Common use of Uncollected Funds Clause in Contracts

Uncollected Funds. If any Receipts deposited in the Blocked Account are returned unpaid or otherwise dishonored, Bank shall have the right to charge any and all such returned or dishonored items against the Blocked Account or to demand reimbursement therefore directly from Company. If there are insufficient funds in the Blocked Account to cover any such charge for any returned or dishonored item and Company fails to reimburse Bank for such amount within ten (10) business days after demand, then Purchaser agrees to reimburse Bank within ten (10) business days of written notice of demand for the amount of such returned or dishonored item provided that (a) such item has been previously credited to the Purchaser Account and (b) Purchaser receives such written demand within forty-five (45) days after termination of this Agreement.

Uncollected Funds. If any Receipts deposited in the Blocked Collateral Account are returned unpaid or otherwise dishonored, Bank shall have the right to charge any and all such returned or dishonored items against the Blocked Collateral Account or to demand reimbursement therefore directly from Company. If there are insufficient funds in the Blocked Collateral Account to cover any such charge for any returned or dishonored item and Company fails to reimburse Bank for such amount within ten (10) business days after demand, then Purchaser agrees to reimburse Bank within ten (10) business days of written notice of demand for the amount of such returned or dishonored item provided that (a) such item has been previously credited to the Purchaser Account and (b) Purchaser receives such written demand within forty-five (45) days after termination of this Agreement.

Uncollected Funds. If any Receipts deposited in the Blocked Account are returned unpaid or otherwise dishonored, Bank shall have the right to charge any and all such returned or dishonored items against the Blocked Account or to demand reimbursement therefore directly from Company. If there are insufficient funds in the Blocked Account to cover any such charge for any returned or dishonored item and Company fails to reimburse Bank for such amount within ten (10) business days after demand, then Purchaser Agent agrees to reimburse Bank within ten (10) business days of written notice of demand for the amount of such returned or dishonored item item, provided that (a) such item has been previously credited to the Purchaser Agent Account and (b) Purchaser Agent receives such written demand within forty-five (45) days after termination of this Agreement.