Common use of Transitional Matters Clause in Contracts

Transitional Matters. (a) On the Closing Date, Seller shall provide Purchaser all Delivery Records associated with the Deposits in its possession at each Branch. Immediately following the Closing Date, Seller shall provide to Purchaser, at Purchaser’s sole expense and at a location designated by Purchaser, all Loan Documents. Upon Closing, Seller shall provide Purchaser all the data which is reasonably necessary for the conversion of the Assumed Deposits to Purchaser’s data processing system; provided, however, that Seller and Purchaser each shall pay for their own expenses incurred in the conversion. Seller shall complete an assignment and allonge for each Purchased Loan or a global instrument of assignment in form and substance reasonably acceptable to Purchaser and deliver the assignments and allonges or global instrument at Closing. Thereafter, Seller will honor in a timely manner any further reasonable requests by Purchaser relative to additional endorsements, assignments or similar matters with respect to the Loan Documents for Purchased Loans; provided, however, with respect to specific Loan Documents, Seller may require additional time to effectively transfer title thereto and Purchaser shall not hold Seller liable for any reasonable delays in the delivery of such Loan Documents.

Transitional Matters. (a) On the Closing Date, Seller shall provide Purchaser all Delivery Records associated with the Deposits in its possession at each Branch; provided, that Seller’s obligation to provide Delivery Records shall be deemed to be satisfied if Seller grants Purchase access to electronic files via a remote connection. Immediately following the Closing Date, Seller shall provide to Purchaser, at Purchaser’s sole expense and at a location designated by Purchaser, all Loan Documents. Upon Closing, Seller shall provide Purchaser all the data which is reasonably necessary for the conversion of the Assumed Deposits to Purchaser’s data processing system; provided, however, that Seller and Purchaser each shall pay for their own expenses incurred in the conversion. Seller shall complete an assignment and allonge for each Purchased Loan or a global instrument of assignment in form and substance reasonably acceptable to Purchaser and deliver the assignments and allonges or global instrument at Closing. Thereafter, Seller will honor in a timely manner any further reasonable requests by Purchaser relative to additional endorsements, assignments or similar matters with respect to the Loan Documents for Purchased Loans; provided, however, that, with respect to specific Loan Documents, Seller may require additional time to effectively transfer title thereto and Purchaser shall not hold Seller liable for any reasonable delays in the delivery of such Loan Documents.