INTERMEDIARY BANK. To the extent necessary or appropriate the Bank shall send Payment Orders through a Correspondent(s). In executing any Payment Order, the Bank shall use whatever funds transfer system, and communications system designated by Customer, except where the Bank concludes in good faith that the use of such systems is not feasible or would involve undue delay or risk. In those circumstances, the Bank may use the funds transfer systems and communications systems in which the Bank participates. The Bank may, in its sole discretion, establish designated intermediary banks, agents or subagents as it deems necessary or appropriate in connection with a Payment Order. To the fullest extent permitted by law, (i) any such funds transfer system, communications system or intermediary banks, agents or sub-agents shall be deemed to be the agent of Customer, and the Bank shall not have any liability for any errors, negligence, suspension or default of any of them or for any failure to identify the beneficiary or any misplaced payment by any of them, and (ii) the Bank shall not be liable for any errors, mutilations, delays, improper delivery or failure of delivery in the transmission of any Payment Order in connection with such transaction or for any suspension of any means of transmission of any Payment Order in connection with such transaction or for any suspension of any means of transmission or for any censorship, exchange control or other restriction, with all such risk being borne by Customer. Customer acknowledges:
Appears in 5 contracts
Samples: Treasury Management Services Agreement, Treasury Management Services Agreement, Treasury Management Services Agreement
