Common use of System Security Procedures Clause in Contracts

System Security Procedures. The Bank shall provide the Primary Administrator with a User ID and User password which shall allow the Primary Administrator to use the System to: (a) initiate and authorize Wire Transfers; (b) designate the Customer accounts(s) from which Wire Transfers may be made by Authorized Users; (c) issue usernames, Access Tokens or codes and passwords that may be used with the System to initiate, authorize, confirm or verify Wire Transfers and establish and change transaction limits and other limitations or conditions applicable to each username or code; and (d) identify those Authorized Persons that may initiate, authorize, confirm or verify Wire Transfers using the System, whether by providing them with a username or code and password, access to a computer used by Customer to access the System or otherwise. The Primary Administrator may also approve and amend the Security Procedures that are used to authorize Wire Transfers. Customer shall at all times remain solely responsible for the Primary Administrator, Authorized Persons and their access rights (and any limitations, conditions or changes thereto), whether placed on the system by Customer or by the Bank at the direction of Customer or Primary Administrator. Customer shall utilize an Access Token or code for all transactions on the System. Additionally, the System allows for each Wire Transfer be authorized by two separate usernames or codes using the associated passwords (“Dual Control”). Customer acknowledges and agrees that circumvention of this feature, by providing more than one username or code to a single individual, the sharing of or failure to maintain the secrecy or security of a username or code and password or in any other manner, may reduce the protection afforded by the System and that Customer will remain liable for all Wire Transfers initiated using two separate usernames or codes, regardless of whether the persons using such usernames or codes are Authorized Persons or Primary Administrators.