Common use of Verification and Security Procedures Clause in Contracts

Verification and Security Procedures. (a) Bank and the Customer shall comply with any applicable Security Procedure to permit Bank to verify the authenticity of Instructions. (b) Either party may record any of their joint telephone communications as long as such recording is in compliance with Applicable Laws. (c) The Customer acknowledges that the Security Procedure is designed to verify the authenticity of, and not to detect errors in, Instructions. The Customer shall promptly notify Bank if it does not believe that any relevant Security Procedure is commercially reasonable, and its adherence to any Security Procedure without objection constitutes its agreement that it has determined the Security Procedure to be commercially reasonable. (d) The Customer and its Authorized Persons are solely responsible for ensuring that the User Codes are reasonably safeguarded and known to and used by only the respective Authorized Persons to whom such User Codes apply. If (i) the User Codes are (or the Customer or its relevant Authorized Person reasonably suspects that the User Codes may be) lost, stolen, damaged, altered, unduly disclosed, known in a manner inconsistent with its purposes or compromised, (ii) the Customer’s or any Authorized Persons’ access to Bank’s systems, applications or products, or any third party messaging platform through which the Instructions are transmitted, is revoked or suspended, or (iii) the Customer or an Authorized Person reasonably suspects any technical or security failure relating to any systems, applications or products of Bank or any third party messaging platform through which the Instructions are transmitted, the Customer shall immediately cease using such system, application, product or platform and promptly notify Bank. Notwithstanding the foregoing, Bank shall be responsible for ensuring that User Codes maintained in Bank’s systems or records are reasonably safeguarded and shall take appropriate action to remediate any technical or security failure confirmed by Bank, that is the subject of the notification provided by Customer or an Authorized Person referenced in this section 3.2(d).

Verification and Security Procedures. (a) Bank X.X. Xxxxxx and the Customer shall comply with any applicable Security Procedure Procedures to permit Bank X.X. Xxxxxx to verify the authenticity of Instructions. (b) Either party may record any of their joint telephone communications as long as such recording is in compliance with Applicable Laws. (c) The Customer acknowledges that the Security Procedure is designed to verify the authenticity of, and not to detect errors in, Instructions. The Customer shall promptly notify Bank X.X. Xxxxxx if it does not believe that any relevant Security Procedure is commercially reasonable, and its adherence to any Security Procedure without objection constitutes its agreement that it has determined the Security Procedure to be commercially reasonable. (dc) The Customer and its Authorized Persons are solely responsible for ensuring that the User Codes are reasonably safeguarded and known to and used by only the respective Authorized Persons to whom such User Codes apply. If (i) the User Codes are (or the Customer or its relevant Authorized Person reasonably suspects that the User Codes may be) lost, stolen, damaged, altered, unduly disclosed, known in a manner inconsistent with its purposes or compromised, (ii) the Customer’s or any Authorized Persons’ access to Bank’s X.X. Xxxxxx’x systems, applications or products, or any third party messaging platform through which the Instructions are transmitted, is revoked or suspended, or (iii) the Customer or an Authorized Person reasonably suspects any technical or security failure relating to any systems, applications or products of Bank X.X. Xxxxxx or any third party messaging platform through which the Instructions are transmitted, the Customer shall immediately cease using such system, application, product or platform and promptly notify Bank. Notwithstanding the foregoing, Bank shall be responsible for ensuring that User Codes maintained in Bank’s systems or records are reasonably safeguarded and shall take appropriate action to remediate any technical or security failure confirmed by Bank, that is the subject of the notification provided by Customer or an Authorized Person referenced in this section 3.2(d)X.X. Xxxxxx.