Common use of DESIGNATION OF ADMINISTRATOR Clause in Contracts

DESIGNATION OF ADMINISTRATOR. In order to originate ACH Entries, Company must designate at least one Administrator. Administrator(s) shall be responsible for designating “Users” who Company authorizes to issue Entries on its behalf. For the purposes of this Agreement, the term User shall also include the Administrator. Glenwood State Bank shall be entitled to rely on the designations made by the Company’s Administrator(s) and shall not be responsible for matching the names of the company Users designated by the Administrator(s) to names or titles listed in Company’s banking resolutions. Company agrees that any such online Entries shall comply with Glenwood State Bank’s Security Procedures, which are subject to change without notice to Company. Although Glenwood State Bank is only required to act upon the instructions of the User(s), the Financial Institution may, in its sole discretion, execute debit or credit Entries initiated by any individuals authorized by Company to sign checks on Company accounts. The signature cards establishing the authorized signatories for Company deposit accounts are hereby incorporated by reference and made a part hereof.