Common use of Returned Items Clause in Contracts

Returned Items. Buyer agrees, no later than the start of the second Business Day after demand by Seller, to pay to Seller an amount equivalent to the amount of any uncollected item included in a Depositor’s balance on the Closing Date that is returned within ninety (90) days after Closing as not collected. Buyer shall be required to make such payment for an item only up to the balance of any funds on deposit with Buyer the Depositor has with Buyer at the xxxx Xxxxxx makes the demand as aforesaid; but if before the Closing Seller had placed a “hold” or other similar protective measure on the Depositor’s account with respect to such item and after Closing Buyer removes the hold or other protective measure other than as required under applicable law or regulation, then Buyer shall be obligated to pay to Seller in full on account of such uncollected item. So long as any hold or other protective measure placed on the Depositor’s account with respect to such item complies with applicable law, the placing of any such hold or other protective measure shall not be deemed a breach of this Agreement.

Returned Items. Buyer agrees, no later than the start of the second Business Day business day after demand by Seller, to pay to Seller an amount equivalent to the amount of any uncollected item included in a Depositor’s balance on the Closing Date that is returned within ninety (90) 60 days after Closing as not collected. Buyer shall be required to make such payment for an item only up to the balance of any funds on deposit with Buyer and any balance available to the customer under any overdraft plan the Depositor has with Buyer at the xxxx Xxxxxx makes the demand as aforesaid; but provided, however, if before prior to the Closing Seller had placed a “hold” or other similar protective measure on the Depositor’s account with respect to such item and after subsequent to Closing Buyer removes the such hold or other protective measure other than as required under applicable law or regulation, then Buyer shall will be obligated to pay to Seller in full on account of such uncollected item. So long as any hold or other protective measure placed on the Depositordepositor’s account with respect to such item complies with applicable law, the placing of any such hold or other protective measure shall not be deemed a breach of this Agreement.

Returned Items. Buyer Purchaser agrees, no later than the start of the second Business Day business day after demand by Seller, to pay to Seller an amount equivalent to the amount of any uncollected item included in a Depositordepositor’s balance on the date of Closing Date that is returned within ninety (90) 60 days after the date of Closing as not collected. Buyer Purchaser shall be required to make such payment for an item only up to the balance of any funds on deposit with Buyer the Depositor has with Buyer at the xxxx Xxxxxx makes the demand as aforesaidPurchaser; but provided, however, if before prior to the Closing Seller had placed a “hold” or other similar protective measure on the Depositordepositor’s account with respect to such item and after subsequent to Closing Buyer Purchaser removes the such hold or other protective measure other than as required under applicable law or regulation, then Buyer shall Purchaser will be obligated to pay to Seller in full on account of such uncollected item. So long as any hold or other protective measure placed on the Depositordepositor’s account with respect to such item complies with applicable law, the placing of any such hold or other protective measure shall not be deemed a breach of this Agreement.