Common use of TERMINATION OF THE MANDATE AS A PAYING AGENT Clause in Contracts

TERMINATION OF THE MANDATE AS A PAYING AGENT. In the event that promissory notes issued by the Depositor drawn of the Depositor’s checking account with all financial institutions are dishonored due to withdrawal of the authorization of the financial institution designated as paying agent prior to expiring of the period for presentation, and the number of such dishonored promissory note on which Redemption, Reserve for Payment or Re-Presentation and Payment has not been made is not less than three (3) during the past one (1) year, the Bank may terminate the Depositor’s mandate to designate the Bank as a paying agent for a period of three (3) years comment from the date the Bills Clearing House declares [the dishonors]. If the Bank terminates the Depositor’s mandate to designate the Bank as a paying agent, the Depositor shall return the remaining blank promissory notes to the Bank within one (1) month after receiving the Bank’s notice to do so.

TERMINATION OF THE MANDATE AS A PAYING AGENT. In the event that promissory notes issued by the Depositor drawn of the Depositor’s 's checking account with all financial institutions are dishonored due to withdrawal of the authorization of the financial institution designated as paying agent prior to expiring expiry of the period for presentation, and the number of such dishonored promissory note on which Redemption, Reserve for Payment or Re-Presentation and Payment has not been made is not less than three (3) during the past one (1) year, the Bank may terminate the Depositor’s mandate to designate the Bank as a paying agent for a period of three (3) years comment commencing from the date the Bills Clearing House declares [the dishonors]. If the Bank terminates the Depositor’s mandate to designate the Bank as a paying agent, the Depositor shall return the remaining blank promissory notes to the Bank within one (1) month after receiving the Bank’s notice to do so.