Common use of PAYMENT Clause in Contracts

PAYMENT. (1) Place. Unless otherwise provided herein, all payments to be made by the Bank to the Customer or the Customer's assignee or endorsee, as appropriate, with respect to any account shall be made on the maturity date of the deposit, or for demand deposits, on demand, at the Bank's office in Taipei or to an account of the Customer with the Bank as designated by the Customer. (2) Business Day. Whenever any payment to be made by the Bank with respect to any account shall become payable on a day which is not a banking business day in Taipei ("Business Day"), such payment shall be made on the next succeeding Business Day. (3) Order of Payment. Without regard to the issuance dates thereof, all negotiable instruments which the Bank undertakes to pay, shall be paid in the order of the holders' presentation to the Bank and in the event that several negotiable instruments are presented at the same time, the Bank may, in its sole discretion, decide the order of payment thereof. If the Bank is notified of the Customer's declaration of bankruptcy, even if there are sufficient funds in the Customer's account, the Bank shall be entitled to dishonor the payment thereof. 7. 透支／墊款