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payable on demand

   Also found in: Financial 0.03 sec.

payable on demand adj. a debt on a promissory note or bill of exchange which must be paid when demanded by the payee (party to whom the debt is owed).



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The money is payable on demand, but not if doing so would make the company (Kop Holdings) insolvent.
That would be payable on demand if the control of the club was to change.
However if the employee leaves the loan can become due and payable on demand.
 
 
 
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