Fax Checks definition
Fax Checks means customer checks that are delivered by facsimile transmission and are converted by software into bank drafts not requiring the account debtor's original signature and "Hold Checks" are checks that are held by a Borrower for subsequent deposit by a Borrower on a specific date according to the terms of the invoice or sale, all of which are received in the ordinary course of business.
Examples of Fax Checks in a sentence
As used herein, "Fax Checks" shall mean customer checks that are delivered by facsimile transmission and are converted by software into bank drafts not requiring the account debtor's original signature and "Hold Checks" are checks that are held by a Borrower for subsequent deposit by a Borrower on a specific date according to the terms of the invoice or sale, all of which are received in the ordinary course of business.
If any Default or Event of Default exists, Borrowers shall cause all Hold Checks and Fax Checks to be immediately delivered to the Blocked Accounts.