NOTE 18 - COMMITMENTS AND CONTINGENT LIABILITIES Commitments The Bank has entered into an agreement pursuant to which a third party is to provide the Bank with account processing services and other miscellaneous services. Under the agreement, the Bank is obligated to pay monthly processing fees through August 5, 2016. In the event the Bank chooses to cancel the agreement prior to the end of the contract term a lump sum termination fee will have to be paid. The fee shall be calculated as the average monthly billing, exclusive of pass through costs for the past twelve months, multiplied by the number of months and any portion of a month remaining in the contract term plus the total of any promotional or monthly allowances (as applicable), or discounted monthly fees, which were provided to the Bank for the affected processing services in consideration of the fulfillment of the entire term of the affected processing services, multiplied by the number of months the Bank was awarded each of those allowance(s) for; plus one half (1/2) of any migration allowance or installation allowance, as defined in the agreement. The Bank has decided not to renew the existing agreement and will go to a month to month processing fee arrangement with the current provider until an agreement with a new provider goes into effect. On December 31, 2015, the Bank selected a new provider for account processing services and other miscellaneous services, and will switch over to the new provider in November of 2016. The new agreement will continue until the eighth anniversary of the commencement date. According to the agreement, ?Commencement Date? means the first day on which any conversion services are completed and the Bank has the capability to input transactions or data for processing by the third party provider. Salisbury leases facilities and equipment under operating leases that expire at various dates through 2023. The leases have varying renewal options, generally require a fixed annual rent, and provide that real estate taxes, insuran