Common use of Authorized Administrator Clause in Contracts

Authorized Administrator. (i) The Customer shall notify the Bank of persons authorized by it to give, modify or approve Instructions or Transactions by way of completing and delivering applicable application forms from time to time prescribed by the Bank. In case of any change in the authorization given to such Authorized Persons, the Customer shall promptly notify the Bank of the same in writing pursuant to applicable application forms from time to time prescribed by the Bank unless otherwise provided for in paragraph (ii) or (iii) below. If the Customer fails to timely notify the Bank of the aforesaid change, any loss or damage arising from such failure shall be only for the account of the Customer. (ii) The Customer may, by way of completing and delivering applicable application forms from time to time prescribed by the Bank, apply to the Bank to set and change the Authorized Persons, where the Bank will grant a log-in password to the person designated by the Customer in its application (“Authorized Administrator”) so that the Authorized Administrator may set and change the Authorized Persons by himself/herself on the Bank’s Internet banking website. The Bank shall be deemed notified of the change to the Authorized Persons when the Authorized Administrator completes such changes on the Bank’s Internet banking website, and the Bank may act accordingly and will have no liabilities or responsibilities in connection therewith. The Customer shall properly keep and shall cause the Authorized Administrator to properly keep the aforesaid log-in password. (iii) The Customer may, by way of completing and delivering applicable application forms from time to time prescribed by the Bank, apply to the Bank to (a) set and change the authorizations given to the Authorized Persons and (b) set and change the Authorized Persons by itself on the Bank’s Internet banking website, where the Bank will deliver a log-in password and I-Key to the Authorized Administrator so that the Authorized Administrator may act by himself/herself on the Bank’s Internet banking website as aforesaid. The Bank shall be deemed notified of the change to the Authorized Persons when the Authorized Administrator completes such changes on the Bank’s Internet banking website, and the Bank may act accordingly and will have no liabilities or responsibilities in connection therewith. The Customer shall properly keep and shall cause the Authorized Administrator to properly keep the aforesaid log-in password and I-Key.

Authorized Administrator. (i) The Customer shall notify the Bank of persons authorized by it to give, modify or approve Instructions or Transactions by way of completing and delivering applicable application forms from time to time prescribed by the Bank. In case of any change in the authorization given to such Authorized Persons, the Customer shall promptly notify the Bank of the same in writing pursuant to applicable application forms from time to time prescribed by the Bank unless otherwise provided for in paragraph (ii) or (iii) below. If the Customer fails to timely notify the Bank of the aforesaid change, any loss or damage arising from such failure shall be only for the account of the Customer. (ii) The Customer may, by way of completing and delivering applicable application forms from time to time prescribed by the Bank, apply to the Bank to set and change the Authorized Persons, where the Bank will grant a log-in password to the person designated by the Customer in its application (“Authorized Administrator”) so that the Authorized Administrator may set and change the Authorized Persons by himself/herself on the Bank’s Internet banking website. The Bank shall be deemed notified of the change to the Authorized Persons when the Authorized Administrator completes such changes on the Bank’s Internet banking website, and the Bank may act accordingly and will have no liabilities or responsibilities in connection therewith. The Customer shall properly keep and shall cause the Authorized Administrator to properly keep the aforesaid log-in password. (iii) The Customer may, by way of completing and delivering applicable application forms from time to time prescribed by the Bank, apply to the Bank to (a) set and change the authorizations given to the Authorized Persons and (b) set and change the Authorized Persons by itself on the Bank’s Internet banking website, where the Bank will deliver a log-in password and I-Key Token to the Authorized Administrator so that the Authorized Administrator may act by himself/herself on the Bank’s Internet banking website as aforesaid. The Bank shall be deemed notified of the change to the Authorized Persons when the Authorized Administrator completes such changes on the Bank’s Internet banking website, and the Bank may act accordingly and will have no liabilities or responsibilities in connection therewith. The Customer shall properly keep and shall cause the Authorized Administrator to properly keep the aforesaid log-in password and I-KeyToken.