Common use of Returned Item Fee Clause in Contracts

Returned Item Fee. To the extent not prohibited by applicable law, Customer agrees to pay Purchaser promptly upon demand a returned item fee of $35 (a “Returned Item Fee”) if an electronic debit is returned unpaid or cannot be processed, or if a check, draft or similar instrument issued by Customer or any individual that signs this Agreement is not honored or cannot be processed (either of which is a “Returned Item Event”). At Purchaser’s option, Purchaser will assess this fee any time a payment is not honored or paid, even if it is later honored or paid following resubmission. Customer and any individual that signs this Agreement authorize Purchaser to resubmit returned debits in its discretion. Any check, draft or similar instrument may be collected electronically if returned for insufficient or uncollected funds. Customer will be in breach of the covenant set forth in Paragraph 6(vii) of this Agreement if Purchaser imposes at least four (4) Returned Item Fees during the term of the Agreement. It is expressly agreed that if Customer is not generating sufficient Future Receipts to satisfy the Daily Amount, Customer has the obligation to request an adjustment of the Daily Amount, as provided for in Paragraph 1(c) above, rather than incur Returned Item Fees.

Appears in 4 contracts

Samples: Future Receipts Sale Agreement, Future Receipts Sale Agreement, Future Receipts Sale Agreement

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Returned Item Fee. To the extent not prohibited by applicable law, Customer agrees to pay Purchaser promptly upon demand a returned item fee of $35 (a “Returned Item Fee”) if an electronic debit is returned unpaid or cannot be processed, or if a check, draft or similar instrument issued by Customer or any individual that signs this Agreement is not honored or cannot be processed (either of which is a “Returned Item Event”). At Purchaser’s option, Purchaser will assess this fee any time a payment is not honored or paid, even if it is later honored or paid following resubmission. Customer and any individual that signs this Agreement authorize Purchaser to resubmit returned debits in its discretion. Any check, draft or similar instrument may be collected electronically if returned for insufficient or uncollected funds. Customer will be in breach of the covenant set forth in Paragraph 6(vii) of this Agreement if Purchaser imposes at least it accumulates four (4) consecutive Returned Item Fees during the term of the Agreement, and does not provide Purchaser with bank statements demonstrating decreased revenues within seven (7) calendar days of the first Returned Item Fee. It is expressly agreed that if Customer is not generating sufficient Future Receipts to satisfy the Daily Amount, Customer has the obligation to request an adjustment a reconciliation of the Daily Amount, as provided for in Paragraph 1(c1(b)(2) above, rather than incur Returned Item Fees.

Appears in 3 contracts

Samples: Future Receipts Sale Agreement, Future Receipts Sale Agreement, Future Receipts Sale Agreement

Returned Item Fee. To the extent not prohibited by applicable law, Customer agrees to pay Purchaser promptly upon demand a returned item fee of $35 (a “Returned Item Fee”) if an electronic debit is returned unpaid or cannot be processed, or if a check, draft or similar instrument issued by Customer or any individual that signs this Agreement is not honored or cannot be processed (either of which is a “Returned Item Event”). At Purchaser’s option, Purchaser will assess this fee any time a payment is not honored or paid, even if it is later honored or paid following resubmission. Customer and any individual that signs this Agreement authorize Purchaser to resubmit returned debits in its discretion. Any check, draft or similar instrument may be collected electronically if returned for insufficient or uncollected funds. Customer will be in breach of the covenant set forth in Paragraph 6(vii) of this Agreement if Purchaser imposes at least it accumulates four (4) consecutive Returned Item Fees during the term of the Agreement, and does not provide Purchaser with bank statements demonstrating decreased revenues within five (5) calendar days of the first Returned Item Fee. It is expressly agreed that if Customer is not generating sufficient Future Receipts to satisfy the Daily Weekly Amount, Customer has the obligation to request an adjustment a reconciliation of the Daily Weekly Amount, as provided for in Paragraph 1(c1(b)(2) above, rather than incur Returned Item Fees.

Appears in 2 contracts

Samples: Future Receipts Sale Agreement, Future Receipts Sale Agreement

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Returned Item Fee. To the extent not prohibited by applicable law, Customer agrees to pay Purchaser promptly upon demand a returned item fee of $35 (a “Returned Item Fee”) if an electronic debit is returned unpaid or cannot be processed, or if a check, draft or similar instrument issued by Customer or any individual that signs this Agreement is not honored or cannot be processed (either of which is a “Returned Item Event”). At Purchaser’s option, Purchaser will assess this fee any time a payment is not honored or paid, even if it is later honored or paid following resubmission. Customer and any individual that signs this Agreement authorize Purchaser to resubmit returned debits in its discretion. Any check, draft or similar instrument may be collected electronically if returned for insufficient or uncollected funds. Customer will be in breach of the covenant set forth in Paragraph 6(vii) of this Agreement if Purchaser imposes at least four (4) Returned Item Fees during the term of the Agreement. It is expressly agreed that if Customer is not generating sufficient Future Receipts to satisfy the Daily Weekly Amount, Customer has the obligation to request an adjustment of the Daily Weekly Amount, as provided for in Paragraph 1(c) above, rather than incur Returned Item Fees.

Appears in 1 contract

Samples: Future Receipts Sale Agreement

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