Wire Transfers; Indemnification Sample Clauses

Wire Transfers; Indemnification. If the Customer arranges for a wire transfer to be directed to the Customer Account, the Customer is responsible for ensuring that such wire is initiated properly, addressed properly, and bears appropriate wire instructions in exactly the form required by the Broker for identification of the Customer and the Customer Account. The Customer understands that any erroneous, mismatched, or incomplete identifying information on an incoming wire transfer may result in such wire being rejected, lost, posted to an incorrect Customer Account, or returned to the originating bank without notice to the Customer and the Customer agrees to indemnify and hold the Broker, its Affiliates, and the Broker and its Affiliates’ respective officers and employees harmless from any Losses arising out of or relating to any erroneous, mismatched or incomplete identifying information on an incoming wire. By sending the Broker a wire transfer request, the Customer authorizes the Broker and the Broker’s bank service provider to act on behalf of the Customer to initiate the wire transfer or check disbursement. It is the Customer’s responsibility to ensure that instructions are accurate before requesting the Broker to initiate a wire transfer. In order to complete a wire transfer request, the name and address on file in the Customer Account must match what the Customer has on file at the recipient bank; and the Customer must provide the correct recipient bank’s name, recipient bank’s address, recipient bank account number, and BIC/SWIFT code. In accepting wire transfer requests, the Broker may rely upon the identifying number (such as routing number, account number and BIC/SWIFT code) of the recipient, the recipient’s financial institution or any intermediary bank, as instructed. Also, the recipient’s bank in the wire transfer requests may make payment on the basis of the identifying number even if it identifies a person or entity different from the named recipient. The Customer understands that, if incorrect instructions or recipient information were provided to the Broker, the Customer may lose the amount of the wire transfer. The Customer agrees to indemnify and hold the Broker, its Affiliates, and the Broker and its Affiliates’ respective officers and employees harmless from any Losses arising out of or relating to any erroneous, mismatched or incomplete identifying information on an outgoing wire. The Customer must have a sufficient available balance in the Customer Account to cover ...