Funds Transfer Procedures Clause Samples
The "Funds Transfer Procedures" clause defines the specific methods and protocols that parties must follow when transferring money under the agreement. It typically outlines the acceptable forms of payment, such as wire transfers or electronic funds transfers, and may specify required banking information, notification requirements, and timelines for initiating or confirming transfers. By establishing clear procedures, this clause helps prevent errors, delays, and disputes related to payments, ensuring that funds are transferred securely and efficiently between parties.
Funds Transfer Procedures. Subject to our normal banking hours and other deadlines, whether legal, regulatory, or contractual, you hereby authorize and direct us to make transfers and to act upon any Payment Order upon receipt via our online banking portal, electronic mail, via telephone, or by any other means. Unless you are otherwise notified in writing, we will receive Payment Orders and incoming wire transfers on Business Days between the hours of 8:00 a.m. and 5:00 p.m. Central Standard Time and will send outgoing wire transfers on Business Days between the hours of 8:00 a.m. and 5:00 p.m. Central Standard Time. Any Payment Order received after 4:00 p.m. Central Standard Time may be treated as having been received on the next Business Day. We will use reasonable efforts to execute all Payment Orders received in accordance with this Agreement and by the date designated by you, provided that such Payment Orders are received on the days and during the hours of our operations as set forth above. Notwithstanding the foregoing, you understand and agree that we may not execute a Payment Order immediately on receipt and that there may be some lapse in time between you initiating a Payment Order and us executing it. You agree that we shall have a reasonable amount of time to execute on any Payment Order, including such time as necessary for us to confirm to our satisfaction your compliance with this Agreement and the security procedures described herein. We will not be deemed to have accepted a Payment Order until such Payment Order is actually executed. For purposes of this Agreement, a Payment Order is deemed executed once we issue an order intended to initiate your Payment Order through a wire transfer system. You acknowledge and agree that we may select any intermediary financial institution, system, or means of transmittal to transmit funds, including, but not limited to, the FEDWIRE wire transfer system for the transfer of domestic funds. Furthermore, you acknowledge and agree that our selection may differ from that indicated in your Payment Order. If you request, we will use reasonable efforts to notify you of incoming wire transfers, but you agree that we shall have no liability to you of any kind for failing to provide such notice. You acknowledge and agree that we are not obligated to accept any Payment Order. We may, in our sole discretion, reject a Payment Order for any reason including, but not limited to. any of the following reasons: (i) you fail to submit the Payment Ord...
Funds Transfer Procedures. All payments out of the General Escrow Fund shall be made by federal funds wire transfer or by cashier’s check, as elected by the party receiving the funds. Any funds transfers shall be made subject to, and in accordance with, the Escrow Agent’s normal funds transfer procedures in effect from time to time. The Escrow Agent shall be entitled to rely upon all bank and account information provided to the Escrow Agent by any of the Escrow Parties. The Escrow Agent shall have no duty to verify or otherwise confirm any written wire transfer instructions but it may do so in its discretion on any occasion without incurring any liability to any of the Escrow Parties for failing to do so on any other occasion. The Escrow Agent shall process all wire transfers based on bank identification and account numbers rather than the names of the intended recipient of the funds, even if such numbers pertain to a recipient other than the recipient identified in the payment instructions. The Escrow Agent shall have no duty to detect any such inconsistencies and shall resolve any such inconsistencies by using the account number.
Funds Transfer Procedures. All payments out of the Bonus Escrow Fund shall be made by federal funds wire transfer or by cashier’s check, and the Major Stockholder shall, at the time of the execution and delivery of this Agreement, and from time to time thereafter, provide to the Escrow Agent wire transfer instructions or a mailing address for each individual who may receive distributions from the Bonus Escrow Fund at such times, in each case pursuant to this Section 5. Any funds transfers shall be made subject to, and in accordance with, the Escrow Agent’s normal funds transfer procedures in effect from time to time. The Escrow Agent shall be entitled to rely upon all bank and account information provided to the Escrow Agent by any of the Escrow Parties. The Escrow Agent shall have no duty to verify or otherwise confirm any written wire transfer instructions but it may do so in its discretion on any occasion without incurring any liability to any of the Escrow Parties for failing to do so on any other occasion. The Escrow Agent shall process all wire transfers based on bank identification and account numbers rather than the names of the intended recipient of the funds, even if such numbers pertain to a recipient other than the recipient identified in the payment instructions. The Escrow Agent shall have no duty to detect any such inconsistencies and shall resolve any such inconsistencies by using the account number.
