Common use of Return Default Clause in Contracts

Return Default. Where Company has selected the return default option to apply to an Authorized Account, Bank shall return to the depositary bank any Exception Check drawn on that Account, unless Company instructs Bank to pay such Check in a timely Pay Request. The Pay Request shall identify each Exception Check that Company desires to be paid by the check number and amount specified in the Exception Check Report and shall instruct Bank to pay such Exception Check. The Pay Request shall be sent to Bank in the format and medium, by the deadline(s), and at the place(s) specified by Bank from time to time. Bank shall finally pay and charge to the Authorized Account any Exception Check that Company directs Bank to pay as provided above.

Return Default. Where Company has selected the return default option to apply to an Authorized Account, Bank shall return to the depositary depository bank any Exception Check drawn on that Authorized Account, unless Company instructs Bank to pay such Check check in a timely Pay RequestRequest through the System by 3:00 p.m. CT on the next Business Day in accordance with the Service Documentation. The Pay Request shall identify each Exception Check that Company desires to be paid by the check number and amount specified in the Exception Check Report List and shall instruct Bank to pay such Exception Check. The Pay Request shall be sent to Bank in the format and medium, by the deadline(s), and at the place(s) specified by Bank from time to time. . i. Bank shall finally pay and charge to the Authorized Account any Exception Check that Company directs Bank to pay as provided above.