Common use of Direct Debits Clause in Contracts

Direct Debits. As soon as practicable after execution of this Agreement and after the notice provided in Section 4.2(a), Purchaser shall send appropriate notice to all customers having accounts constituting Deposits, the terms of which provide for direct debit of such accounts by third parties, instructing such customers concerning the transfer of customer direct debit authorizations from Seller to Purchaser. Such notice shall be in a form reasonably agreed to by the parties hereto. For a period of three (3) months following the Closing, Seller shall transfer to Purchaser all received direct debits on accounts constituting Deposits at 7:00 a.m. Eastern Time each Business Day. Such transfers shall contain direct debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such direct debits and return them to the originators marked “Account Closed.” Commencing August 21, 2009, Seller will no longer be obligated to accept new direct debit arrangements related to the Branches. Seller shall be responsible for sending appropriate NOCs for all ACH debits received by Seller after the Closing Date for a period of ninety (90) days. After said date, Purchaser shall provide ACH originators of such direct debits with account numbers relating to the Deposits. Purchaser shall fax information to Seller for items being returned so Seller can create the return file to the Federal Reserve Bank in a timely manner. In lieu of any fax, Seller may use secure email as a means of transmitting information.

Direct Debits. As soon as practicable after execution the date of this Agreement and after the notice provided in Section 4.2(a), Purchaser shall send appropriate notice to all customers having accounts constituting Deposits, Deposits the terms of which provide for direct debit of such accounts by third parties, instructing such customers concerning the transfer of customer direct debit authorizations from Seller to Purchaser. Seller shall cooperate in facilitating the transfer of such authorizations. Such notice shall be in a form reasonably agreed to by the parties heretoparties. For a period of three ninety (390) months calendar days following the Closing, Seller shall transfer to Purchaser all received direct debits on accounts constituting Deposits each Business Day following the date of receipt thereof at 7:00 a.m. Eastern Time each Business DayNew York time, to the extent reasonably practicable, but in any event not later than 7:30 a.m. New York time. Such transfers shall contain direct debits Direct Debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such direct debits entries and return them to the originators marked “Account Closed.” Commencing August 21, 2009, Purchaser and Seller shall agree on a reasonable period of time prior to the Closing during which Seller will no longer be obligated to accept new direct debit arrangements related to the BranchesDeposits. Seller shall be responsible for sending appropriate NOCs for all ACH debits received by Seller after On the Closing Date for a period of ninety (90) days. After said dateDate, Purchaser shall provide ACH originators of such direct debits Direct Debits with account numbers relating to the Deposits. Purchaser shall fax information to Seller for items being returned so Seller can create the return file to the Federal Reserve Bank in a timely manner. In lieu of any fax, Seller may use secure email as a means of transmitting information.

Direct Debits. As soon as practicable after execution of this Agreement and after the notice provided in Section 4.2(a), Purchaser shall send appropriate notice to all customers having accounts constituting Deposits, Deposits the terms of which provide for direct debit of such accounts by third parties, instructing such customers concerning the transfer of customer direct debit authorizations from Seller to Purchaser. Such notice shall be in a form reasonably agreed to by the parties heretoparties. For a period of three ninety (390) months calendar days following the Closing, Seller shall transfer to Purchaser all received direct debits on accounts constituting Deposits at 7:00 a.m. Eastern Time each Business DayDay at 9:00 a.m., Eastern Time, to the extent reasonably practicable, but in any event not later than 10:00 a.m., Eastern Time. Such transfers shall contain direct debits Direct Debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such direct debits entries and return them to the originators marked “Account Closed.” Commencing August 21, 2009, Purchaser and Seller shall agree on a reasonable period of time prior to the Closing during which Seller will no longer be obligated to accept new direct debit arrangements related to the BranchesBranch. Seller shall be responsible for sending appropriate NOCs for all ACH debits received by Seller after Beginning on the Closing Date for a period of ninety (90) days. After said dateDate, Purchaser shall provide ACH originators of such direct debits Direct Debits with account numbers relating to the Deposits. Purchaser shall fax information to Seller for items being returned so Seller can create the return file to the Federal Reserve Bank in a timely manner. In lieu of any fax, Seller may use secure email as a means of transmitting information.

