Properly Payable Payment Instrument

Properly Payable Payment Instrument. Means a Payment Instrument used or sold by Client hereunder that has been fully funded by Client in accordance with the terms, conditions and provisions of this Agreement, reported as having been used or sold by Client, properly presented for payment through the Federal Reserve Board check clearing system and for which no timely and proper stop payment order has been received from Client pursuant to IPS' stop payment Service Requirements.