Common use of Drawdown Wire Instructions Clause in Contracts

Drawdown Wire Instructions. A drawdown is a transaction method that allows you to make a request through us to debit an account a third-party maintains at another bank. The drawdown is a request for payment from the third-party. The completion of the transaction is dependent on the bank receiving the instruction ultimately honoring the drawdown request pursuant to a standing order or other authorization by that third-party. We do not take any responsibility for the actions or inactions of the third party or the bank receiving the drawdown request. We will execute the drawdown instruction you have entered through Direct Link Online the day it is received, provided it is before the deadline specified by us. We will post the credit on the Business Day on which the credit is received. We will not be responsible for any loss to you caused by any failure or delay of the receiving bank in executing drawdown instructions.

Appears in 2 contracts

Sources: Commercial Banking Account Agreement and Treasury Management Services Terms and Conditions, Commercial Banking Account Agreement and Treasury Management Services Terms and Conditions

Drawdown Wire Instructions. A drawdown is a transaction method that allows you to make a request through us to debit an account a third-third party maintains at another bank. The drawdown is a request for payment from the third-third party. The completion of the transaction is dependent on the bank receiving the instruction ultimately honoring the drawdown request pursuant to a standing order or other authorization by that third-third party. We do not take any responsibility for the actions or inactions of the third party or the bank receiving the drawdown request. We will execute the drawdown instruction you have entered through Direct Link Online the day it is received, provided it is before the deadline specified by us. We will post the credit on the Business Day on which the credit is received. We will not be responsible for any loss to you caused by any failure or delay of the receiving bank in executing drawdown instructions.

Appears in 2 contracts

Sources: Commercial Banking Account Agreement and Treasury Management Services Terms and Conditions, Commercial Banking Account Agreement and Treasury Management Services Terms and Conditions