Common use of Effective Receipt of Notice Clause in Contracts

Effective Receipt of Notice. A notice which is mailed in a correctly addressed pre-paid envelope will be deemed to have been given on the second Business Day after the day on which it is mailed. A notice which is sent by facsimile will be deemed to have been given on the next Business Day following the day on which it is sent. A notice which is sent by email will: 15.2.1 in the case of an email sent to PAYMARK or the Bank, be deemed to have been given upon receipt of a return email from PAYMARK or the Bank (as the case may be) acknowledging receipt of such email (for the avoidance of doubt, an automatic or system generated acknowledgement from PAYMARK or the Bank will not be considered a return email for the purposes of acknowledgement of receipt notice); and 15.2.2 in the case of an email sent to the Merchant, be deemed to have been given at the time specified in the email as the time at which it was sent.