Common use of Funds Transfer Procedures Clause in Contracts

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 Agreement. In the event a Payment Order is rejected, Bank will make reasonable efforts to notify Customer by any reasonable means, which need not be in writing. Bank shall not be liable to Customer if any Payment Order is rejected by Bank in good faith. Bank's liability for failure to execute a Payment Order, if any, shall be limited as set forth in these Services Terms. Funds from incoming transfers will not be deemed collected or credited to the Authorized Accounts or other accounts of Customer maintained at Bank until such time as Bank receives final settlement through the Federal Reserve Bank funds transfer system, or otherwise receives payment as provided in UCC 4A or other applicable law.