Limited Correspondent Clause Samples

Limited Correspondent. For a period of sixty (60) calendar days after the Closing Date, Seller will act as Buyer's limited correspondent for the processing of checks, drafts and withdrawal orders drawn before or after the Closing on the draft, check or withdrawal order forms provided by Seller on Deposits assumed by Buyer hereunder. For the 60-day period, Seller will use commercially reasonable efforts to transmit to Buyer via facsimile or by imaging, on a timely basis, a copy of each day's checks, drafts and withdrawal orders, which are on draft, check or withdrawal order forms provided by Seller on Deposits assumed by Buyer hereunder. Buyer will determine disposition of presented items and notify Seller of such disposition within two (2) hours of receipt of the copies of such items, if receipt occurs on a business day between the hours of 8:00 a.m. and 3:00 p.m., or by 10:00 a.m. the following business day if receipt does not occur on a business day between the hours of 8:00 a.m. and 3:00 p.m. Items mistakenly routed or presented after the 60-day period will be returned. Seller and Buyer will make arrangements to provide for the daily settlement through the Clearing Account with immediately available funds by Buyer of any such items honored by Seller pursuant to Buyer's instructions.

Limited Correspondent. For a period of sixty (60) calendar days after the Closing Date, Seller shall act as Buyer’s limited correspondent for the processing of checks, drafts and withdrawal orders drawn before or after the Closing on the draft, check or withdrawal order forms provided by Seller on Deposits assumed by Buyer hereunder, and Buyer will honor and pay all such checks, drafts and withdrawal orders if duly endorsed and to the extent that the credit balances or overdraft privileges of the drawers or makers permit; provided, that Seller shall present all such checks, drafts and withdrawal orders to the Buyer’s designated courier within one (1) business day after such checks, drafts or withdrawals are received by Seller.

Limited Correspondent. Prior to the Closing Date, Seller and Buyer will develop the appropriate procedures and arrangements (which shall include establishment by Buyer of the settlement account with Seller per Section 9.05 below) to provide for settlement by Buyer of checks, drafts, withdrawal orders, returns and other items that are drawn on or chargeable against Deposits after the Closing Date. Seller will cooperate with Buyer and take reasonable steps requested by Buyer to ensure that, for a period of sixty (60) days after the Closing Date, each check, draft or withdrawal order drawn against Deposits encoded for presentment to Seller or to any bank for the account of Seller is delivered to Buyer in a timely manner and in accordance with applicable law and clearinghouse rule or agreement. Consistent therewith, for a period of sixty (60) calendar days after the Closing Date, Seller shall act as Buyer’s limited correspondent for the processing of checks, drafts and withdrawal orders drawn before or after the Closing on the draft, check or withdrawal order forms provided by Seller on Deposits assumed by Buyer hereunder, and Buyer will honor and pay all such checks, drafts and withdrawal orders if duly endorsed and to the extent that the credit balances or overdraft privileges of the drawers or makers permit; provided, that Seller shall present all such checks, drafts and withdrawal orders to the Buyer’s designated courier at or before 5:00 p.m. on the date such checks, drafts or withdrawals are received by Seller.

Limited Correspondent. Seller shall act as Buyer's limited ------------ ---------------------- correspondent for the processing of ACH transactions, checks, drafts and withdrawal orders drawn before or after the Closing on the deposit, draft, check or withdrawal order forms provided by Seller on Deposits assumed by Buyer hereunder, and Buyer will honor and pay all such ACH drafts, checks, drafts and withdrawal orders if duly endorsed and to the extent that the credit balances or overdraft privileges of the drawers or makers permit; provided, that Seller shall present all such checks, drafts and withdrawal orders to the Buyer's designated courier within one (1) business day after such checks, drafts or withdrawals are received by Seller. Seller shall forward to Buyer all ACH deposits through an ACH transaction and shall forward all documentation received regarding such ACH deposit to Buyer either electronically or through Buyer's designated courier within one (1) business day after such ACH deposits are received by Seller.

Limited Correspondent. Seller shall act as Buyer's ------------ ----------------------- limited correspondent for the processing of checks, drafts and withdrawal orders drawn before or after the Closing on the draft, check or withdrawal order forms provided by Seller on Deposits assumed by Buyer hereunder, and Buyer will honor and pay all such checks, drafts and withdrawal orders if duly endorsed and to the extent that the credit balances or overdraft privileges of the drawers or makers permit; provided, that Seller shall present all such checks, drafts and withdrawal orders to the Buyer's designated courier as soon as possible and no later than two (2) business days after such checks, drafts or withdrawals are received by Seller.

Limited Correspondent. Seller shall act as Buyer’s limited correspondent for the processing of checks, drafts and withdrawal orders drawn before or after the Closing on the draft, check or withdrawal order forms provided by Seller on Deposits assumed by Buyer hereunder, and Buyer will honor and pay all such checks, drafts and withdrawal orders if duly endorsed and to the extent that the credit balances or overdraft privileges of the drawers or makers permit; provided, that Seller shall present all such checks, drafts and withdrawal orders to the Buyer within one (1) business day after such checks, drafts or withdrawals are received by Seller in X.937 file format, or other format compatible with Buyer’s core data processing system, or in another method mutually agreed upon by the parities for ninety (90) calendar days from the Closing Date.