You can have only one ELSE per CASE

>I'm getting "Incorrect syntax near the keyword 'THEN'.". Anyone know what I'm doing wriong here?
>
>

>
>SELECT *,
>	CASE
>
>  	  WHEN PAY_REC = 'REC' AND (NOTSHIP > CASH_BAL OR (NOTSHIP < CASH_BAL AND CASH_BAL > 0)
>		THEN CASH_BAL - NOTSHIP
>
>	  WHEN PAY_REC = 'PAY' AND (NOTSHIP > CASH_BAL OR (NOTSHIP < CASH_BAL AND CASH_BAL > 0)
>		THEN CASH_BAL
	  ELSE 0
>
>	END AS Ar
>
>FROM Trades
>