Common use of When Giving Us a Wire Transfer Payment Order Clause in Contracts

When Giving Us a Wire Transfer Payment Order. You understand and agree: a. Generally, we will use the Federal Reserve Banks’ wire transfer system, but you authorize us to use any wire transfer system we deem appropriate in our sole discretion. You acknowledge that each wire transfer system is governed by its own operating rules and regulations and you agree that each payment order shall be subject to the rules and regulations of the wire transfer system, including the adjustments of errors between banks. The Bank shall not be liable for any errors, negligence, suspension or default of any such system and we shall not be liable for any delay or failure of delivery in the transmission of a payment order through any such system. b. You have not communicated to us any restrictions and/or limitations whatsoever relevant to payment orders, and no such restrictions and/or limitations shall be binding upon us, unless we have previously agreed to them in writing. c. You agree to observe all Anti-Money Laundering and other U.S. laws and regulations, including but not limited to economic and trade sanctions promulgated by OFAC in relation to any payment order, and to assist us to do. You agree to provide any additional information, either in respect of individuals, entities, or particular transactions that we may request from you promptly. If you breach any such laws or regulations, you agree that we may retain any monies or funds transmitted to us and/or not execute and payment order if we are required to take or refrain from such action by any legal or regulatory rule, by instruction of a governmental authority or if we reasonably believe that such action may violate any applicable laws or regulations. You agree that we are not responsible for any interest payment on such funds arising from such actions and you further agree that we may pay such funds to the appropriate legal, regulatory, or governmental authority as may be required by applicable rules.

When Giving Us a Wire Transfer Payment Order. You understand and agree: a. Generally, we will use the Federal Reserve Banks’ wire transfer system, but you authorize us to use any wire transfer system we deem appropriate in our sole discretion. You acknowledge that each wire transfer system is governed by its own operating rules and regulations and you agree that each payment order shall be subject to the rules and regulations of the wire transfer system, including the adjustments of errors between banks. The Bank shall not be liable for any errors, negligence, suspension or default of any such system and we shall not be liable for any delay or failure of delivery in the transmission of a payment order through any such system. b. You have not communicated to us any restrictions and/or limitations whatsoever relevant to payment orders, and no such restrictions and/or limitations shall be binding upon us, unless we have previously agreed to them in writing. c. You agree to observe all Anti-Money Laundering and other U.S. laws and regulations, including but not limited to economic and trade sanctions promulgated by OFAC in relation to any payment order, and to assist us to do. You agree to provide any additional information, either in respect of individuals, entities, or particular transactions that we may request from you promptly. If you breach any such laws or regulations, you agree that we may retain any monies or funds transmitted to us and/or not execute and payment order if we are required to take or refrain from such action by any legal or regulatory rule, by instruction of a governmental authority or if we reasonably believe that such action may violate any applicable laws or regulations. You agree that we are not responsible for any interest payment on such funds arising from such actions and you further agree that we may pay such funds to the appropriate legal, regulatory, or governmental authority as may be required by applicable rules.action