Common use of Returned Item Amounts Clause in Contracts

Returned Item Amounts. Customer and Creditor understand and agree that Depository will collect the amount of each Returned Item by debiting the Account. Customer shall pay the amount of each Returned Item immediately upon demand to the extent there are not sufficient funds in the Account to cover such amount on the day of the debit. Creditor shall pay to Depository, within twenty (20) days after demand on Creditor by Depository, any such amount that has not been paid in full by Customer within ten (10) days after demand on Customer by Depository to the extent that Creditor received proceeds from the corresponding Returned Item; provided however, that if Depository is stayed from making such demand upon Customer as a result of a bankruptcy or similar proceeding, then Depository shall be deemed to have made such demand upon Customer at the commencement of such proceeding. Depository agrees that any demand upon Creditor for payment of such amount shall be made within one hundred twenty (120) days after termination of this Agreement.

Returned Item Amounts. Customer and Creditor Creditors understand and agree that Depository will collect the amount of each Returned Item by debiting the Account. Customer shall pay the amount of each Returned Item immediately upon demand to the extent there are not sufficient funds in the Account to cover such amount on the day of the debit. Controlling Creditor shall pay to Depository, within twenty (20) days after demand on Controlling Creditor by Depository, any such amount that has not been paid in full by Customer within ten (10) days after demand on Customer by Depository to the extent that a Control Notice was in effect at the time the Returned Item arose and the Controlling Creditor received proceeds from the corresponding Returned Item; provided however, that if Depository is stayed from making such demand upon Customer as a result of a bankruptcy or similar proceeding, then Depository shall be deemed to have made such demand upon Customer at the commencement of such proceeding. Depository agrees that any demand upon Controlling Creditor for payment of such amount shall be made within one hundred twenty (120) days after termination of this Agreement.