Common use of Overdrafts and Transitional Action Clause in Contracts

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 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 BUYER (other than overdrafts of customers who are specifically identified in writing by BUYER to BANK ONE not less than four (4) business days prior to the Closing Date); provided, however, that BUYER 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 BUYER 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 BUYER to BANK ONE attributable to such overdrafts; provided, however, that BUYER shall have closed all accounts on which each such overdraft exists not later than the date of such retransfer.

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 BUYERPremier. 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 BUYER Premier (other than overdrafts of customers who are specifically identified in writing by BUYER Premier to BANK ONE not less than four (4) business days prior to the Closing Date); provided, however, that BUYER 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 BUYER 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 BUYER Premier to BANK ONE attributable to such overdrafts; provided, however, that BUYER Premier shall have closed all accounts on which each such overdraft exists not later than the date of such retransfer.

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 BUYERCNB. 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 BUYER CNB (other than overdrafts of customers who are specifically identified in writing by BUYER CNB to BANK ONE not less than four (4) business days prior to the Closing Date); provided, however, that BUYER 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 BUYER 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 BUYER CNB to BANK ONE attributable to such overdrafts; provided, however, that BUYER CNB shall have closed all accounts on which each such overdraft exists not later than the date of such retransfer.

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 BUYERBuyer. 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 ONESeller. 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 BUYER Buyer (other than overdrafts of customers who are specifically identified in writing by BUYER Buyer to BANK ONE Seller not less than four (4) business days prior to the Closing Date); provided, however, that BUYER Buyer shall have the right to retransfer any such overdrafts back to BANK ONE Seller for BANK ONESeller's responsibility and at its risk within six (6) days following the Closing Date, and BANK ONE Seller will repurchase all rights in respect of such overdrafts from BUYER Buyer for the amount of each such overdraft outstanding at the time it is retransferred back to BANK ONE Seller less the amount of the Acquisition Consideration Branch Loan Premium paid by BUYER Buyer to BANK ONE Seller attributable to such overdrafts; provided, however, that BUYER Buyer shall have closed all accounts on which each such overdraft exists not later than the date of such retransfer.