Exception Draft definition
Examples of Exception Draft in a sentence
The Bank will include images of any such Shareholder Drafts among the images of Drafts to be made available to the Fund, and, if appropriate, identified as an Exception Draft, on the next Business Day.
Failure to notify the Bank that any Shareholder Draft other than a Shareholder Draft identified by the Bank as an Exception Draft constitutes a Return Draft by the times set forth in this Section shall be construed as the Fund's authorization to make final settlement for the Shareholder Draft on its behalf.
In the event that the Bank detects an Exception Draft, the Bank will, by the close of business on the Business Day that the Shareholder Draft is presented for payment and identified as a Shareholder item, make an image of such Exception Draft available for review by the related Fund via an Electronic Service (if the Fund subscribes to such service).
Failure to notify the Bank that the Fund desires the Bank to honor any Exception Draft by the time set forth in this Section shall be construed as the Fund's authorization and direction to the Bank not to honor such Exception Draft.