Common use of Payment Orders Clause in Contracts

Payment Orders. 14.1 You or an Authorised Person may from time to time provide Payment Orders to us in accordance with clause 8. The Payment Order must confirm the amount and currency of the money or Electronic Money (as appropriate) you wish to transfer to the Beneficiary and the following details (referred to in these Terms as the “Unique Identifiers”): (a) full name and address of the Beneficiary; (b) if the Beneficiary’s Account is not an Lumon Wallet, the account details of the Beneficiary and the Beneficiary’s payment service provider which shall be: (1) the sort code and account number where the Beneficiary’s payment service provider is located within the United Kingdom; or (2) the IBAN and SWIFTBIC where the Beneficiary’s payment service provider is located outside the UK; or (3) such other details that we request from you. 14.2 If you think that you have provided incorrect Unique Identifiers, you must contact Us immediately by telephone or email using the contact details set out in clause 3. 14.3 The Payment Order shall be deemed to be received at the time at which it is received except that: (a) where the Payment Order is received: (1) on a day which is not a Business Day; or (2) after 4 pm, London time on a Business Day, we have the right to treat your Payment Order as having been received on the next Business Day; and (b) if the Payment is to be made on a specified day in the future (for example on the Value Date of the FX Contract), your Payment Order shall be deemed to be received on the specified day provided that: (1) the specified day is a Business Day; and (2) we hold enough Electronic Money in your Lumon Wallet in the correct currency by midday on that specified day to execute the Payment. If the specified day is not a Business Day or we do not hold enough Electronic Money in your Lumon Wallet in the correct currency by midday, we shall be deemed to have received the Payment Order on the next Business Day that we do hold enough Electronic Money in your Lumon Wallet in the correct currency by midday to execute the Payment. 14.4 Following receipt of a Payment Order, we may: (a) refuse that Payment Order and if we do so, we shall (unless it would be unlawful for us to do so) notify you of that refusal, the reasons for that refusal (if possible), and the procedure for rectifying any factual errors that lead to that refusal. Such notification shall be given to you as soon as practicable following the refusal. A Payment Order which is refused by us shall be deemed not to have been received for the purposes of clause 3; and/or (b) request further confirmation or information from an Authorised Person of any Payment Order, including if we consider that such confirmation or information is desirable or that a Payment Order is ambiguous. 14.5 You may not withdraw consent for a Payment Order after it has been received by us except if you have agreed with us that the Payment is to be made on a specific day in the future (for example, when the Purchase Monies are available) and the withdrawal 14.6 Any withdrawal of consent for a Payment, in accordance with clause 5, must be received by us via telephone or email using the contact details set out in clause 2.3 and if sent by email it must include a copy of the relevant transaction number for the Payment, if received. 14.7 Where the Payment is denominated in: (a) euro, we shall ensure that the amount of the Payment is credited to the Beneficiary’s payment service provider’s account by the end of the Business Day following that on which your Payment Order was deemed to be received; (b) a currency other than euro but the account of the Beneficiary’s payment service provider is located within the European Economic Area (‘EEA’), we shall ensure that the amount of the Payment is credited to that account by the end of the fourth Business Day following that on which your Payment Order was deemed to be received; and (c) a currency other than euro and the account of the Beneficiary’s payment service provider is located outside the EEA, we shall endeavour to ensure that it actions the Payment as soon as is reasonably practicable. 14.8 If the Payment is an international Payment, an Authorised Person may provide us with the details of your preferred intermediary or routing bank and if we are able to use it we shall do so. If you do not provide us with those details or we are unable to use your preferred intermediary or routing bank: (a) we shall use our own intermediary or routing bank; (b) we will not be liable for any losses that you incur from us using our own intermediary or routing bank.

Payment Orders. 14.1 You or an Authorised Person may from time to time provide Payment Orders to us in accordance with clause 8. The Payment Order must confirm the amount and currency of the money or Electronic Money (as appropriate) you wish to transfer to the Beneficiary and the following details (referred to in these Terms as the “Unique Identifiers”): (a) full name and address of the Beneficiary; (b) if the Beneficiary’s Account is not an Lumon Wallet, the account details of the Beneficiary and the Beneficiary’s payment service provider which shall be: (1) the sort code and account number where the Beneficiary’s payment service provider is located within the United Kingdom; or (2) the IBAN and SWIFTBIC where the Beneficiary’s payment service provider is located outside the UK; or (3) such other details that we request from you. 14.2 If you think that you have provided incorrect Unique Identifiers, you must contact Us immediately by telephone or email using the contact details set out in clause 3. 14.3 The Payment Order shall be deemed to be received at the time at which it is received except that: (a) where the Payment Order is received: (1) on a day which is not a Business Day; or (2) after 4 pm, London time on a Business Day, we have the right to treat your Payment Order as having been received on the next Business Day; and (b) if the Payment is to be made on a specified day in the future (for example on the Value Date of the FX Contract), your Payment Order shall be deemed to be received on the specified day provided that: (1) the specified day is a Business Day; and (2) we hold enough Electronic Money in your Lumon Wallet in the correct currency by midday on that specified day to execute the Payment. If the specified day is not a Business Day or we do not hold enough Electronic Money in your Lumon Wallet in the correct currency by midday, we shall be deemed to have received the Payment Order on the next Business Day that we do hold enough Electronic Money in your Lumon Wallet in the correct currency by midday to execute the Payment. 14.4 Following receipt of a Payment Order, we may: (a) refuse that Payment Order and if we do so, we shall (unless it would be unlawful for us to do so) notify you of that refusal, the reasons for that refusal (if possible), and the procedure for rectifying any factual errors that lead to that refusal. Such notification shall be given to you as soon as practicable following the refusal. A Payment Order which is refused by us shall be deemed not to have been received for the purposes of clause 3; and/or (b) request further confirmation or information from an Authorised Person of any Payment Order, including if we consider that such confirmation or information is desirable or that a Payment Order is ambiguous. 14.5 You may not withdraw consent for a Payment Order after it has been received by us except if you have agreed with us that the Payment is to be made on a specific day in the future (for example, when the Purchase Monies are available) and the withdrawal 14.6 Any withdrawal of consent for a Payment, in accordance with clause 5, must be received by us via telephone or email using the contact details set out in clause 2.3 and if sent by email it must include a copy of the relevant transaction number for the Payment, if received.must 14.7 Where the Payment is denominated in: (a) euroeuro or sterling, we shall ensure that the amount of the Payment is credited to the Beneficiary’s payment service provider’s account by the end of the Business Day following that on which your Payment Order was deemed to be received; (b) a currency other than euro or sterling but the account of the Beneficiary’s payment service provider is located within the European Economic Area (‘EEA’), we shall ensure that the amount of the Payment is credited to that account by the end of the fourth Business Day following that on which your Payment Order was deemed to be received; and (c) a currency other than euro or sterling and the account of the Beneficiary’s payment service provider is located outside the EEA, we shall endeavour to ensure that it actions the Payment as soon as is reasonably practicable. 14.8 If the Payment is an international Payment, an Authorised Person may provide us with the details of your preferred intermediary or routing bank and if we are able to use it we shall do so. If you do not provide us with those details or we are unable to use your preferred intermediary or routing bank: (a) we shall use our own intermediary or routing bank; (b) we will not be liable for any losses that you incur from us using our own intermediary or routing bank.