Rejection of Payment Orders; Rescission of Designated Security Procedure. BBH will notify the Client of BBH’s rejection of an FT Instruction. Such notice may be given in writing or orally by telephone. In the event BBH fails to execute a properly executable FT Instruction and fails to give the Client notice of BBH’s non-execution, BBH shall be liable only for the Client’s actual damages and only to the extent that such damages are recoverable under UCC 4A. BBH may decide to no longer accept FT Instructions using a particular Designated Security Procedure, or to do so only on revised terms. In such a case, BBH will provide prior written notice to the Client or such Authorized Person of such decision or revision of terms.
Appears in 4 contracts
Samples: Custodian Agreement (Northern Lights Fund Trust IV), Funds Transfer Services Agreement (Ultimus Managers Trust), Custodian Agreement (Investment Managers Series Trust II)
