Common use of Clearing Items Clause in Contracts

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.

Clearing Items. During the ninety sixty (90)-day 60) day period after following the Closing Date, if it is not possible to clear checks checks, transactions and other items drawn on a Deposit account through Buyer’s then current clearing procedures, Seller shall will make provisional settlement to the presenting institution and shall will forward such checks checks, transactions and other items on such Deposit to Buyer, no later than the next Business Day after receipt thereof, and Buyer shall will reimburse Seller for such provisional settlement within one (1) three Business DayDays. Upon the expiration of the ninety such sixty (90)-day 60) day period, Seller shall cease forwarding checks checks, transactions and other debits against the Deposit accounts and return them to the originators marked “Account Closed.” Upon timely presentation to Buyer, Buyer shall 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; i.e. late return.

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.

Clearing Items. During the ninety (90)-day 120-day period after following the Closing Date, if it is not possible to clear checks and other items drawn on a Deposit account through the Buyer’s then current clearing procedures, the Seller shall will make provisional settlement to the presenting institution and shall will forward such checks and other items on such Deposit to the Buyer, no later than the next Business Day business day after receipt thereof, and the Buyer shall will reimburse the Seller for such provisional settlement within one (1) Business Daysettlement. Upon the expiration of the ninety (90)-day such 120-day period, the 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 the Buyer, the Buyer shall will assume all responsibility for such items (except for such items that 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 items.