Common use of Inclearing Items Clause in Contracts

Inclearing Items. As of the opening of business on the Closing Date, Seller shall expedite the clearing and sorting of all checks, drafts, instruments and other commercial paper relative to the Deposit Accounts (hereinafter collectively referred to as the "Paper Items"). For a period of sixty (60) days following the Closing Date (the "Inclearing Period"), Seller shall continue to process checks or drafts drawn on Deposits which are not intercepted by the FRB. On each banking day during the Inclearing Period, Seller shall send to Purchaser by overnight mail all inclearing items received for payment that day. Upon expiration of the Inclearing Period, Seller shall cease honoring inclearing items presented against the Deposit Accounts and such items shall be returned marked "Refer to Maker". Seller and Purchaser shall settle amounts due under this Section 7.03 by wire transfer.