Common use of Cancellation or Amendment of Payment Order Clause in Contracts

Cancellation or Amendment of Payment Order. You acknowledge that we may cancel or reject any Payment Order that does not comply with the Terms and Conditions or with the parameters set by us from time to time for Payment Orders. We may reject any Payment Order without liability, including a “Value-Dated” Payment Order, if you fail to maintain sufficient Available Funds in a designated account or sufficient available funds in a credit line. A Payment Order may be canceled or amended only if we have not transmitted the Payment Order or credited the Beneficiary’s account. To be effective, the request for canceling or amending the Payment Order must (i) comply with security procedures and other terms and conditions as we set; and (ii) be received by us at a time and in a manner that gives us a reasonable opportunity to act on the communication. We will have no liability if cancellation or amendment is not effected.