Pay Default Sample Clauses

Pay Default. Where Company has selected the pay default option to apply to an Authorized Account, Bank may finally pay and charge to the Authorized Account any Exception Check provided that Company has not objected to such payment in a timely Return Request. A Return Request shall identify each Exception Check that Company desires not to pay by the complete check number and amount specified in the Exception Check Report and shall instruct Bank to return the Exception Check. The Return Request shall be sent to Bank in the format and medium, by the deadline(s), and at the place(s) specified by Bank and agreed to by Company. Bank shall return to the depositary bank any Exception Check that Company instructs Bank to return as provided above.
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Pay Default. Where the Customer has selected the pay default option, the Bank may finally pay and charge to the Authorized Account any Exception Check, excluding checks presented for immediate payment as outlined in this Payment and Dishonor of Exception Checks section, provided that the Customer has not objected to such payment in a timely Pay/Return Request.
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Pay Default. Where Company has selected the pay default option to apply to an Authorized Account, Bank may pay and charge to the Authorized Account any Exception Check provided that Company has not objected to such payment in a Return Request through the System by 3:00 p.m. CT on the next Business Day in accordance with the Service Documentation. A Return Request shall identify each Exception Check that Company desires not to pay by the complete check number and amount specified in the Exception List and shall instruct Bank to return the Exception Check. i. Bank shall return to the depository bank any Exception Check that Company instructs Bank to return as provided above.
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Pay Default. Where the Customer has selected the pay default option, Bank may finally pay and charge to the Authorized Account any Exception Check, excluding checks presented for immediate payment as outlined in this Payment and Dishonor of Exception Checks section, provided that the Customer has not objected to such payment in a timely Pay/Return Request. AS SUCH, IF YOU MISS THE EXCEPTION CHECK DEADLINE PROVIDED IN SUBSECTION (d) BELOW FOR DETERMINING EXCEPTION CHECKS, THE EXCEPTION CHECKS WILL BE PAID; provided that Bank shall retain the discretion to make the final decision on any Exception Check and may return any Exception Check which is not decided by you prior to the Exception Check Deadline.
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Related to Pay Default

  • Monetary Default Any failure by a Party to pay, deposit or deliver, when and as this Agreement requires, any amount of money, any bond or surety or evidence of any insurance coverage required to be provided under this Agreement, whether to or with a Party or a Third Person.

  • Bankruptcy Defaults When any Event of Default described in subsections (j) or (k) of Section 9.1 hereof has occurred and is continuing, then all outstanding Loans shall immediately become due and payable together with all other amounts payable under the Loan Documents without presentment, demand, protest or notice of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate and the Borrower shall immediately deliver to the Administrative Agent Cash Collateral in an amount equal to 102% of the aggregate amount of each Letter of Credit then outstanding, the Borrower acknowledging and agreeing that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Lenders, and the Administrative Agent on their behalf, shall have the right to require the Borrower to specifically perform such undertaking whether or not any draws or other demands for payment have been made under any of the Letters of Credit.

  • Non-Monetary Default The occurrence of any of the following, except to the extent constituting a Monetary Default: (a) any failure of a Party to perform any of such Party’s obligations under this Agreement; (b) any failure of a Party to comply with any material restriction or prohibition in this Agreement; or (c) any other event or circumstance that, with passage of time or giving of Notice, or both, would constitute a breach of this Agreement by a Party.

  • Non-Bankruptcy Defaults When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.

  • Default GAC may, by written notice of default to the Contractor, terminate the whole or any part of the Agreement, in any one of the following circumstances: