Common use of Compliance with Security Procedures Clause in Contracts

Compliance with Security Procedures. If a Data File (or request for cancellation or amendment of an entry in a Data File) received by the Bank purports to have been transmitted or authorized by Customer, it will be deemed effective as Customer's Data File (or request) and Customer shall be obligated to pay the Bank the amount of such Data File even though the Data File (or request) was not authorized by Customer, provided the Bank accepted the Data File in good faith and acted in compliance with the Security Procedures referred to in this Agreement or in the Appendix with respect to such Data File. If a Data File (or request for cancellation or amendment of an entry in a Data File) received by the Bank was transmitted or authorized by Customer, Customer shall pay Bank the amount of the Data File, whether or not Bank complied with the Security Procedure with respect to that Data File and whether or not that Data File was erroneous in any respect or that error would have been detected if Bank had complied with such procedures.