Common use of Pay Default Clause in Contracts

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 Entry provided that Company has not objected to such payment in a timely Return Request. A Return Request shall identify each Exception Entry that Company desires not to pay and shall instruct Bank to return the Exception Entry. 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 Entry that Company instructs Bank to return as provided above.

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 Entry Check provided that Company has not objected to such payment in a timely Return Request. A Return Request shall identify each Exception Entry 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 EntryCheck. 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 Entry Check that Company instructs Bank to return as provided above.