit Boxes in the Failed Bank Assessment Area for at least 90 days commencing on the first Business Day after the Bank Closing Date and (b) satisfy applicable regulatory or statutory requirements before it ceases to maintain the Safe Deposit Boxes in the Failed Bank Assessment Area.
Appears in 4 contracts
Samples: Purchase and Assumption Agreement, Purchase and Assumption Agreement Whole Bank, Purchase and Assumption Agreement
