Drawdown Wire Service Clause Samples
The Drawdown Wire Service clause establishes a mechanism for communicating and processing requests for the disbursement of funds under a financial agreement. Typically, this clause outlines the procedures by which a borrower notifies the lender of its intention to draw down funds, often requiring the use of a secure electronic platform or designated communication channel. By specifying the method and requirements for drawdown requests, this clause ensures timely and accurate fund transfers, reducing the risk of miscommunication and facilitating efficient loan administration.
POPULAR SAMPLE Copied 1 times
Drawdown Wire Service. By executing an Enrollment Form requesting SVB Drawdown Wire Services, you agree and request that we execute drawdown requests received through FED Wire, SWIFT or other funds transfer system acceptable to SVB against the account(s) identified in the Drawdown Wire Service Enrollment Form. You authorize SVB to debit the account(s) for the amount of the wire transfer drawdown request if the information contained in the request is consistent with the information provided to SVB on the Drawdown Wire Service Enrollment Form. The authority granted to SVB shall continue until thirty (30) days after SVB receives written notice from you revoking such authority. On the Drawdown Wire Service Enrollment Form you shall provide SVB with a list containing: (a) the name and ABA routing number of each financial institution which you authorized to request and receive drawdown wire transfers out of the identified account(s); and (b) the titles and account numbers of your accounts with each financial institution which are to be credited, if applicable. Before executing a wire transfer drawdown request, SVB will verify that the financial institution requesting the drawdown wire transfer and the account to receive the transfer are included on such list. If the financial institution or account to receive the transfer is not identical to the information included on such list, SVB has no obligation to honor the wire transfer drawdown request or make the drawdown wire transfer. Bank has no obligation to honor the Drawdown Request or make the drawdown transfer if your account does not have enough collected and available funds. In the event that the drawdown request contains the correct account number, payment may be made on the basis of the account number, even if it identifies a person different from the named beneficiary. Similarly, if the drawdown request identifies a participating financial institution inconsistently by name and identification number, the identification number may be relied on as the proper identification of the financial institution.