Outstanding Checks Clause Samples
The 'Outstanding Checks' clause defines how checks that have been issued but not yet cleared or cashed are treated within the context of an agreement or financial reconciliation. Typically, this clause outlines the responsibilities of the parties regarding the tracking, reporting, and accounting for such checks, ensuring that they are properly recorded as liabilities until they are cleared by the bank. By addressing outstanding checks, the clause helps prevent disputes over unaccounted funds and ensures accurate financial statements, thereby promoting transparency and reducing the risk of errors or misunderstandings in financial settlements.
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Outstanding Checks. A report regarding each Borrower’s outstanding checks and similar payment items, substantially in the form as that being provided to the Banks prior to the Sixth Amendment Closing Date; such report to be delivered within three Business Days after the end of each week.
Outstanding Checks. Shareholder represents that no checks have been cut or mailed by the Company since Friday, April 25, 2003, without the Purchaser's prior consent. The Shareholder shall pay or cause to be paid upon presentation prior to August 1, 2003, all of the Outstanding Checks. The Shareholder will not be required to honor any Outstanding Check presented on or after August 1, 2003. Shareholder shall deliver to the Purchaser a list of all checks which it reasonably believes are Outstanding Checks on the Closing Date. On a monthly basis the Shareholder shall provide the Purchaser with a list of the Outstanding Checks that have cleared that month. By August 15, 2003, the Shareholder and the Purchaser shall calculate the difference between the amount paid to the Shareholder for the Outstanding Checks at the Closing and the aggregate amount actually paid by the Shareholder for such checks upon presentation prior to August 1, 2003. In the event the amount paid by the Purchaser at Closing exceeds the aggregate amount Shareholder paid for such checks upon presentation the Shareholder shall reimburse the Purchaser for such overage by August 31, 2003. If the amount paid by the Purchaser at Closing was less than the amount paid by the Shareholder for such checks upon presentation prior to August 1, 2003, the Purchaser shall pay such shortfall to the Shareholder by August 31, 2003.
Outstanding Checks. Funds shall remain on deposit at the Closing in each checking account maintained by each of the Subsidiaries sufficient in amount to cover all outstanding checks or drafts against such accounts.
Outstanding Checks. Exclusive of any amounts used in the calculation of the Net Working Capital as described in Section 2, Parent shall ensure that the BHG Companies have adequate cash to pay any outstanding and unpaid checks issued by the BHG Companies as of the Closing Date.
Outstanding Checks. Notwithstanding anything to the contrary herein or in the Disclosure Schedule, as of the Closing, each checking account maintained by the Company has a balance equal to or in excess of the aggregate amount of all outstanding checks or other withdrawals against such checking account.
Outstanding Checks. The Seller shall make available in its appropriate bank accounts cash adequate to cover any checks, wires, electronic transfers and payroll of the Seller outstanding as of the Closing Date, and shall, subject to disbursements in respect thereof, maintain such amounts in such accounts.
Outstanding Checks. Seller shall cause all outstanding checks issued in connection with the operation of the Business prior to the Closing Date to be honored whether such checks are presented for payment from any accounts of Seller or the Business before or after the Closing Date.
Outstanding Checks. At the Closing, Seller will have sufficient cash in the appropriate bank account(s) to ensure that there are sufficient funds in each such account to pay, when presented, all the outstanding checks of Seller.
Outstanding Checks. In the event that a check has been disbursed to a vendor for a product or service and the check has not been deposited over a period of at least three months, the Finance Department will contact the vendor to confirm whether it is still in-hand, or whether another check should be reissued. If the check is still in hand, the Finance Department will encourage the vendor to deposit the check within one week. In the event that a vendor requests for a check to be reissued, the Finance Department will inform the CFO of the request and void the original check in the accounting system. The Finance Department will photocopy the backup documentation that was attached to the original payment, obtain approval according to the check approval policies, confirm all vendor information, and send the check to the vendor. In the event the vendor cannot be contacted by phone, letter, or email, the Finance Department will confirm that the CFO and Treasurer are in agreement to write the check off, then make the appropriate entries in the accounting system. In the event the vendor confirms payment was already made via an alternative method not recorded in the accounting system, an investigation will be conducted to understand how the original payment was made and then make the appropriate entries in the accounting system. In the event the outstanding check exceeds $250, the CFO will work with the bank to issue a stop payment on the check to ensure that it is not cashed.
Outstanding Checks. United will place stop payments, at Customer's expense, on all checks United has issued under this Agreement if they have not been twelve months from issuance and report such unclaimed property to Customer.