Common use of Compliance with Security Procedures Clause in Contracts

Compliance with Security Procedures. 67.1 If an Entry (or a request for cancellation or amendment of an Entry) received by Bank was initiated in accordance with the Security Procedures applicable to the ACH Service and thereby purports to have been transmitted or authorized by Customer, it shall be deemed effective as Customer’s Entry (or request), even if the Entry (or request) was not authorized by Customer. If Bank accepted the Entry (a) in compliance with the Security Procedures with respect to such Entry, (b) in compliance with any written agreement or instruction of Customer restricting acceptance of payment orders issued in Customer’s name, and (c) in good faith, then with respect to a credit Entry, Customer shall be obligated to pay Bank the amount of such Entry, and with respect to a debit Entry, Customer shall maintain sufficient Available Funds in the Settlement Account, as defined in Section 73, to fund the reversal of such Entry, if necessary.

Compliance with Security Procedures. 67.1 7.1 If an Entry (or a request for cancellation or amendment of an Entry) received by Bank was initiated Initiated/Released in accordance with the Security Procedures applicable to the ACH Service Services and thereby purports to have been transmitted or authorized by Customer, it shall be deemed effective as Customer’s Entry (or request), even if the Entry (or request) was not authorized by Customer. If Bank accepted the Entry (a) in compliance with the Security Procedures with respect to such Entry, (b) in compliance with any written agreement or instruction of Customer restricting acceptance of payment orders ACH funds transfers issued in Customer’s name, and (c) in good faith, then with respect to a credit Credit Entry, Customer shall be obligated to pay Bank the amount of such Entry, and with respect to a debit Debit Entry, Customer shall maintain sufficient Available Funds funds in the Settlement Account, as defined in Section 73, Account to fund the reversal of such Entry, if necessary.

Compliance with Security Procedures. 67.1 6.1 If an Entry (or a request for cancellation or amendment of an Entry) received by Bank was initiated transferred in accordance with the Security Procedures applicable to the ACH Service and thereby purports to have been transmitted or authorized by Customer, it shall be deemed effective as Customer’s 's Entry (or request), even if the Entry (or request) was not authorized by Customer. If Bank accepted the Entry (a) in compliance with the Security Procedures with respect to such Entry, (b) in compliance with any written agreement or instruction of Customer restricting acceptance of payment orders issued in Customer’s 's name, and (c) in good faith, then with respect to a credit Entry, Customer shall be obligated to pay Bank the amount of such Entry, and with respect to a debit Entry, Customer shall maintain sufficient Available Funds funds in the Settlement Account, as defined in Section 7315, to fund the reversal of such Entry, if necessary.

Compliance with Security Procedures. 67.1 If an Entry (or a request for cancellation or amendment of an Entry) received by Bank was initiated transferred in accordance with the Security Procedures applicable to the ACH Service and thereby purports to have been transmitted or authorized by Customer, it shall be deemed effective as Customer’s Entry (or request), even if the Entry (or request) was not authorized by Customer. If Bank accepted the Entry (a) in compliance with the Security Procedures with respect to such Entry, (b) in compliance with any written agreement or instruction of Customer restricting acceptance of payment orders issued in Customer’s name, and (c) in good faith, then with respect to a credit Entry, Customer shall be obligated to pay Bank the amount of such Entry, and with respect to a debit Entry, Customer shall maintain sufficient Available Funds funds in the Settlement Account, as defined in Section 73, to fund the reversal of such Entry, if necessary.