Funds Transfer Procedures. Bank will receive Payment Orders and incoming funds transfers on Business Days between the hours of 8:30 a.m. and 3:30 p.m. local time in New York, New York and will send outgoing fund transfers on Business Days between the hours of 8:30 a.m. and 3:30 p.m. local time in New York, New York. Bank reserves the right to modify its cut-off times without notice. Customer agrees that Bank may: (i) process funds transfers from Customer and others in any order Bank chooses; (ii) presume that no other financial institution to which or through which the funds transfer is sent has an earlier cut-off time than the Bank has for accepting funds transfers; and (iii) use any means or routes Bank, in its sole discretion, considers suitable to effect the funds transfer. Bank will use reasonable efforts to execute all Payment Orders received in accordance with these Service Terms by the date designated by Customer, provided that such Payment Orders are received on the days and during the hours of Bank's operations as set forth above. Bank will not be deemed to have accepted a Payment Order until such Payment Order is actually executed. For purposes of these Service Terms, a Payment Order is deemed executed once Bank issues an order intended to initiate the Customer's Payment Order through a funds transfer system. If Bank is also the beneficiary’s bank, the term “execute” includes Bank’s acceptance of Customer’s Payment Order for purposes of these Service Terms and of the application of the New York, Uniform Commercial Code, Chapter 4A (“UCC 4A”). Bank may use any means and routes that Bank, in its sole discretion, may consider suitable for the transfer of funds, including but not limited to the Fedwire funds transfer system for the transfer of domestic funds. Bank reserves the right to reject any Payment Order with or without cause. Without limiting the foregoing, Bank may reject a Payment Order in the event: (i) Customer fails to submit the Payment Order in sufficient time to meet the Customer's requested execution date; (ii) there are insufficient funds in the Authorized Account(s) to cover the amount of the Payment Order; (iii) the Payment Order contains incomplete instructions; (iv) Bank is unable to authenticate such Payment Order or to verify to its satisfaction that the Payment Order has been submitted in accordance with all applicable Security Procedures; or (v) Customer has failed to meet its obligation for payment of fees and charges owed to Bank under this Agreemen...
Funds Transfer Procedures a. By signing the Funds Transfer Authorization attached hereto as Exhibit D (the “Funds Transfer Authorization”), each Exchanger hereby agrees each of the persons whose names are set forth on the Funds Transfer Authorization (each an “Authorized Representative”) is authorized to initiate, confirm, amend and/or cancel funds transfer instructions. Each Exchanger hereby agrees that QI is authorized to receive funds transfer instructions via facsimile transmission, mail, in hand or overnight delivery, and/or electronic transmission provided such electronic transmission is subject to security procedures that are acceptable to each Exchanger and QI (“Approved Electronic Transfer Procedures”). Except for funds transfer requests made by Approved Electronic Transfer Procedures, each Exchanger understands and requests that QI, shall be obligated to initiate a telephone call in order to confirm instructions to any of the Authorized Representatives listed on the Funds Transfer Authorization or to any other representative of such Exchanger who, through course of dealing or otherwise appears to QI to be involved with such Exchanger’s LKE Program.
b. QI may rely in good faith on any Funds Transfer Authorization without further inquiry, including without limitation, when received via any Approved Electronic Transfer Procedures. QI may rely on any signature, endorsement or order and any facsimile signature or oral instruction or instruction received by any Approved Electronic Transfer Procedures reasonably believed by QI to be made by an Authorized Representative, and QI may act on any direction purporting to be that of an Authorized Representative or made through any Approved Electronic Transfer Procedures without inquiry and without regard to the application of the proceeds thereof, provided that QI acts in good faith. QI may rely solely upon any account numbers or similar identifying numbers provided in any Approved Electronic Transfer Procedures to identify (i) the beneficiary, (ii) the beneficiary’s bank, or (iii) an intermediary bank. QI may rely on the instructions furnished in any Approved Electronic Transfer Procedures for any payment order using any such identifying number, even when its use may result in a person other than the beneficiary being paid, or the transfer of funds to a bank other than the beneficiary’s bank or an intermediary bank designated.
c. Each Exchanger acknowledges that these procedures are suitable for its purposes and are commercially reaso...