Common use of Rejection of Payment Orders Clause in Contracts

Rejection of Payment Orders. The Custodian shall give the Trust prompt notice of the Custodian’s rejection of a payment order. Such notice may be given in writing or orally by telephone, each of which is hereby deemed commercially reasonable, in accordance with all applicable security procedure adopted by the parties. In the event the Custodian fails to execute a properly executable payment order and fails to give the Trust immediate notice of the Custodian’s non-execution, the Custodian shall be liable only for the Trust’s actual damages. Notwithstanding anything in this Funds Transfer Services Schedule and the Agreement to the contrary, the Custodian shall in no event be liable for any consequential or special damages under this Funds Transfer Services Schedule, even if the Custodian has been advised of the possibility of such damages.

Rejection of Payment Orders. The Custodian shall give the Trust Fund prompt notice of the Custodian’s rejection of a payment order. Such notice may be given in writing or orally by telephone, each of which is hereby deemed commercially reasonable, in accordance with all applicable security procedure adopted by the parties. In the event the Custodian fails to execute a properly executable payment order and fails to give the Trust Fund immediate notice of the Custodian’s non-execution, the Custodian shall be liable only for the TrustFund’s actual damages. Notwithstanding anything in this Funds Transfer Services Schedule and the Agreement to the contrary, the Custodian shall in no event be liable for any consequential or special damages under this Funds Transfer Services Schedule, even if the Custodian has been advised of the possibility of such damages.