Common use of Controlled Disbursement Account Clause in Contracts

Controlled Disbursement Account. The Controlled Disbursement Account will be your account with BNY Mellon, and you shall, and hereby do, authorize us to act as your agent for all purposes, including but not limited to, opening and managing the Controlled Disbursement Account, and issuance of return or stop payment instructions. You expressly authorize us to obtain access, from time to time, to all records of the Controlled Disbursement Account. We have the exclusive right to manage the Controlled Disbursement Account. You will not make, and BNY Mellon is not obligated to accept, deposits directly to the Controlled Disbursement Account. Furthermore, except as permitted when “Daily Match™ Service” is selected, you may not give or direct, and BNY Mellon is not obligated to receive, accept or act upon, any instructions, inquiries or communications of any kind directly to BNY Mellon with respect to the Controlled Disbursement Account. All such instructions, inquiries or communications must be directed to BNY Mellon through us as your agent. Therefore, while you have all the rights of the owner of the Controlled Disbursement Account, every communication to BNY Mellon other than that of writing checks on the Account, and in connection with “Daily Match™ Services”, if applicable, shall be directed through us. You authorize us and BNY Mellon to honor checks from the Controlled Disbursement Account bearing the signature or facsimile signature appearing on the BNY Mellon signature card and you waive any claim which you may have against us or BNY Mellon on account of it paying and charging to the Controlled Disbursement Account any such check when such signature or facsimile signature or a substantially similar copy of the facsimile signature is placed thereon. You acknowledge that facsimile transmission is an inherently insecure communication method due to the possibility of error, delay and observation or receipt by unauthorized personnel. Should you elect to send or receive directions or information via facsimile in connection with the Service, you assume all risk of loss or disclosure resulting from such transmission.