Common use of Cancellation or Amendment of Payment Orders Clause in Contracts

Cancellation or Amendment of Payment Orders. If Bank receives a cancellation or stop payment instruction for a Payment Order not yet executed, the Bank may, but is not obligated to, cancel the execution of the Payment Order. An attempt to amend a Payment Order will operate as a cancellation instruction of the original Payment Order and the giving of a new Payment Order. Executed Payment Orders cannot be canceled, amended or stopped.