Common use of Direct Debits Clause in Contracts

Direct Debits. As soon as practicable after 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 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. For a period of ninety (90) 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. New 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 effective for that Business Day only. Thereafter, Seller may discontinue forwarding such entries and return them to the originators marked “Account Closed.” 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 Deposits. On the Closing Date, Purchaser shall provide ACH originators of such Direct Debits with account numbers relating to the Deposits.

Direct Debits. As soon as practicable after 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 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. For a period of ninety sixty (9060) calendar days following the Closing, Seller shall transfer to Purchaser all received direct debits on accounts constituting Deposits at 9:00 a.m., Eastern time (or such other mutually agreed upon time), each Business Day following the date of receipt thereof at 7:00 a.m. New York time, to the extent reasonably practicable, but in any event not later than 7:30 a.m. New York timeDay. Such transfers shall contain Direct Debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such entries and return them to the originators marked “Account Closed.” 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 DepositsBranches. On Beginning on the Closing Date, Purchaser shall provide ACH originators of such Direct Debits direct debits with account numbers relating to the Deposits.

Direct Debits. As soon as practicable after the date 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. Seller shall cooperate in facilitating the transfer of such authorizations. Such notice shall be in a form reasonably agreed to by the partiesparties hereto. For a period of ninety three (903) calendar days months 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. New York time, to the extent reasonably practicable, but in any event not later than 7:30 a.m. New York timeEastern Time each Business Day. Such transfers shall contain Direct Debits direct debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such entries direct debits and return them to the originators marked “Account Closed.” Purchaser and Seller shall agree on a reasonable period of time prior to the Closing during which Commencing August 21, 2009, Seller will no longer be obligated to accept new direct debit arrangements related to the DepositsBranches. On Seller shall be responsible for sending appropriate NOCs for all ACH debits received by Seller after the Closing DateDate for a period of ninety (90) days. After said date, 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 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 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. For a period of ninety (90) 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. New York time9:00 a.m., Eastern Time, to the extent reasonably practicable, but in any event not later than 7:30 a.m. New York time10:00 a.m., Eastern Time. Such transfers shall contain Direct Debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such entries and return them to the originators marked “Account Closed.” 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 DepositsBranch. On Beginning on the Closing Date, Purchaser shall provide ACH originators of such Direct Debits with account numbers relating to the Deposits.

Direct Debits. As soon as practicable after the date 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 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. For a period of ninety (90) calendar days following the Closing, Seller shall transfer to Purchaser all received direct debits on accounts constituting Deposits at 9:00 a.m., Eastern time (or such other mutually agreed upon time), each Business Day following the date of receipt thereof at 7:00 a.m. New York time, to the extent reasonably practicable, but in any event not later than 7:30 a.m. New York timeDay. Such transfers shall contain Direct Debits direct debits effective for that Business Day only. Thereafter, Seller may discontinue forwarding such entries and return them to the originators marked “Account Closed.” 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 DepositsBranches. On Beginning on the Closing Date, Purchaser shall provide ACH originators of such Direct Debits direct debits with account numbers relating to the Deposits.