Common use of Payment Orders Clause in Contracts

Payment Orders. a) Content of Payment Orders. Customer will supply to Bank any information Bank may reasonably request regarding any Payment Order initiated by Customer, including, without limitation, money amounts, affected accounts, dates of transfer, the Beneficiary’s name and account number, the name and routing number or bank identifier code of the Beneficiary’s Bank, such additional information as Bank may reasonably request and, if necessary, further evidence of any User’s or Authorized Xxxxxx’s authority to transfer funds or to do any other act contemplated by this Service. b) Execution of Payment Orders. Customer authorizes Bank to execute and charge Xxxxxxxx’s Account(s) with Bank for Payment Orders delivered to Bank in accordance with this Agreement. Bank has no obligation to execute a Payment Order if Customer’s Account to be charged has insufficient collected funds to cover the Order. If Bank elects to make any transfer that exceeds the amount of collected funds, Customer shall be liable for any amount transferred in excess thereof, including a Collected Funds Waiver fee and other fees where applicable. c) Processing Payment Orders. The order in which Bank processes Wire Transfer Payment Orders is determined solely by Bank. Customer does not have the right to reverse, adjust or revoke any Payment Order after it has been received by Bank, provided, however, that Bank will make a reasonable effort to act on such a request by Customer. With respect to a Payment Order already transmitted to the Beneficiary’s bank, Bank shall, at Customer’s request, request the Bank to return funds previously transferred. Customer understands that the receiving institution is under no legal obligation to comply with this request. Bank may use means and routes that Bank thinks in its own discretion are suitable for each outgoing Wire Transfer. Bank sends outgoing Wire Transfers through Fedwire (the funds transfer system owned and operated by the Federal Reserve Banks or other provider). d) Rejection of Payment Orders. Bank may reject a Payment Order from Customer if such Payment Order is not initiated in accordance with the applicable security procedure, if there is any inconsistency between a Payment Order and information previously supplied to Bank, if Bank is unable to obtain confirmation of such Payment Order satisfactory to Bank, if there are insufficient collected funds in Customer’s specified account to fund the Payment Order, or if Bank has other reasonable grounds not to honor the Payment Order. Bank will make a reasonable effort to notify Customer by telephone in such instances; provided, however, that Bank shall not be liable for any failure to provide such notice. e) OFAC. Customer agrees not to initiate a Wire Transfer Payment Order in violation of applicable federal, state or local law. If the Beneficiary of any Wire Transfer is a person or entity listed on the list of Specially Designated Nationals and Blocked Persons or an OFAC sanctions program, Bank shall not be obligated to complete the transfer and may “block” the funds until such time that OFAC issues a written release to the Bank. In addition, if a Wire Transfer into Customer’s Account is from a person listed on the OFAC list of Specially Designated Nationals and Blocked Persons or a sanctions program, Bank shall not be obligated to accept the transfer.

Payment Orders. a) Content of Payment Orders. Customer will supply to Bank any information Bank may reasonably request regarding any Payment Order initiated by Customer, including, without limitation, money amounts, affected accounts, dates of transfer, the Beneficiary’s name and account number, the name and routing number or bank identifier code of the Beneficiary’s Bank, such additional information as Bank may reasonably request and, if necessary, further evidence of any User’s or Authorized Xxxxxx’s authority to transfer funds or to do any other act contemplated by this Service. b) Execution of Payment Orders. Customer authorizes Bank to execute and charge Xxxxxxxx’s Account(s) with Bank for Payment Orders delivered to Bank in accordance with this Agreement. Bank has no obligation to execute a Payment Order if Customer’s Account to be charged has insufficient collected funds to cover the Order. If Bank elects to make any transfer that exceeds the amount of collected funds, Customer shall be liable for any amount transferred in excess thereof, including a Collected Funds Waiver fee and other fees where applicable. c) Processing Payment Orders. The order in which Bank processes Wire Transfer Payment Orders is determined solely by Bank. Customer does not have the right to reverse, adjust or revoke any Payment Order after it has been received by Bank, provided, however, that Bank will make a reasonable effort to act on such a request by Customer. With respect to a Payment Order already transmitted to the Beneficiary’s bank, Bank shall, at Customer’s request, request the Bank to return funds previously transferred. Customer understands that the receiving institution is under no legal obligation to comply with this request. Bank may use means and routes that Bank thinks in its own discretion are suitable for each outgoing Wire Transfer. Bank sends outgoing Wire Transfers through Fedwire (the funds transfer system owned and operated by the Federal Reserve Banks or other provider). d) Rejection of Payment Orders. Bank may reject a Payment Order from Customer if such Payment Order is not initiated in accordance with the applicable security procedure, if there is any inconsistency between a Payment Order and information previously supplied to Bank, if Bank is unable to obtain confirmation of such Payment Order satisfactory to Bank, if there are insufficient collected funds in Customer’s specified account to fund the Payment Order, or if Bank has other reasonable grounds not to honor the Payment Order. Bank will make a reasonable effort to notify Customer by telephone in such instances; provided, however, that Bank shall not be liable for any failure to provide such notice. e) OFAC. Customer agrees not to initiate a Wire Transfer Payment Order in violation of applicable federal, state or local law. If the Beneficiary of any Wire Transfer is a person or entity listed on the list of Specially Designated Nationals and Blocked Persons or an OFAC sanctions program, Bank shall not be obligated to complete the transfer and may “block” the funds until such time that OFAC issues a written release to the Bank. In addition, if a Wire Transfer into Customer’s Account is from a person listed on the OFAC list of Specially Designated Nationals and Blocked Persons or a sanctions program, Bank shall not be obligated to accept the transfer.