PAYABLE ON DEMAND definition

PAYABLE ON DEMAND. [ ] Payment is due upon demand. [X] Payment is due upon demand, but in any event, not later than Maturity Date.

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PAYABLE ON DEMAND means a bank can pay it the same day the bank is presented the instrument.3

PAYABLE ON DEMAND means that an instrument is payable at sight or on presentment or that no time of payment has been stated in the instrument.

Examples of PAYABLE ON DEMAND in a sentence

• ALL SUMS DISBURSED BY AGENT IN CONNECTION WITH ANY SUCH ACTIONS, INCLUDING COURT COSTS, EXPENSES, OTHER CHARGES RELATING THERETO AND REASONABLE INTERNAL AND EXTERNAL ATTORNEY COSTS, SHALL CONSTITUTE LOANS HEREUNDER, SHALL BE PAYABLE ON DEMAND BY BORROWERS TO AGENT AND, UNTIL PAID, SHALL BEAR INTEREST AT THE HIGHEST RATE THEN APPLICABLE TO LOANS HEREUNDER.

• IN THE EVENT ANY OF THE SECURED OBLIGATIONS ARE PAYABLE ON DEMAND, NEITHER THIS AGREEMENT NOR ANYTHING CONTAINED HEREIN SHALL BE DEEMED TO ALTER OR IMPINGE UPON THE DEMAND CHARACTER OF SUCH OBLIGATION.

• ALL SUMS DISBURSED BY AGENT IN CONNECTION WITH ANY SUCH ACTIONS, INCLUDING COURT COSTS, EXPENSES, OTHER CHARGES RELATING THERETO AND REASONABLE EXTERNAL ATTORNEY COSTS, SHALL CONSTITUTE LOANS HEREUNDER, SHALL BE PAYABLE ON DEMAND BY BORROWERS TO AGENT AND, UNTIL PAID, SHALL BEAR INTEREST AT THE HIGHEST RATE THEN APPLICABLE TO LOANS HEREUNDER.

• BORROWERS ARE RESPONSIBLE FOR ALL EXPENSES INCURRED BY ADMINISTRATIVE AGENT IN CONNECTION WITH SUCH ACTION AND THE COST OF ANY INSURANCE PURCHASED PURSUANT TO THIS PROVISION AND SUCH COST IS PAYABLE ON DEMAND; IF BORROWERS FAIL TO PAY SUCH COST, IT MAY BE ADDED TO THE INDEBTEDNESS AND BEAR INTEREST AT THE DEFAULT RATE.

• ALL SUMS DISBURSED BY AGENT IN CONNECTION WITH ANY SUCH ACTIONS, INCLUDING COURT COSTS, EXPENSES, OTHER CHARGES RELATING THERETO AND REASONABLE INTERNAL AND EXTERNAL ATTORNEY COSTS, SHALL CONSTITUTE LOANS HEREUNDER, SHALL BE PAYABLE ON DEMAND BY LOAN PARTIES TO AGENT AND, UNTIL PAID, SHALL BEAR INTEREST AT THE HIGHEST RATE THEN APPLICABLE TO LOANS HEREUNDER.

• SHOULD LENDER INCUR ANY SUCH LIABILITY, LOSS OR DAMAGE BY REASON OF THIS ASSIGNMENT, OR IN DEFENSE OF ANY SUCH CLAIM OR DEMAND, THE AMOUNT THEREOF, INCLUDING, WITHOUT LIMITATION, COSTS, EXPENSES AND REASONABLE ATTORNEYS' FEES, TOGETHER WITH INTEREST THEREON (IF SUCH AMOUNT IS NOT PAID IMMEDIATELY UPON DEMAND THEREFOR) AT THE DEFAULT INTEREST RATE (AS DEFINED IN THE NOTE), SHALL BE PAYABLE ON DEMAND AND SHALL BE INCLUDED IN THE INDEBTEDNESS SECURED BY THE LIEN INSTRUMENT.

• ANY AMOUNTS PAYABLE TO INDEMNIFIED PARTIES BY REASON OF THE APPLICATION OF THIS SECTION 12.1 SHALL BECOME IMMEDIATELY DUE AND PAYABLE ON DEMAND AND IF NOT PAID WITHIN FIVE (5) DAYS OF SUCH DEMAND THEREFOR, SHALL BEAR INTEREST AT THE DEFAULT RATE.

• INTEREST ON ANY OVERDUE PRINCIPAL OR PREMIUM SHALL BE PAYABLE ON DEMAND.

• IN THE EVENT ANY OF THE OBLIGATIONS SECURED HEREBY IS PAYABLE ON DEMAND, NEITHER THIS AGREEMENT NOR ANYTHING CONTAINED HEREIN SHALL BE DEEMED TO ALTER OR IMPINGE UPON THE DEMAND CHARACTER OF SUCH OBLIGATION.

• BORROWER EXPRESSLY ACCEPTS THE RISK OF BORROWING A LOAN PAYABLE ON DEMAND AND THAT LENDER MAY DEMAND PAYMENT AT ANY TIME IN ITS SOLE DISCRETION WHETHER OR NOT ANY DEFAULT OR EVENT OF DEFAULT HAS OCCURRED, AND THAT LENDER SHALL HAVE NO EXPRESS OR IMPLIED DUTY OF GOOD FAITH OR FAIR DEALING, DUTY TO ACT IN A COMMERCIALLY REASONABLE MANNER (EXCEPT WITH RESPECT TO DISPOSITION OF COLLATERAL TO THE EXTENT REQUIRED BY LAW), OR OTHER IMPLIED DUTY OR FIDUCIARY DUTY.

More Definitions of PAYABLE ON DEMAND

PAYABLE ON DEMAND means that an instrument is payable at sight or on presentment or that no time of payment has been stated in the instrument. “Payment deadline” with respect to a bank is either the time at which the bank

PAYABLE ON DEMAND means the delivery of a payment by a collecting bank to the clearinghouse representative of the receiving bank upon which the payment has been drawn.

PAYABLE ON DEMAND. The Loan is payable on demand. Nothing contained in this Agreement or the Collateral Documents, including, but not limited to, the reference to a Default, shall be construed to prevent Crestmark from making demand, without notice and without reason, for immediate payment of all or any part of the Loan whether or not a Default has occurred. Demand for repayment of the Loan by Crestmark can be made at any time or times.

PAYABLE ON DEMAND. [ ] Payment is due upon demand [ ] Payment is due upon demand, but in any event, not later than Maturity Date. ------------------------------------------------------------------------------ TERMS/ADVANCES: This Line of Credit is: [ x ] OBLIGATORY: Lender will continue to make advances under this Line of Credit unless: (a) the maximum amount on this Line of Credit is outstanding; (b) the undersigned has breached any of the promises contained in this agreement or any other agreement noted below; (c) the undersigned makes a request for an advance after the Maturity Date noted above; (d) other: [ ] DISCRETIONARY: Lender may refuse to make additional advances under this Line of Credit for the following reasons: (a) the aggregated advances under this Line of Credit exceeds $ (b) other ------------------------------------------------------------------------------ [ x ] ADDITIONAL NOTE PROVISIONS: Annual Report Due Within 105 Days of Year-End ------------------------------------------------------------------------------ Security for this Line of Credit Agreement and Note, if any, By Way of Description but not By Way of Limitation, is as follows: Unsecured ------------------------------------------------------------------------------ The Borrower expressly agrees to all the provisions hereof and signifies assent thereto by the signature below.