Safe Deposit Box and Safekeeping Business. From and after the Effective Time, Buyer agrees to assume and discharge, in the usual course of banking business, the duties and obligations of Seller with respect to all safe deposit boxes associated with any Safe Deposit Contracts assumed by Buyer pursuant to this Agreement, and to maintain all necessary facilities for the use of such boxes by the renters thereof during the period for which such persons have paid rent therefor in advance to Seller, subject to the provisions of the rental agreements between Seller and the respective renters of such boxes. From and after the Closing, Buyer shall assume, honor, and discharge the duties and obligations of Seller with respect to all safekeeping items obtained from Seller pursuant to such assumed Safe Deposit Contracts and shall be entitled to any right or benefit thereafter. At the Closing, Seller shall provide Buyer with a true and correct list of all Safe Deposit Contracts with respect to the Branches in effect as of the Closing Date that Buyer assumes hereunder, together with the rentals or other amounts paid on such Safe Deposit Contracts and the expiration dates of such Safe Deposit Contracts.
Appears in 2 contracts
Samples: Purchase and Assumption Agreement (Select Bancorp, Inc.), Purchase and Assumption Agreement (New Century Bancorp Inc)
Safe Deposit Box and Safekeeping Business. From and after the Effective Time, Buyer agrees to assume and discharge, in the usual course of banking business, the duties and obligations of Seller with respect to all safe deposit boxes associated with any Safe Deposit Contracts assumed by Buyer pursuant to this Agreement, and to maintain all necessary facilities for the use of such boxes by the renters thereof during the period for which such persons have paid rent therefor therefore in advance to Seller, subject to the provisions of the rental agreements between Seller and the respective renters of such boxes. From and after the Closing, Buyer shall assume, honor, and discharge the duties and obligations of Seller with respect to all safekeeping items obtained from Seller pursuant to such assumed Safe Deposit Contracts and shall be entitled to any right or benefit thereafter. At the Closing, Seller shall provide Buyer with a true and correct list of all Safe Deposit Contracts with respect to the Branches Branch in effect as of the Closing Date that Buyer assumes hereunder, together with the rentals or other amounts paid on such Safe Deposit Contracts and the expiration dates of such Safe Deposit Contracts.
Appears in 2 contracts
Samples: Servicing Agreement (Xenith Bankshares, Inc.), Purchase and Assumption Agreement (Xenith Bankshares, Inc.)
Safe Deposit Box and Safekeeping Business. From and after the Effective Time, Buyer agrees to assume and discharge, in the usual course of banking business, the duties and obligations of Seller with respect to all safe deposit boxes associated and in accordance with any the Safe Deposit Contracts assumed by Buyer pursuant to this AgreementContracts, and to maintain all necessary facilities for the use of such safety deposit boxes by the renters thereof persons entitled to use them during the period for which such persons or entities have paid rent therefor therefore in advance to Seller, subject to the provisions of the rental agreements between Seller and the respective renters of such safety deposit boxes. From and after the ClosingEffective Time, Buyer shall assume, honor, and discharge the duties and obligations of Seller with respect to all safekeeping items obtained from Seller pursuant to such assumed Safe Deposit Contracts Contracts, including the maintenance and protection thereof, and shall be entitled to any right or benefit thereafter. At the Closing, Seller shall provide Buyer with a true and correct list of all Safe Deposit Contracts with respect to the Branches in effect as of the Closing Date that Buyer assumes hereunder, together with the rentals or other amounts paid on such Safe Deposit Contracts and the expiration dates of such Safe Deposit Contracts.
Appears in 1 contract
Samples: Purchase and Assumption Agreement (Community First Inc)
Safe Deposit Box and Safekeeping Business. From and after the Effective TimeClosing, Buyer agrees to assume and discharge, in the usual course of the banking business, the duties and obligations of Seller with respect to all safe deposit boxes associated with any Safe Deposit Contracts assumed by Buyer pursuant to this Agreementlocated in the Branches, and to maintain all necessary facilities for the use of such boxes by the renters thereof during the period for which such persons have paid rent therefor in advance to Seller, subject to the provisions of the rental agreements between Seller and the respective renters of such boxes. From and after the Closing, Buyer shall assume, honor, and discharge the duties and obligations of Seller with respect to all safekeeping items obtained from Seller pursuant to such assumed Safe Deposit Contracts and shall be entitled to any right or benefit thereafterheretofore accrued or hereafter accruing therefrom. At the Closing, Seller shall provide Buyer with a true and correct list of all Safe Deposit Contracts safe deposit rental agreements and contracts with respect to the Branches in effect as of the Closing Date that Buyer assumes hereunderDate, together with the rentals or other amounts paid on such Safe Deposit Contracts agreements and contracts and the expiration dates of such Safe Deposit Contractscontracts.
Appears in 1 contract
Samples: Purchase and Assumption Agreement (Surety Capital Corp /De/)