Common use of Executing Payment Orders Clause in Contracts

Executing Payment Orders. Except as otherwise set forth in this Agreement, Bank will execute payment orders on the day that the payment order(s) is received, provided that the Payment Order(s) is received by Bank’s Wire Transfer Department’s cutoff time (12:00 Noon PST), and provided the day of receipt is a business day for Bank and for the Federal Reserve Bank. Incoming Payment Orders. Bank assumes no liability except as set forth herein for accepting incoming Payment Orders, and Customer agrees to indemnify and hold Bank harmless from and against any claim arising from or in connection with the receipt of an incoming Payment Order.