Unapplied Payments Clause Samples

The Unapplied Payments clause defines how payments received that cannot be immediately matched to a specific invoice or obligation are handled by the receiving party. Typically, such payments are held in suspense or a designated account until sufficient information is provided to allocate them correctly, and the payer may be notified to clarify the payment's purpose. This clause ensures that funds are not misapplied, reduces administrative confusion, and helps both parties maintain accurate financial records.
Unapplied Payments. In the absence of timely payment remittance instructions from Customer within 180 days of receiving a payment on Customer’s account, any unapplied payment aged older than 180 days will be applied by FlightSafety to unpaid invoices beginning with the oldest unpaid invoice until the balance of the unapplied payment is exhausted.
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Unapplied Payments. In the absence of timely payment remittance instructions from Customer within 180 days of receiving a payment on Customer’s account, any unapplied payment aged older than 180 days will be applied by FSTAT to unpaid invoices beginning with the oldest unpaid invoice until the balance of the unapplied payment is exhausted.
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Unapplied Payments. 2.12.1 The Prime Contractor shall ensure that all Payments, which are unapplied following the processing of the relevant BACS data file by the Prime Contractor, must be returned to the initiating Government Department in full via the initiating Government Department's Sponsor Bank without any deduction within 3 (three) Working Days from their BACS Entry Day. 2.12.2 The Prime Contractor shall ensure that all Payments, which are made via the Faster Payment Service which are unapplied following the Processing by the Prime Contractor, must be returned to the initiating Government Department in full in accordance with the Faster Payment Service procedures. The Prime Contractor shall ensure that the industry standard ARUCS process will be followed at all times. 2.12.3 The Prime Contractor shall ensure that all Payments, which are returned to the originating Government Departments, are returned to the appropriate account from which Payment has been issued. 2.12.4 Each returned Payment shall include the following details (where provided): Payment Identifier. Amount. Payee Name. National Insurance Number. Reason for return. Date Payment should have been credited. The Parties may agree to amend this list from time to time, where appropriate.
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Related to Unapplied Payments

  • Returned Payments If after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement.

  • Refused Payments We reserve the right to refuse to pay any Receiver. We will attempt to notify the Sender promptly if we decide to refuse to pay a Receiver designated by the Sender. This notification is not required if you attempt to make a prohibited payment under this Agreement.

  • Deferred Payments “Deferred Payments” means any severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries), that in each case, when considered together, are considered deferred compensation under Section 409A.

  • Misdirected Payments (a) In the event that the Parent or any Provider receives a Misdirected Payment in the form of a check, the Parent or such Provider shall immediately send such Misdirected Payment, in the form received by the Parent or such Provider, by hand or overnight delivery service to a Lockbox for deposit into the corresponding Lockbox Account. In the event the Parent or any Provider receives a Misdirected Payment in the form of cash or wire transfer, the Parent or such Provider shall immediately wire transfer the amount of such Misdirected Payment directly to the Lockbox Account. All Misdirected Payments shall be sent promptly upon receipt thereof, and in no event later than the close of business, on the first Business Day after receipt thereof. (1) If a Misdirected Payment in the form of a check is received by the Parent or any Provider more than six days after the date of such check with respect thereto, then the relevant Provider shall pay interest on such Misdirected Payment to the Purchaser from such sixth subsequent day to and including the date such check is received in the Lockbox Account, at a rate equal to LIBOR then in effect under the Loan Agreement. (2) Each Provider hereby agrees and consents to the Purchaser taking such actions as are reasonably necessary to ensure that future payments from the Obligor of a Misdirected Payment shall be made in accordance with the Notice to Obligors previously delivered to such Obligor, including, without limitation, to the maximum extent permitted by law, (i) the Purchaser, its assigns or designees, or any member of the HFG Group executing on such Provider's behalf and delivering to such Obligor a new Notice to Obligors, and (ii) the Purchaser, its assigns or designees, or any member of the HFG Group contacting such Obligor by telephone to confirm the instructions previously set forth in the Notice to Obligor to such Obligor. Upon the Purchaser's request, each Provider shall promptly (and in any event, within two Business Days from such request) take such similar actions as the Purchaser may reasonably request.

  • Delayed Payments The Parties hereto agree that payments due from one Party to the other Party under the provisions of this Agreement shall be made within the period set forth therein, and if no such period is specified, within 30 (thirty) days of receiving a demand along with the necessary particulars. Unless otherwise specified in this Agreement, in the event of delay beyond such period, the defaulting Party shall pay interest for the period of delay calculated at a rate equal to 5% (five per cent) above the Bank Rate, and recovery thereof shall be without prejudice to the rights of the Parties under this Agreement including Termination thereof.