Rejected Orders. In the event that Bank rejects or fails to execute a payment order without giving notice thereof as provided in Section 2.3, Bank shall compensate Customer for the use of funds at the rate specified in Subsection 3.2 if, on the execution date of the payment order, there was a sufficient withdrawable credit balance in an Authorized Account to pay for the payment order. Compensation shall be computed based on the number of days elapsing after the execution date to the day Customer receives notice or learns that the payment order was not executed, counting the final day of the period as an elapsed day. If the withdrawable credit balance during that period falls below the amount of the order, the amount of interest will be reduced accordingly. Notwithstanding the foregoing, no compensation will be due under this Section if the Authorized Account is an interest-bearing account. No compensation will be due hereunder for any funds withdrawn from the Authorized Account. BANK SHALL NOT BE LIABLE FOR ANY OTHER DAMAGES RELATING TO ANY FAILURE BY BANK TO EXECUTE A PAYMENT ORDER, EVEN IF BANK HAS BEEN ADVISED OF THE POSSIBLITY OF ADDITIONAL DAMAGES.
Appears in 2 contracts
Sources: Wire Transfer Services Agreement, Wire Transfer Services Agreement