Common use of Card Processing Clause in Contracts

Card Processing. Seller will void on and as of the Closing Date all (i) ATM access cards issued by it to customers of the Branch who will not have ATM-accessible accounts with Seller after the Closing Date, (ii) debit cards issued by it to customers of the Branch who will not have debit card-accessible accounts with Seller after the Closing Date, and (iii) check guarantee cards issued by it to customers of the Branch who will not have checking accounts with Seller after the Closing Date. Seller will notify the customer in writing as part of the notice requested under Section 13.1 above, of such cancellation of the ATM access cards, debit cards and check guarantee cards. Seller agrees to provide to Buyer the necessary data and tapes required, prior to the Closing Date, to accommodate the processing of ATM and debit cards, which may then be issued prior to the Closing Date. Furthermore, the Parties agree to settle within two (2) Business Days of the ATM transaction date for transactions occurring prior to Closing or during the conversion period and for customers with sufficient funds: (i) any and all rejected ATM and debit card transactions processed after the Closing Date, and (ii) any and all ATM and debit card transactions processed while the ATM or debit card network could not communicate with Seller's main host. Buyer agrees to remit the total sum of such transactions to Seller on the same date the transactions are settled. Any claim submitted under "Regulation E" of the Federal Reserve System, for transaction processed prior to the Closing Date on Deposits transferred to Buyer, shall be settled as follows: (a) If the claim is submitted to Seller, Seller shall process the claim under the guidelines specified in "Regulation E," and if a reimbursement to the customer is determined necessary, Seller shall directly reimburse the customer. (b) If the claim is submitted to Buyer, Buyer shall refer claimant to Seller. Such settlement shall continue for a period of ninety (90) days following the Closing Date. All claims submitted after such ninety (90) day period shall be returned by Seller to the originator of the claim.

Card Processing. Seller will void on and as of the Closing Date all (i) ATM access cards issued by it to customers of the Branch Branches who will not have ATM-accessible accounts with Seller after the Closing Date, Date and (ii) debit cards issued by it to customers of the Branch Branches who will not have debit card-accessible accounts with Seller after the Closing Date, and (iii) check guarantee cards issued by it to customers of the Branch who will not have checking accounts with Seller after the Closing Date. Seller will notify the customer in writing as part of the notice requested under Section 13.1 above, of such cancellation of the ATM access cards, debit cards and check guarantee debit cards. Seller agrees to provide to Buyer the necessary data and tapes required, prior to the Closing Date, to accommodate the processing of ATM and debit cards, which may then be issued prior to the Closing Date. Furthermore, the Parties agree to settle within two (2) Business Days of the ATM transaction date for transactions occurring prior to Closing or during the conversion period and for customers with sufficient funds: (i) any and all rejected ATM and debit card transactions processed after the Closing Date, and (ii) any and all ATM and debit card transactions processed while the ATM or debit card network could not communicate with Seller's main host. Buyer agrees to remit the total sum of such transactions to Seller on the same date the transactions are settled. Any claim submitted under "Regulation E" of the Federal Reserve System, for transaction processed prior to the Closing Date on Deposits transferred to Buyer, shall be settled as follows: (a) If the claim is submitted to Seller, Seller shall process the claim under the guidelines specified in "Regulation E," and if a reimbursement to the customer is determined necessary, Seller shall directly reimburse the customer. (b) If the claim is submitted to Buyer, Buyer shall refer claimant to Seller. Such settlement shall continue for a period of ninety sixty (9060) days following the Closing Date. All claims submitted after such ninety sixty (9060) day period shall be returned by Seller to the originator of the claim.

Card Processing. Seller will void at 12:00 am Pacific Time on and as of the day prior to the Closing Date all (i) ATM access cards issued by it to customers of the Branch who will not have ATM-accessible accounts with Seller after the Closing Date, (ii) . Seller will void on and as of the Closing Date debit cards issued by it to customers of the Branch who will not have debit card-accessible accounts with Seller after the Closing Date, and (iii) check guarantee cards issued by it to customers of the Branch who will not have checking accounts with Seller after the Closing Date. Seller will notify the customer in writing as part of the notice requested under Section 13.1 above, of such cancellation of the ATM access cards, debit cards and check guarantee debit cards. Seller agrees to provide to Buyer the necessary data and tapes required, prior to the Closing Date, to accommodate the processing of ATM and debit cards, which may then be issued prior to the Closing Date. Furthermore, the Parties agree to settle within two (2) Business Days of the ATM transaction date for transactions occurring prior to Closing or during the conversion period and for customers with sufficient funds: (i) any and all rejected ATM and debit card transactions processed after the Closing Date, and (ii) any and all ATM and debit card transactions processed while the ATM or debit card network could not communicate with Seller's main host. Buyer agrees to remit the total sum of such transactions to Seller on the same date the transactions are settled. Any claim submitted under "Regulation E" of the Federal Reserve System, for transaction processed prior to the Closing Date on Deposits transferred to Buyer, shall be settled as follows: (a) If the claim is submitted to Seller, Seller shall process the claim under the guidelines specified in "Regulation E," and if a reimbursement to the customer is determined necessary, Seller shall directly reimburse the customer. (b) If the claim is submitted to Buyer, Buyer shall refer claimant to Seller. Such settlement shall continue for a period of ninety sixty (9060) days following the Closing Date. All claims submitted after such ninety sixty (9060) day period shall be returned by Seller to the originator of the claim.