Common use of PAYMENTS ORDERS AND FUNDS TRANSFERS Clause in Contracts

PAYMENTS ORDERS AND FUNDS TRANSFERS. (1) Bank is authorized to act on any oral or written directions whether delivered or communicated to Bank in person, by messenger, by telephone, telegraph, facsimile transmission, telex, U.S. mail, approved automated or electronic transmission or in other manner mutually agreed upon in writing by Bank and Depositor, and Bank shall be entitled to rely on any writing, letter, telex, teletype message, cablegram, statement, order, instruction, or other written communication, or any telephone or personal conversation believed by Bank in good faith to have been signed, forwarded, delivered and/or communicated by any Authorized Signatory and/ or any other authorized representative or agent of Depositor. (2) Bank shall be under no obligation to comply with any payment order or to make any funds transfer which would exceed the available collected balance of funds in this Account. (3) Depositor shall have no right to cancel or amend any payment order after it is accepted by Bank, unless Bank otherwise agrees in writing. (4) In the event of an erroneous or otherwise irregular funds transfer, Bank may, but shall not be obligated to, on its own initiative or pursuant to Depositor’s request, ask the receiving bank, the beneficiary’s bank or the beneficiary of the funds transfer, to return the funds previously transferred in error on behalf of Depositor. (5) A payment order issued by Xxxxxxxxx is paid at the time the payment order is executed, at the time the transfer is credited to the beneficiary’s account on the books of Bank, or at the time the advice of credit of such funds transfer is forwarded or otherwise communicated to the beneficiary by Bank, whichever occurs first. (6) Bank is authorized to record any telephonic or other oral instructions received by Bank from Depositor regarding funds transfers or receipts; however, Bank has no duty to record and/or maintain any record of Depositor’s oral instructions by audio tape or handwritten notes. (7) Bank may handle and/or execute payment orders received from Depositor and/or from other Bank customers in any order selected by Bank, in its sole and absolute discretion, regardless of time and/or order of sequence of receipt by Bank, and Bank may use any means, methods, or routes which it, in its sole and absolute discretion, may consider suitable for executing each separate payment order. (8) Bank may establish, designate and provide notice of a cutoff time or opening and closing times for each Bank or branch location as a “funds transfer business day” for the receipt and processing of payment orders and communications canceling or amending payment orders. Any payment order or communication received after the designated and noticed closing times or on a Saturday, Sunday, or any bank holiday observed by the Bank location where the payment order or other communication is delivered, shall be deemed received by Bank on the next “funds transfer business day”. (9) Bank and any subsequent receiving bank may execute payment orders for the transfer of funds to a beneficiary in the name of the beneficiary and/or solely by an account number of the beneficiary furnished to Bank by Depositor or other sender. In the event there is any discrepancy between the name of the designated beneficiary and account number, the payment order may be executed by reference to the account number only.