Common use of Pay Default Clause in Contracts

Pay Default. Where Company has selected the pay default option to apply to an Authorized Account, Bank may pay and charge to the Authorized Account any Exception Check provided that Company has not objected to such payment in a Return Request through the System by 3:00 p.m. CT on the next Business Day in accordance with the Service Documentation. A Return Request shall identify each Exception Check that Company desires not to pay by the complete check number and amount specified in the Exception List and shall instruct Bank to return the Exception Check. i. Bank shall return to the depository bank any Exception Check that Company instructs Bank to return as provided above.