Return Items definition
Examples of Return Items in a sentence
To illustrate the application of the preceding sentence, if Employee’s Retirement is on or after December 31, 2020, subject to paragraph 2.e below, he or she shall be eligible to receive a full payout at the end of the Performance Period (based upon actual Achievement).
If Customer either fails to call with an instruction to return an Exception Check or fails to list an Exception Check in a Return Items Report, the Bank may, but is not obligated to, return the Exception Check unpaid but the Bank will not be liable for not doing so.
The Funds will compensate the Subcustodian for (i) service fees charged by the Subcustodian for processing Subscription Checks as set forth on Schedule 1 to this Agreement (these amounts will be paid monthly and computed based on overall account relationship), (ii) other miscellaneous fees as described in Schedule 1 and (iii) Return Items not paid by the Transfer Agent within five (5) days following a payment by Subcustodian pursuant to paragraph 2 hereof.
The Subcustodian shall furnish to AFS (i) prompt telephonic and written notice of Return Items, (ii) monthly reports on activity in each of the Subscription Accounts mailed within five (5) days after the end of each calendar month and (iii) a daily statement of activity in each of the Subscription Accounts, which will be made available via the MicroLink balance reporting service.
In the event that the available funds in the Bounced Check Account are insufficient to cover the amount of the Return Items, Subcustodian shall promptly notify Transfer Agent in writing of the amount of such insufficiency.
If the Bank honors a Presented Check that is not submitted on the Check Positive Pay Return Items File, such honor shall be rightful, and the Customer waives any right it may have to assert that the Presented Check was not properly payable under Section 4-401.
If the Bank dishonors a Presented Check that is listed on the Check Positive Pay Return Items File, the dishonor shall be rightful, and the Customer waives any right he or she may have to assert that the dishonor was wrongful under Section 4- 402.
Customer agrees to be bound by any Check Positive Pay File and Check Positive Pay Return Items File, whether or not authorized by Customer that is issued in its name and accepted by us in accordance with this Agreement and the security procedures.
If an Exception Check is not assigned a “Return” decision on the Return Items File and Customer does not call the Bank with a return instruction before the Check Positive Pay Exceptions Review Cut-Off set forth in Section 19, on the business day following the day of presentment of the presented checks, the Bank will pay all presented checks, including but not limited to Exception Checks and non-matching items.
The Customer shall use only the Check Positive Pay Return Items File that complies with paragraph 29.a.1, provided that either one or both has not been revoked by the Bank in accordance with this paragraph 29.a.v, in the submission of the Check Positive Pay Return Items File.