Common use of Obligation of Sender Clause in Contracts

Obligation of Sender. The Transfer Agent is authorized to promptly debit the appropriate Fund or MMDA account(s), as applicable, upon the receipt of a payment order in compliance with the selected security procedure (the "Security Procedure") chosen for funds transfer and in the amount of money that the Transfer Agent has been instructed to transfer. The Transfer Agent shall execute payment orders in compliance with the Security Procedure and with a Fund's, CSSI's or CDI's instructions on the execution date provided that such payment order is received by the customary deadline for processing such a request, unless the payment order specifies a later time. All payment orders and communications received after the customary deadline or the specified later time will be deemed to have been received on the next business day.