Common use of IP Address Clause in Contracts

IP Address. Pursuant to Section 5, the System uses identification technology in an attempt to verify that the sender and receiver of System transmissions can be appropriately identified by each other. Accordingly, in the Application, the Bank has requested the internet protocol address (“IP Address”) of Customer and/or its Users in order to increase the effectiveness of such technology and to provide Customer with the option for Customer to restrict the ability of Customer and/or its Users to engage in certain transactions on the System, including but not limited to initiating wire transfers, from an IP Address other than an IP Address provided to the Bank. Thus, the Bank has made available to Customer security procedures which restrict access from a foreign IP Address. If Customer opts out of providing IP Addresses to the Bank, Customer represents to the Bank that it refuses IP Address restrictions and acknowledges and agrees that pursuant to the Agreement and the California Commercial Code, it is bound by any payment order, whether or not authorized, issued in its name and accepted by the Bank in compliance with the security procedure chosen by the Customer.