Common use of Uncollected Checks Returned to Sellers Clause in Contracts

Uncollected Checks Returned to Sellers. From and after the Conversion Date, Purchaser shall promptly pay to Sellers an amount equivalent to the amount of any checks, negotiable orders of withdrawal, drafts, or any other withdrawal orders (net of the applicable deposit premium paid by Purchaser with respect to the Deposit Liabilities represented by any such instrument) credited as of the Conversion Date to any Deposit Liability accounts which are returned uncollected to Sellers after the Conversion Date and which shall include an amount equivalent to holds placed upon such Deposit Liability accounts for items cashed by Sellers (net of the applicable deposit premium paid by Purchaser with respect to the Deposit Liabilities represented by any such instrument), as of the Conversion Date which items are subsequently dishonored; provided, however, that if Sellers shall have failed to make or properly reflect in the information provided to Purchaser any provisional credit or hold on any such Deposit Liability accounts in respect of uncollected funds represented by any such item, Purchaser’s obligations under this Section 11.3 in respect of such item shall be limited to the amount of collected funds in such Deposit Liability accounts.

Appears in 2 contracts

Samples: Purchase and Assumption Agreement (1st United Bancorp, Inc.), Purchase and Assumption Agreement (Cib Marine Bancshares Inc)

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Uncollected Checks Returned to Sellers. From and after the Conversion Closing Date, Purchaser shall promptly pay to Sellers an amount equivalent to the amount of any checks, negotiable orders of withdrawal, drafts, or any other withdrawal orders (net of the applicable deposit premium paid by Purchaser with respect to the Deposit Liabilities represented by any such instrument) credited as of the Conversion close of business on the Closing Date to any Deposit Liability accounts which are returned uncollected to Sellers after the Conversion Closing Date and which shall include an amount equivalent to holds placed upon such Deposit Liability accounts for items Items cashed by Sellers (net of the applicable deposit premium paid by Purchaser with respect to the Deposit Liabilities represented by any such instrument), as of the Conversion close of business on the Closing Date which items Items are subsequently dishonored; provided, however, that if Sellers shall have failed to make or properly reflect in the information provided to Purchaser any provisional credit or hold on any such Deposit Liability accounts in respect of uncollected funds represented by any such itemItem, Purchaser’s 's obligations under this Section 11.3 12.3 in respect of such item Item shall be limited to the amount of collected funds in such Deposit Liability accounts.

Appears in 2 contracts

Samples: Purchase and Assumption Agreement (Independent Bank Corp), Purchase and Assumption Agreement (Sovereign Bancorp Inc)

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Uncollected Checks Returned to Sellers. From and after the Conversion Date, Purchaser shall promptly pay to Sellers an amount equivalent to the amount of any checks, negotiable orders of withdrawal, drafts, or any other withdrawal orders (net of the applicable deposit premium paid by Purchaser with respect to the Deposit Liabilities represented by any such instrument) credited as of the Conversion close of business on any Closing Date to any Deposit Liability accounts which are returned uncollected to Sellers after the Conversion such Closing Date and which shall include an amount equivalent to holds placed upon such Deposit Liability accounts for items Items cashed by Sellers (net of the applicable deposit premium paid by Purchaser with respect to the Deposit Liabilities represented by any such instrument), ) as of the Conversion close of business on such Closing Date which items Items are subsequently dishonored; provided, however, that if Sellers shall have failed to make or properly reflect in the information provided to Purchaser any provisional credit or hold on any such Deposit Liability accounts in respect of uncollected funds represented by any such itemItem, Purchaser’s 's obligations under this Section 11.3 in respect of such item Item shall be limited to the amount of collected funds in such Deposit Liability accounts.

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Sovereign Bancorp Inc)

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