Overdrafts and Transitional Action Clause Samples
The "Overdrafts and Transitional Action" clause defines how overdrafts are managed and what transitional measures are implemented during changes in account terms or banking arrangements. It typically outlines the conditions under which an account holder may temporarily exceed their available balance, as well as the steps the bank will take to notify the customer and recover any overdrawn amounts. This clause ensures that both parties understand their rights and obligations during periods of transition or when an overdraft occurs, thereby minimizing confusion and reducing the risk of disputes.
Overdrafts and Transitional Action. Overdrafts paid on the Deposit Accounts with respect to ledger dates after the Closing Date will be the responsibility and risk of BUYER. Overdrafts approved with respect to ledger dates prior to the Closing Date will be the responsibility and risk of SELLER.
Overdrafts and Transitional Action. Overdrafts on the Deposit Accounts will be the responsibility and risk of BUYER except to the extent that such overdrafts are thirty (30) days or more past due..
Overdrafts and Transitional Action. Overdrafts on the Deposit Accounts occurring after the Closing will be the responsibility and risk of BUYER.
Overdrafts and Transitional Action. Overdrafts paid on the Deposit Accounts with respect to ledger dates after the Closing Date will be the responsibility and risk of CNB. Overdrafts approved with respect to ledger dates more than four (4) business days prior to the Closing Date will be the responsibility and risk of BANK ONE. Overdrafts approved with respect to ledger dates during the period beginning four (4) business days prior to the Closing Date through the Closing Date, inclusive, will initially be the responsibility and risk of CNB (other than overdrafts of customers who are specifically identified in writing by CNB to BANK ONE not less than four (4) business days prior to the Closing Date); provided, however, that CNB shall have the right to retransfer any such overdrafts back to BANK ONE for BANK ONE's responsibility and at its risk within six (6) days following the Closing Date, and BANK ONE will repurchase all rights in respect of such overdrafts from CNB for the amount of each such overdraft outstanding at the time it is retransferred back to BANK ONE less the amount of the Acquisition Consideration paid by CNB to BANK ONE attributable to such overdrafts; provided, however, that CNB shall have closed all accounts on which each such overdraft exists not later than the date of such retransfer.
Overdrafts and Transitional Action. 28 7.4 ATMs and Debit Cards..........................................28 7.5
Overdrafts and Transitional Action. Overdrafts paid on the Deposit Accounts with respect to ledger dates after the Closing Date will be the responsibility and risk of Premier. Overdrafts approved with respect to ledger dates more than four (4) business days prior to the Closing Date will be the responsibility and risk of BANK ONE. Overdrafts approved with respect to ledger dates during the period beginning four (4) business days prior to the Closing Date through the Closing Date, inclusive, will initially be the responsibility and risk of Premier (other than overdrafts of customers who are specifically identified in writing by Premier to BANK ONE not less than four (4) business days prior to the Closing Date); provided, however, that Premier shall have the right to retransfer any such overdrafts back to BANK ONE for BANK ONE's responsibility and at its risk within six (6) days following the Closing Date, and BANK ONE will repurchase all rights in respect of such overdrafts from Premier for the amount of each such overdraft outstanding at the time it is retransferred back to BANK ONE less the amount of the Acquisition Consideration paid by Premier to BANK ONE attributable to such overdrafts; provided, however, that Premier shall have closed all accounts on which each such overdraft exists not later than the date of such retransfer.
Overdrafts and Transitional Action. 51 7.04 ATMs and Debit Cards . . . . . . . . . . . . . . . . . . . . . . . . 51 7.05
Overdrafts and Transitional Action. Overdrafts on the Transferred Accounts up to
Overdrafts and Transitional Action. Overdrafts on the Transferred Accounts up to and including the date of Closing will be the responsibility and risk of Seller and all fees associated therewith shall be the property of Seller. Overdrafts on the Transferred Accounts after the date of Closing will be the responsibility and risk of Purchaser and all fees associated therewith shall be the property of Purchaser.