Acquired Deposits definition
Examples of Acquired Deposits in a sentence
The Acquired Deposits being assumed by the Purchaser pursuant to this Section shall be assumed in accordance with the terms and conditions of the contracts of deposit and the laws, rules and regulations applicable thereto.
All of the Acquired Deposits were obtained and remain in material compliance with all applicable laws and regulations, and are properly documented in a manner materially consistent with such laws and regulations and with good banking practices.
Except as may be expressly represented or warranted in this Agreement by the Seller, the Seller makes no representations or warranties whatsoever, express or implied, with regard to any Purchased Asset, any Acquired Deposits or any other liability or obligation being assumed by the Purchaser, and all Fixed Assets are sold and conveyed in "AS IS" condition, with no warranties by the Seller as to their future performance or condition.
At the Closing, the Purchaser shall assume and agree to pay and discharge the Acquired Deposits.
If any of the accounts which comprise the Acquired Deposits are overdrawn as of the Closing, the Purchaser shall assume such accounts without recourse to the Seller and shall pay the Seller the amount of the overdrafts for those overdrawn accounts assumed.
The Purchaser shall have the right to conduct in good faith a due diligence investigation concerning the Branches, the Acquired Deposits and the Purchased Assets and to satisfy itself that such matters are not materially and adversely different from the facts and conditions represented by the Seller.
At the Closing, the Seller shall transfer, assign and deliver to the Purchaser all existing records, books, papers, collateral and agreements of the Seller relating to the Purchased Assets and the Acquired Deposits including but not limited to signature cards, orders, contracts, deposit slips, cancelled checks, withdrawal orders and records of accounts.
If, subsequent to the assumption of Acquired Deposits pursuant to this Section, the Seller shall honor any properly drawn check or withdrawal from a transferred account, the Purchaser shall pay to the Seller any moneys so paid by the Seller to or for the benefit or account of the said depositor but not in excess of collected funds in the depositor's account.
Following the Closing, the Seller shall permit the Purchaser or its representatives, at any reasonable time and at the Purchaser's expense to inspect, make extracts from or copies of any nonconfidential files, books of account or records in the Seller's possession containing information concerning the Branches, the Acquired Deposits and the Purchased Loans.
At the Closing, the Purchaser shall deliver to the Seller an undertaking substantially in the form of Exhibit A, --------- attached hereto and made a part hereof, under which the Purchaser shall assume and agree to discharge and pay the Acquired Deposits and the Acquired Liabilities.