Common use of Customer Authorizations and Records Retention Clause in Contracts

Customer Authorizations and Records Retention. Before the initiation by Customer of the first Credit or Debit Entry to a Receiver’s account, the Customer will obtain from each of its Receiver’s an authorization to make one or more Entries to the Receiver’s account, and, in the case of Debit Entries, the Customer shall provide the Receiver with a copy of such authorization. Such authorization shall comply with the Rules. Each Entry thereafter will be made pursuant to such authorization, and Customer will initiate no Entry after such authorization has been revoked or the arrangement between Customer and such Receiver has terminated. The Customer will retain the original or a copy of each notice and other document required to be given to the Receiver under the Rules for a period of not less than two 2 years, except that it will retain the original or a copy of each authorization for six 6 years after termination or revocation of such authorization and will, upon request of Bank, furnish such original or copy to Bank for any purpose authorized by the Rules.

Customer Authorizations and Records Retention. Before the initiation by Customer of the first Credit or Debit Entry to a Receiver’s account, the Customer will obtain from each of its Receiver’s an authorization to make one or more Entries to the Receiver’s account, and, in the case of Debit Entries, the Customer shall provide the Receiver with a copy of such authorization. Such authorization shall comply with the Rules. Each Entry thereafter will be made pursuant to such authorization, and Customer will initiate no Entry after such authorization has been revoked or the arrangement between Customer and such Receiver has terminated. The Customer will retain the original or a copy of each notice and other document required to be given to the Receiver under the Rules for a period of not less than two 2 years, except that it will retain the original or a copy of each authorization for six 6 years after termination or revocation of such authorization and will, upon request of Bank, furnish such original or copy to Bank for any purpose authorized by the Rules.or