Direct Debits. As soon as practicable after execution of this Agreement and after the notice provided in Section 4.2(a), Purchaser shall send appropriate notice to all customers having accounts constituting Deposits, Deposits the terms of which provide for direct debit of such accounts by third parties, instructing such customers concerning the transfer of customer direct debit authorizations from Seller to Purchaser. Such notice shall be in a form reasonably agreed to by the parties heretoparties. For a period of three sixty (360) months calendar days following the Closing, Seller shall transfer to Purchaser all received direct debits on accounts constituting Deposits at 7:00 a.m. 9:00 a.m., Eastern Time time (or such other mutually agreed upon time), each Business Day. Such transfers shall contain direct debits Direct Debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such direct debits entries and return them to the originators marked “Account Closed.” Commencing August 21, 2009, Purchaser and Seller shall agree on a reasonable period of time prior to the Closing during which Seller will no longer be obligated to accept new direct debit arrangements related to the Branches. Seller shall be responsible for sending appropriate NOCs for all ACH debits received by Seller after Beginning on the Closing Date for a period of ninety (90) days. After said dateDate, Purchaser shall provide ACH originators of such direct debits with account numbers relating to the Deposits. Purchaser shall fax information to Seller for items being returned so Seller can create the return file to the Federal Reserve Bank in a timely manner. In lieu of any fax, Seller may use secure email as a means of transmitting information.

Direct Debits. As soon as practicable after execution of this Agreement and after the notice provided in Section 4.2(a), Purchaser shall send appropriate notice to all customers having accounts constituting Deposits, Deposits the terms of which provide for direct debit of such accounts by third parties, instructing such customers concerning the transfer of customer direct debit authorizations from Seller to Purchaser. Such notice shall be in a form reasonably agreed to by the parties heretoparties. For a period of three ninety (390) months calendar days following the Closing, Seller shall transfer to Purchaser all received direct debits on accounts constituting Deposits at 7:00 a.m. 9:00 a.m., Eastern Time time, each Business Day. Such transfers shall contain direct debits Direct Debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such direct debits entries and return them to the originators marked “Account Closed.” Commencing August 21, 2009, Purchaser and Seller shall agree on a reasonable period of time prior to the Closing during which Seller will no longer be obligated to accept new direct debit arrangements related to the Branches. Seller shall be responsible for sending appropriate NOCs for all ACH debits received by Seller after Beginning on the Closing Date for a period of ninety (90) days. After said dateDate, Purchaser shall provide ACH originators of such direct debits Direct Debits with account numbers relating to the Deposits. Purchaser shall fax information to Seller for items being returned so Seller can create the return file to the Federal Reserve Bank in a timely manner. In lieu of any fax, Seller may use secure email as a means of transmitting information.

Direct Debits. As soon as practicable after execution of this Agreement and after the notice provided in Section 4.2(a5.2(a), Purchaser shall send appropriate notice to all customers having accounts constituting Deposits, Deposits the terms of which provide for direct debit of such accounts by third parties, instructing such customers concerning the transfer of customer direct debit authorizations from Seller to Purchaser. Such notice shall be in a form reasonably agreed to by the parties heretoparties. For a period of three ninety (390) months calendar days following the Closing, Seller shall transfer to Purchaser all received direct debits on accounts constituting Deposits at 7:00 a.m. 9:00 a.m., Eastern Time time (or such other mutually agreed upon time), each Business Day. Such transfers shall contain direct debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such direct debits entries and return them to the originators marked “Account Closed.” Commencing August 21, 2009, Purchaser and Seller shall agree on a reasonable period of time prior to the Closing during which Seller will no longer be obligated to accept new direct debit arrangements related to the Branches. Seller shall be responsible for sending appropriate NOCs for all ACH debits received by Seller after Beginning on the Closing Date for a period of ninety (90) days. After said dateDate, Purchaser shall provide ACH originators of such direct debits with account numbers relating to the Deposits. Purchaser shall fax information to Seller for items being returned so Seller can create the return file to the Federal Reserve Bank in a timely manner. In lieu of any fax, Seller may use secure email as a means of transmitting information.