Common use of Drawdown Requests Clause in Contracts

Drawdown Requests. Prior to Bank accepting Drawdown Requests from other depository institutions to debit an Account with Bank and transfer funds to other depository institutions, you must first complete, execute, and return to Bank a Fedwire or SWIFT Debit Authorization Form, as applicable, authorizing Bank to accept such Drawdown Requests and to debit your Accounts and transfer funds in accordance with the applicable Drawdown Requests. In order to initiate Drawdown Requests to debit an account at another depository institution and transfer funds to Bank, you must first complete, execute, and return to Bank the Wire Transfer Drawdown Authorization setup forms. You must also provide express, written authorization to the depository institution from which funds will be transferred (your “Drawdown Bank”) (with a copy to Bank where requested) to honor requests from Bank to transfer funds to Bank. Bank may provide you with a sample letter to be delivered to your Drawdown Bank for this purpose. However, Bank accepts no liability for the contents of any such letter or the failure by your Drawdown Bank to accept such authorization or honor any Drawdown Requests, and you hereby release Bank from any such liability.