Common use of Reliance on Identifying Number Clause in Contracts

Reliance on Identifying Number. If a Payment Order identifies an intermediary bank, the beneficiary's bank or the beneficiary by name and an account or other identifying number, the Bank may act solely on the basis of such number. Routing Of A Payment Order You are responsible for full routing instructions. You agree that in executing any Payment Order the Bank may make use of any correspondents, intermediary banks, agents, sub-agents, funds-transfer and communications systems that the Bank deems reasonable under the circumstances. If a Payment Order designates an intermediary bank and/or funds- transfer system, you agree that, where appropriate, the Bank may select a different intermediary bank and/or funds-transfer system on your behalf and the Bank shall have no liability with respect to such selection. To the fullest extent permitted by law, correspondents, agents, sub-agents, systems or intermediary banks shall be deemed to be your agents and the Bank shall not be under any liability for any errors, negligence, suspension or default of any of them, all such risks being borne by you. With respect to Payment Orders involving transfers between accounts denominated in different currencies, the Bank may route the payment through an intermediary bank (which may be a member of the HSBC Group). The intermediary bank may (but is not obliged to) convert the payment from the currency of your account to the currency of the account of the beneficiary. If such conversion is made, it will be at a rate (chosen by the intermediary) which will be the prevailing market rate plus a margin. Automated Clearing House (ACH) You agree that any rules or regulations of any ACH used to process your funds transfers, including the authorization, notice and disclosure requirements for debiting the account of a third party, shall be fully applicable to and binding upon you and that transfers may not be initiated that violate the laws of the United States. Funds transfers processed through ACH services may only be made pursuant to the applicable terms agreed between you and the Bank. Notice Of Receipt Of ACH Payments, Real Time Payments (RTP) and Wire Payments (collectively, “Funds Transfers”) Under the operating rules that are applicable to ACH payment transactions involving your commercial deposit account, the Bank is not required to give next day notice to you of receipt of an ACH or a RTP. The posting of such payments to your commercial deposit account(s) will be reflected in the periodic statements the Bank provides to you. The Bank will also not be obligated to notify you each time you are the recipient or beneficiary of an RTP or wire payment, other than to include the posting of such Funds Transfers into your commercial deposit account and on your next periodic statement. Provisional Credit Credit given by the Bank to you with respect to an ACH credit entry is provisional until the Bank receives final settlement for such entry through a Federal Reserve Bank. If the Bank does not receive such final settlement, you are hereby notified and agree that the Bank is entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you shall not be deemed to have paid you the amount of such entry. Rejection of ACH Entries The Bank may reject any ACH entry that does not comply with applicable laws, regulations or rules, or the Bank's requirements as communicated to you. The Bank shall promptly notify you in the event of an ACH entry being rejected, and no later than the business day such entry would otherwise have been transmitted by the Bank to the ACH in the case of an ACH entry rejection due to insufficient available funds, or in the case of an ACH entry received for credit to an Account maintained with the Bank (an "On-Us Entry") on its effective date. The Bank shall have no liability to you for any ACH entry rejection or the fact that notice thereof is not provided by the Bank to you at an earlier time than stated herein.

Reliance on Identifying Number. If a Payment Order identifies an intermediary bank, the beneficiary's bank or the beneficiary by name and an account or other identifying number, the Bank may act solely on the basis of such number. Routing Of A Payment Order You are responsible for full routing instructions. You agree that in executing any Payment Order the Bank may make use of any correspondents, intermediary banks, agents, sub-agents, funds-transfer and communications systems that the Bank deems reasonable under the circumstances. If a Payment Order designates an intermediary bank and/or funds- funds-transfer system, you agree that, where appropriate, the Bank may select a different intermediary bank and/or funds-transfer system on your behalf and the Bank shall have no liability with respect to such selection. To the fullest extent permitted by law, correspondents, agents, sub-agents, systems or intermediary banks shall be deemed to be your agents and the Bank shall not be under any liability for any errors, negligence, suspension or default of any of them, all such risks being borne by you. With respect to Payment Orders involving transfers between accounts denominated in different currencies, the Bank may route the payment through an intermediary bank (which may be a member of the HSBC Group). The intermediary bank may (but is not obliged to) convert the payment from the currency of your account to the currency of the account of the beneficiary. If such conversion is made, it will be at a rate (chosen by the intermediary) which will be the prevailing market rate plus a margin. Automated Clearing House (ACH) You agree that any rules or regulations of any ACH used to process your funds transfers, including the authorization, notice and disclosure requirements for debiting the account of a third party, shall be fully applicable to and binding upon you and that transfers may not be initiated that violate the laws of the United States. Funds transfers processed through ACH services may only be made pursuant to the applicable terms agreed between you and the Bank. Notice Of Receipt Of ACH Payments, Real Time Payments (RTP) and Wire Payments (collectively, “Funds Transfers”) Under the operating rules of the National Automated Clearing House Association that are applicable to ACH payment transactions involving your commercial deposit account, the Bank is not required to give next day notice to you of receipt of an ACH or a RTPitem, and the Bank will not do so. The posting However, the Bank will continue to notify you of such the receipt of payments to your commercial deposit account(s) will be reflected in the periodic statements the Bank provides to you. The Bank will also not be obligated to notify you each time you are the recipient or beneficiary of an RTP or wire payment, other than to include the posting of such Funds Transfers into your commercial deposit account and on your next periodic statement. Provisional Credit Credit given by the Bank to you with respect to an ACH credit entry is provisional until the Bank receives final settlement for such entry through a Federal Reserve Bank. If the Bank does not receive such final settlement, you are hereby notified and agree that the Bank is entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you shall not be deemed to have paid you the amount of such entry. Rejection of ACH Entries The Bank may reject any ACH entry that does not comply with applicable laws, regulations or rules, or the Bank's requirements as communicated to you. The Bank shall promptly notify you in the event of an ACH entry being rejected, and no later than the business day such entry would otherwise have been transmitted by the Bank to the ACH in the case of an ACH entry rejection due to insufficient available funds, or in the case of an ACH entry received for credit to an Account maintained with the Bank (an "On-Us Entry") on its effective date. The Bank shall have no liability to you for any ACH entry rejection or the fact that notice thereof is not provided by the Bank to you at an earlier time than stated herein.

