Payment of Deposit Liabilities Clause Samples

Payment of Deposit Liabilities. (a) For a period of sixty (60) days after the Conversion Date, Purchaser shall (i) pay all properly drawn and presented checks, negotiable orders of withdrawal, drafts, debits and other withdrawal orders presented to Purchaser by Deposit Liability account customers drawn on checks, negotiable orders of withdrawal, drafts, or other withdrawal order forms provided by Sellers and, (ii) in all other respects discharge, in the usual course of the banking business, all of the duties and obligations of Sellers with respect to the balances due and owing to the Customers who have Deposit Liability accounts. Sellers and Purchaser will develop appropriate procedures and arrangements to provide for settlement by Purchaser of Items which are presented or delivered to Sellers after the Conversion Date, all of which shall be provided by Sellers without expense to Purchaser for a period of sixty (60) days after the Conversion Date. Sellers shall cooperate with Purchaser and take reasonable steps requested by Purchaser to ensure that for sixty (60) days after the Conversion Date, Items encoded for presentment to Sellers are delivered in a timely manner and in accordance with applicable law and clearinghouse rules or agreement. Purchaser acknowledges that any delay, failure, or inability on its part to comply with the obligations imposed upon it as a depository institution under applicable federal or state law, with regard to such checks, drafts, negotiable orders of withdrawal or other withdrawal orders shall not result in any liability or obligation of Sellers and shall not affect any of the rights of Sellers under this Agreement. Sellers shall not be deemed to have made any representations or warranties to Purchaser with respect to any such checks, drafts, negotiable orders of withdrawal or other withdrawal orders and any such representations or warranties implied by law are hereby disclaimed and are the responsibility of Purchaser, except that Sellers shall be chargeable with the warranties and representations implied by law with respect to any such check, draft, negotiable orders of withdrawal order, or other withdrawal order, which is paid by Sellers over the counter. Purchaser hereby acknowledges that if, after the Conversion Date, any Customer who has a Deposit Liability account, instead of accepting the obligation of Purchaser to pay the Deposit Liabilities (including Accrued Interest thereon) shall demand payment from Sellers for all or any part of any such Deposi...
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Payment of Deposit Liabilities. 51 Section 12.2. Delivery of Purchaser's Check Forms...........................................................53 Section 12.3.
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Payment of Deposit Liabilities. 45 Section 12.2. Delivery of Purchaser's Check Forms.............................................................. 46 Section 12.3. Uncollected Checks Returned to Seller............................................................ 46 Section 12.4. Default on Loan Payments to Seller............................................................... 46 Section 12.5. Notices to Obligors on Loans..................................................................... 46 Section 12.6.
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Payment of Deposit Liabilities. 44 SECTION 12.2. DELIVERY OF PURCHASER'S CHECK FORMS.....................44 SECTION 12.3. UNCOLLECTED CHECKS RETURNED TO SELLERS..................45 SECTION 12.4. DEFAULT ON LOAN PAYMENTS TO SELLERS.....................45 SECTION 12.5. NOTICES TO OBLIGORS ON LOANS............................45 SECTION 12.6.
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Payment of Deposit Liabilities. 16 Section 11.2. Delivery of Purchaser’s Check Forms. 17 Section 11.3. Uncollected Checks Returned to Seller. 17 Section 11.4. DeactivationATM/Debit Cards. 18 Section 11.5. Bulk Transfer Laws. 18 ARTICLE XII CONDITIONS TO CLOSING 18 Section 12.1. Conditions to Obligations of Seller. 18 Section 12.2. Conditions to Obligations of Purchaser. 19 ARTICLE XIII DATA PROCESSING 19 Section 13.1. Conversion. 19 ARTICLE XIV INDEMNITY 20 Section 14.1. Seller Indemnity. 20 Section 14.2. Purchaser Indemnity. 20 Section 14.3. Indemnification Procedure. 21 Section 14.4. Limitation on Liability. 22 Section 14.5. General. 22 ARTICLE XV POST-CLOSING MATTERS 23
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Payment of Deposit Liabilities. Notices to Depositors; Delivery of Buyer's Check Forms Section 10.03 Returned Items
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Related to Payment of Deposit Liabilities

