Common use of Acceptance Of Security Procedures Clause in Contracts

Acceptance Of Security Procedures. By using any of the Level One Security Procedures, you have accepted as commercially reasonable pursuant to Section 4A-202(c) of the New York Uniform Commercial Code that security procedure as described above or as modified from time to time by the Bank. The Level One Security Procedure will be used for the purpose of verifying that a Payment Order or a communication amending or cancelling a Payment Order was issued by you. If the Bank accepts a Payment Order by means other than through HSBCnet, HSBC Connect, or SWIFT, and you communicate a Payment Order to the Bank in writing, or use the telephone to transmit a Payment Order by fax, you have rejected the Level One Security Procedures offered by the Bank and have chosen Level Two Security Procedures generally described previously, as such procedure may be modified from time to time by the Bank. This Security Procedure will be used for the purpose of verifying a Payment Order or a communication amending or cancelling a Payment Order issued by you. You acknowledge that the Level Two Security Procedure is commercially reasonable pursuant to Section 4A-202(c) of the New York Uniform Commercial Code. Whenever a Level Two Security Procedure is used, you agree to be bound by any Payment Order, whether or not authorized, issued in your name and accepted by the Bank in compliance with such procedure.

Acceptance Of Security Procedures. By using any of the Level One Security Procedures, you have accepted as commercially reasonable pursuant to Section 4A-202(c) of the New York Uniform Commercial Code that security procedure as described above or as modified from time to time by the Bank. The Level One Security Procedure will be used for the purpose of verifying that a Payment Order or a communication amending or cancelling a Payment Order was issued by you. If the Bank accepts a Payment Order by means other than through HSBCnet, HSBC Connect, or SWIFT, and you communicate a Payment Order to the Bank in writing, or use the telephone to transmit a Payment Order or by fax, you have rejected the Level One Security Procedures offered by the Bank and have chosen Level Two Security Procedures generally described previously, as such procedure may be modified from time to time by the Bank. This Security Procedure will be used for the purpose of verifying a Payment Order or a communication amending or cancelling a Payment Order issued by you. You acknowledge that the Level Two Security Procedure is commercially reasonable pursuant to Section 4A-202(c) of the New York Uniform Commercial Code. Whenever a Level Two Security Procedure is used, you agree to be bound by any Payment Order, whether or not authorized, issued in your name and accepted by the Bank in compliance with such procedureprocedure You and the Bank agree to keep the Security Procedures confidential and shall not reveal them to any person other than authorized users having "a need to know."