Reliance on Identifying Number. If a Payment Order identifies an intermediary bank, the beneficiary's bank or the beneficiary by name and an account or other identifying number, the Bank may act solely on the basis of such number. Routing Of A Payment Order You are responsible for full routing instructions. You agree that in executing any Payment Order the Bank may make use of any correspondents, intermediary banks, agents, sub-agents, funds-transfer and communications systems that the Bank deems reasonable under the circumstances. If a Payment Order designates an intermediary bank and/or funds- funds-transfer system, you agree that, where appropriate, the Bank may select a different intermediary bank and/or funds-transfer system on your behalf and the Bank shall have no liability with respect to such selection. To the fullest extent permitted by law, correspondents, agents, sub-agents, systems or intermediary banks shall be deemed to be your agents and the Bank shall not be under any liability for any errors, negligence, suspension or default of any of them, all such risks being borne by you. With respect to Payment Orders involving transfers between accounts denominated in different currencies, the Bank may route the payment through an intermediary bank (which may be a member of the HSBC Group). The intermediary bank may (but is not obliged to) convert the payment from the currency of your account to the currency of the account of the beneficiary. If such conversion is made, it will be at a rate (chosen by the intermediary) which will be the prevailing market rate plus a margin. Automated Clearing House (ACH) You agree that any rules or regulations of any ACH used to process your funds transfers, including the authorization, notice and disclosure requirements for debiting the account of a third party, shall be fully applicable to and binding upon you and that transfers may not be initiated that violate the laws of the United States. Funds transfers processed through ACH services may only be made pursuant to the applicable terms agreed between you and the Bank. Notice Of Receipt Of ACH Payments, Real Time Payments (RTP) and Wire Payments (collectively, “Funds Transfers”) Under the operating rules that are applicable to ACH payment transactions involving your commercial deposit account, the Bank is not required to give next day notice to you of receipt of an ACH or a RTP. The posting of such payments to your commercial deposit account(s) will be reflected in the periodic statements the Bank provides to you. The Bank will also not be obligated to notify you each time you are the recipient or beneficiary of an RTP or wire payment, other than to include the posting of such Funds Transfers into your commercial deposit account and on your next periodic statement. Provisional Credit Credit given by the Bank to you with respect to an ACH credit entry is provisional until the Bank receives final settlement for such entry through a Federal Reserve Bank. If the Bank does not receive such final settlement, you are hereby notified and agree that the Bank is entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you shall not be deemed to have paid you the amount of such entry. Rejection of ACH Entries Interest Rates Interest rates, compounding periods, balance computation methods, and minimum balance requirements are explained in the Terms and Charges Disclosures, similar fee schedule or other applicable terms and conditions. Changes The Bank may reject any ACH entry that does not comply with applicable lawschange the interest rate on deposit accounts, regulations or rules, or solely at the Bank's requirements as communicated to youdiscretion, at any time. The Bank shall promptly notify you in will not change the event of an ACH entry being rejected, and no later than the business day such entry would otherwise have been transmitted by the Bank to the ACH in the case of an ACH entry rejection due to insufficient rate on a fixed-rate CD during its term. Current rates are available funds, at your nearest HSBC branch or in the case of an ACH entry received for credit to an Account maintained with the Bank (an "On-Us Entry") on its effective date. The Bank shall have no liability to you for any ACH entry rejection from your HSBC Relationship Manager or the fact that notice thereof is not provided by the Bank to you at an earlier time than stated hereinClient Services Representative.