Common use of Transfer of Deposits Clause in Contracts

Transfer of Deposits. Upon the date of termination or expiration of this Agreement as provided in Section 7.1 or 7.2 of this Agreement, Bank shall, at Higher One’s cost and expense, transfer the Depositor Accounts to an institution designated by Higher One (the “Transfer”), subject to the requirements of Applicable Law, the Depositor Agreement and any other applicable requirements. Any required approvals shall be obtained as soon as practicable following the date notice of termination is given; provided, however, notwithstanding anything in this Agreement to the contrary, the Parties shall continue to maintain the Depositor Accounts and perform related obligations pursuant to the terms provided in this Agreement until any necessary approvals have been obtained. As part of the Transfer, Bank shall, to the extent permitted or considered necessary or appropriate and at Higher One’s cost and expense, transfer any BINs, routing numbers and other related identifiers used in connection with the Depositor Accounts, and deliver any and all applicable information, account opening contracts and the like. The Parties shall cooperate with each other on the issuance of necessary notices to Depositors (at Higher One’s cost and expense) and on all other matters necessary or appropriate to a legal and efficient Transfer. Bank shall use commercially reasonable efforts to assist with the Transfer. Until the Transfer is complete, Bank shall continue to provide all services under this Agreement if requested to do so by Higher One upon the terms and conditions set forth in this Agreement, unless otherwise directed by a Regulatory Authority.

Transfer of Deposits. Upon the date of termination or expiration of this Agreement as provided in Section 7.1 or 7.2 of this AgreementAgreement or upon 270 days’ written request by Higher One, Bank shall, at Higher One’s cost and expense, shall transfer the Depositor Accounts to an institution designated by Higher One (the “Transfer”), subject to the requirements of Applicable Law, the Depositor Agreement and any other applicable requirements. Any required approvals shall be obtained as soon as practicable following the date notice of termination is given; provided, however, notwithstanding anything in this Agreement to the contrary, the Parties shall continue Bank’s obligation to maintain the Depositor Accounts and perform related obligations as provided pursuant to the terms provided in of this Agreement shall not terminate until any necessary approvals have been obtained. As part of the Transfer, Bank shall, to the extent permitted or considered necessary or appropriate and at Higher One’s cost and expenseappropriate, transfer any BINs, routing numbers and other related identifiers used in connection with the Depositor Accounts, and deliver any and all applicable information, account opening contracts and the like. The Parties shall cooperate with each other on the issuance of necessary notices to Depositors (at Higher One’s cost and expense) and on all other matters necessary or appropriate to a legal and efficient Transfer. Bank shall use commercially reasonable best efforts to assist with the Transfer. Until the Transfer is complete, Bank shall continue to provide all services under this Agreement if requested to do so by Higher One upon the terms and conditions set forth in this AgreementOne, unless otherwise directed by a Regulatory Authority.

Transfer of Deposits. Upon the date of termination or expiration of this Agreement as provided in Section 7.1 or 7.2 of this AgreementAgreement or upon 180 days' written request by Higher One, Bank shall, at Higher One’s cost and expense, shall transfer the Depositor Accounts to an institution designated by Higher One (the “"Transfer”"), subject to the requirements of Applicable Law, the Depositor Agreement and any other applicable requirements. Any required approvals shall be obtained as soon as practicable following the date notice of termination is given; provided, however, notwithstanding anything in this Agreement to the contrary, the Parties shall continue Bank's obligation to maintain the Depositor Accounts and perform related obligations pursuant to the terms as provided in this Agreement shall not terminate until any necessary approvals have been obtained. As part of the Transfer, Bank shall, to the extent permitted or considered necessary or appropriate and at Higher One’s cost and expenseappropriate, transfer any BINs, routing numbers and other related identifiers used in connection with the Depositor Accounts, and deliver any and all applicable information, account opening contracts and the like. The Parties shall cooperate with each other on the issuance of necessary notices to Depositors (at Higher One’s cost and expense) and on all other matters necessary or appropriate to a legal and efficient Transfer. Bank shall use commercially reasonable best efforts to assist with the Transfer. Until the Transfer is complete, Bank shall continue to provide all services under this Agreement if requested to do so by Higher One upon the terms and conditions set forth in this AgreementOne, unless otherwise directed by a Regulatory Authority.

Transfer of Deposits. Upon the date of termination or expiration of this Agreement as provided in Section 7.1 or 7.2 of this AgreementAgreement or upon 120 days' written request by BMT, Bank shall, at Higher One’s cost and expense, shall transfer the Depositor Accounts to an institution designated by Higher One BMT (the “"Transfer”"), subject to the requirements of Applicable Law, the Depositor Agreement and any other applicable requirements. Any required approvals shall be obtained as soon as practicable following the date notice of termination is given; provided, however, notwithstanding anything in this Agreement to the contrary, the Parties shall continue Bank's obligation to maintain the Depositor Accounts and perform related obligations pursuant to the terms as provided in this Agreement shall not terminate until any necessary approvals have been obtained. As part of the Transfer, Bank shall, to the extent permitted or considered necessary or appropriate and at Higher One’s cost and expenseappropriate, transfer any BINsBJNs, routing numbers and other related identifiers used in connection with the Depositor Accounts, and deliver any and all applicable information, account opening contracts and the like. The Parties Patties shall cooperate with each other on the issuance of necessary notices to Depositors (at Higher One’s cost and expense) and on all other matters necessary or appropriate to a legal and efficient Transfer. Bank shall use commercially reasonable best efforts to assist with the Transfer. Until the Transfer is complete, Bank shall continue to provide all services under this Agreement if requested to do so by Higher One upon the terms and conditions set forth in this AgreementBMT, unless otherwise directed by a Regulatory Authority.

Transfer of Deposits. Upon the date of termination or expiration of this Agreement as provided in Section 7.1 or 7.2 of this AgreementAgreement or upon 180 days’ written request by Higher One, Bank shall, at Higher One’s cost and expense, shall transfer the Depositor Accounts to an institution designated by Higher One (the “Transfer”), subject to the requirements of Applicable Law, the Depositor Agreement and any other applicable requirements. Any required approvals shall be obtained as soon as practicable following the date notice of termination is given; provided, however, notwithstanding anything in this Agreement to the contrary, the Parties shall continue Bank’s obligation to maintain the Depositor Accounts and perform related obligations pursuant to the terms as provided in this Agreement shall not terminate until any necessary approvals have been obtained. As part of the Transfer, Bank shall, to the extent permitted or considered necessary or appropriate and at Higher One’s cost and expenseappropriate, transfer any BINs, routing numbers and other related identifiers used in connection with the Depositor Accounts, and deliver any and all applicable information, account opening contracts and the like. The Parties shall cooperate with each other on the issuance of necessary notices to Depositors (at Higher One’s cost and expense) and on all other matters necessary or appropriate to a legal and efficient Transfer. Bank shall use commercially reasonable best efforts to assist with the Transfer. Until the Transfer is complete, Bank shall continue to provide all services under this Agreement if requested to do so by Higher One upon the terms and conditions set forth in this AgreementOne, unless otherwise directed by a Regulatory Authority.