Common use of Rejection of Payment Orders Clause in Contracts

Rejection of Payment Orders. If the Bank receives notice that a payment order issued and transmitted by the Bank to the Federal Reserve Bank to carry out a payment order from you is rejected, the Bank shall notify you by telephone, electronic transmission, or by United States mail, either of which shall be considered commercially reasonable, of such rejection. Such notice shall identify the rejected payment order, state the date on which the Bank received notice of such rejection, and state any reason given for such rejection. Except for a payment order transmitted by you in accordance with this Agreement, the Bank shall have no obligation to retransmit a rejected payment order if the Bank complied with this Agreement with respect to the original payment order.

Rejection of Payment Orders. If the Bank receives notice that a payment order issued and transmitted by the Bank to the Federal Reserve Bank to carry out a payment order from you is rejected, the Bank shall notify you by telephone, electronic transmission, or by United States mail, either all of which shall be considered commercially reasonable, of such rejection. Such notice shall identify the rejected payment order, state the date on which the Bank received notice of such rejection, and state any reason given for such rejection. Except for a payment order transmitted by you in accordance with this Agreement, the Bank shall have no obligation to retransmit a rejected payment order if the Bank complied with this Agreement with respect to the original payment order.