Common use of Amendment; Cancellation Clause in Contracts

Amendment; Cancellation. You may amend or cancel a Payment Order if the communication cancelling or amending the Payment Order is received by us at a time on a Business Day and in a manner affording us a reasonable opportunity to act on it before execution of the Payment Order. If a security procedure was used with respect to the Payment Order, a communication is not effective to cancel or amend the Payment Order unless the security procedure is also used with respect to the cancellation or amendment, or we agree to the cancellation or amendment. The effect of cancellation of a Payment Order is to treat the Payment Order as never having been issued by you. The effect of an amendment of a Payment Order is to treat the Payment Order as originally having been issued in the amended form. If we accept the cancellation or amendment, you hold us harmless from and indemnify us against any and all losses and expenses, including reasonable attorneys’ fees, incurred or suffered by us as a result of the cancellation or amendment or attempted cancellation or amendment.