Collection Where Payment Refused Clause Samples
The 'Collection Where Payment Refused' clause defines the procedures and rights of a party when a payment due under the contract is not made by the other party. Typically, this clause allows the party owed money to initiate collection actions, such as engaging a collection agency or pursuing legal remedies, if payment is refused or not received within a specified timeframe. Its core practical function is to provide a clear mechanism for recovering unpaid amounts, thereby protecting the financial interests of the party expecting payment and encouraging timely fulfillment of payment obligations.
Collection Where Payment Refused. The Custodian shall not be required to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, or if payment is refused after due demand or presentation, unless and until it shall be directed to take such action and it shall be assured to its satisfaction of reimbursement of its related costs and expenses.
Collection Where Payment Refused. The Bank shall not be under any duty or obligation to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, or if payment is refused after due demand or presentation, unless and until (a) it shall be directed to take such action by Written Instructions and (b) it shall be assured to its satisfaction of reimbursement of its costs and expenses in connection with any such action.
Collection Where Payment Refused. Mellon shall not be required to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, or if payment is refused after due demand or presentation, unless and until it shall be directed to take such action and it shall be assured to its satisfaction of reimbursement of its related costs and expenses.
Collection Where Payment Refused. The Custodian shall not be under any duty or obligation to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, or if payment is refused after due demand or presentation, unless and until (a) it shall be directed to take such action by a Certificate and (b) it shall be assured to its satisfaction of reimbursement of its costs and expenses in connection with any such action. The Custodian shall promptly notify the Client in the event of any such default.
Collection Where Payment Refused. The Bank shall not be under any duty or obligation to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, or if payment is refused after due demand or presentation, unless and until (a) it shall be directed to take such action by Written Instructions and (b) it shall be assured to its satisfaction of reimbursement of its costs and expenses in connection with any such action. Notwithstanding the foregoing, the Bank will use reasonable efforts to collect at the Bank's expense all income and dividends from all Securities.
Collection Where Payment Refused. The Custodian shall not be required to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, or if payment is refused after S:\LEGAL\▇▇▇▇▇ (SSR, JSK)\▇▇▇▇▇ Files\JNL Investors Series Trust\PEA No. 1 9-05\Custody Agmts\Custody Agreement5-01.htm due demand or presentation, unless and until it shall be directed to take such action and it shall be assured to its satisfaction of reimbursement of its related costs and expenses.