  • Deposit Liabilities  (a) The Deposit Liabilities of Fidelity Bank are insured by the FDIC through the Deposit Insurance Fund to the fullest extent permitted by law, and all premiums and assessments required to be paid in connection therewith have been paid when due and Fidelity Bank is 53 authorized to hold the Deposit Liabilities. Except for such liens as set forth on the Fidelity Disclosure Schedule 3.18, the Deposit Liabilities of Fidelity Bank are not subject to any lien, including without limitation any liens in favor of Fidelity Bank and are not, as of the close of business on the Closing Date, subject to court order, legal restraint, automatic stay in bankruptcy, other legal process or stop payment orders.  (b) All of the Deposit Liabilities of Fidelity Bank have been administered and originated, in compliance in all material respects with the documents governing the relevant type of deposit account and all applicable laws and regulations. The Deposit Liabilities of Fidelity Bank were opened, extended or made, and have been maintained, in accordance with all applicable federal and state laws, regulations, rules and orders, and has been operated in compliance with Fidelity Bank’s policies and procedures. No Deposit Liabilities of Fidelity Bank are maintained by a “money service business” within the meaning of regulations promulgated under the USA PATRIOT Act. None of the Deposit Liabilities of Fidelity Bank account holders are on the list of Specially Designated Nationals or Blocked Persons of the Office of Foreign Assets Control.  (c) Fidelity Bank has properly accrued interest on the Deposit Liabilities of Fidelity Bank and the records respecting the Deposit Liabilities accounts accurately reflect such accruals of interest.  (d) None of the Deposit Liabilities of Fidelity Bank are “brokered deposits” within the meaning of the rules and regulations of the FDIC; none of the Deposit Liabilities of Fidelity Bank were obtained through the Certificate of Deposit Account Registry Service or similar reciprocal placement network or through an internet listing service. None of the Deposit Liabilities of Fidelity Bank are held by Federal, State, county or other municipal governments or governmental or quasi-governmental agencies or are subject to escheat.  (e) With respect to the Deposit Liabilities of Fidelity Bank, Fidelity Bank is in material compliance with the law and Treasury Regulations relating to (i) obtaining from depositors of the Deposit Liabilities of Merchants Bank executed IRS Forms W-8 and W-9 when appropriate and (ii) reporting of interest.

  • Payment of Deposits In the event any depositor does not accept the obligation of the Assuming Institution to pay any Deposit liability of the Failed Bank assumed by the Assuming Institution pursuant to this Agreement and asserts a claim against the Receiver for all or any portion of any such Deposit liability, the Assuming Institution agrees on demand to provide to the Receiver funds sufficient to pay such claim in an amount not in excess of the Deposit liability reflected on the books of the Assuming Institution at the time such claim is made. Upon payment by the Assuming Institution to the Receiver of such amount, the Assuming Institution shall be discharged from any further obligation under this Agreement to pay to any such depositor the amount of such Deposit liability paid to the Receiver.

  • Payment of Deposit That the Licensee have paid / shall pay the above mentioned deposit/premium as mentioned above by Cash. Amount Rs.50000/-(Fifty Thousand Only)

  • Interest on Deposit Liabilities The Assuming Institution agrees that, from and after Bank Closing, it will accrue and pay interest on Deposit liabilities assumed pursuant to Section 2.1 at a rate(s) it shall determine; provided, that for non-transaction Deposit liabilities such rate(s) shall not be less than the lowest rate offered by the Assuming Institution to its depositors for non-transaction deposit accounts. The Assuming Institution shall permit each depositor to withdraw, without penalty for early withdrawal, all or any portion of such depositor's Deposit, whether or not the Assuming Institution elects to pay interest in accordance with any deposit agreement formerly existing between the Failed Bank and such depositor; and further provided, that if such Deposit has been pledged to secure an obligation of the depositor or other party, any withdrawal thereof shall be subject to the terms of the agreement governing such pledge. The Assuming Institution shall give notice to such depositors as provided in Section 5.3 of the rate(s) of interest which it has determined to pay and of such withdrawal rights.

  • Cash Accounts, Deposits and Money Movements Subject to the terms and conditions set forth in this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself or with Subcustodians, cash accounts in United States Dollars, in such other currencies as are the currencies of the countries in which the Fund maintains Investments or in such other currencies as the Fund shall from time to time request by Instruction.