Common use of Direct Debits Clause in Contracts

Direct Debits. As soon as practicable after the notices provided in Section 3.5(a) have been given, following prior consultation with Seller, Purchaser will send appropriate notice to all customers having accounts constituting Deposit Liabilities, 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 agreed to by the parties. In connection with the obligations under Section 3.1, Section 3.2 and Section 3.4, Purchaser and Seller shall cooperate in good faith (i) to determine the method and timing for forwarding to Purchaser and settling, for a sixty (60) calendar day period following the Closing Date, all direct debits relating to accounts constituting Deposit Liabilities, as well as such other matters relating thereto as may be necessary or advisable for purposes of assuring an orderly transition of ownership of the Deposit Liabilities to Purchaser hereunder and (ii) to determine the method and timing for forwarding to Seller and settling, for a sixty (60) calendar day period following the Closing Date, all direct debits relating to deposit accounts of Seller that are not Deposit Liabilities, but which transactions are nonetheless routed to Purchaser, as well as such other matters relating thereto as may be necessary or advisable for purposes of assuring the orderly processing of transactions routed to Purchaser that relate to deposit accounts of Seller that are not Deposit Liabilities.

Direct Debits. As soon as practicable after the notices provided in Section 3.5(a6.5(a) have been given, following prior consultation with Seller, Purchaser will send appropriate notice notice, if any, to all customers having accounts constituting Deposit Liabilities, 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 agreed to by the parties. In connection with the obligations under Section 3.16.1, Section 3.2 6.2 and Section 3.46.4, Purchaser and Seller shall cooperate in good faith (ia) to determine the method and timing for forwarding to Purchaser and settling, for a sixty ninety (6090) calendar day period following the Closing Date, all direct debits relating to accounts constituting Deposit Liabilities, as well as such other matters relating thereto as may be necessary or advisable for purposes of assuring an orderly transition of ownership of the Deposit Liabilities to Purchaser hereunder and (iib) to determine the method and timing for forwarding to Seller and settling, for a sixty ninety (6090) calendar day period following the Closing Date, all direct debits relating to deposit accounts of Seller that are not Deposit Liabilities, but which transactions are nonetheless routed to Purchaser, as well as such other matters relating thereto as may be necessary or advisable for purposes of assuring the orderly processing of transactions routed to Purchaser that relate to deposit accounts of Seller that are not Deposit Liabilities.