Common use of Virtual Vault Verification Clause in Contracts

Virtual Vault Verification. Customer`s Smart Safe must be "serviced" (deposits are removed for verification purposes) at least once each calendar week unless otherwise required by Bank and transported to a Bank approved vault location. Currency will only be removed from the Smart Safe under dual control by Customer and Customer’s Courier using the PIN and Keys provided by the Virtual Vault Vendor and shall be delivered by the Customer’s Courier in either sealed cassettes removed from the Smart Safe (“Smart Safe Cassettes”) or in tamper-resistant Depository Bags to the Bank’s designated vault location for verification purposes. Verification shall be performed at intervals agreed upon between Virtual Vault Vendor, Customer and Bank. Bank retains the right to refuse any Deposit for any reason.