Common use of Direct Debits Clause in Contracts

Direct Debits. After the notice provided in Section 14(c)(1), Buyer shall send appropriate notice to all customers having accounts constituting Deposit Liabilities, the terms of which provide for direct debit of such accounts by third parties, instructing such customers concerning the transfer of customer direct debit authorizations from Seller to Buyer. Such notice shall be in a form reasonably agreed to by the parties hereto. For a period of 30 days following the Data Processing Conversion Date, Seller shall transfer to Buyer all received direct debits on accounts constituting Deposit Liabilities each Business Day in accordance with Seller’s customary procedures. Such 30 day time period may be extended by an additional 30 days if the parties mutually agree to such extension based on the volume of the items presented, and Buyer shall reimburse Seller for the costs and expenses associated with such services provided during the additional 30 day period. Buyer will send NACHA compliant Notice of Change on each direct debit received. Thereafter, Seller may discontinue forwarding such entries and return them to the originators marked “Account Sold”. Thirty days prior to Closing, Seller will no longer be obligated to accept new direct debit arrangements related to the Branches. On the Data Processing Conversion Date, Buyer shall provide ACH originators of such Direct Debits with account numbers relating to the Deposit Liabilities.

Direct Debits. After the notice provided in Section 14(c)(116(c)(1), Buyer shall send appropriate notice to all customers having accounts constituting Deposit Liabilities, the terms of which provide for direct debit of such accounts by third parties, instructing such customers concerning the transfer of customer direct debit authorizations from Seller to Buyer. Such notice shall be in a form reasonably agreed to by the parties hereto. For a period of 30 days three (3) months following the Data Processing Conversion DateClosing, Seller shall transfer to Buyer all received direct debits on accounts constituting Deposit Liabilities each Business Day in accordance with Seller’s customary procedures. Such 30 day time period may be extended by an additional 30 days if the parties mutually agree to such extension based on the volume of the items presented, and Buyer shall reimburse Seller for the costs and expenses associated with such services provided during the additional 30 day period. Buyer will send NACHA compliant Notice of Change on each direct debit received. Thereafter, Seller may discontinue forwarding such entries and return them to the originators marked “Account Sold”. Thirty days .” Buyer and Seller shall agree on a reasonable period of time prior to Closing, the Closing during which Seller will no longer be obligated to accept new direct debit arrangements related to the Branches. On the Data Processing Conversion Closing Date, Buyer shall provide ACH originators of such Direct Debits with account numbers relating to the Deposit Liabilities.