Common use of Electronic debits Clause in Contracts

Electronic debits. If Client has authorized Cambridge to initiate debit entries to Client’s bank or other financial institution account by direct debits, Client agrees that in the case of debit instructions transmitted through the Online System, the usage of the Online System Access Method is a security procedure, which constitutes a commercially reasonable method of protecting against unauthorized debits. Client agrees to be bound by any debit instructions, whether authorized or not, issued in its name and acted upon by ▇▇▇▇▇▇▇▇▇, and Client agrees to indemnify Cambridge and hold it harmless from any Losses incurred by any of them in connection with the execution of debit instructions believed by any of them to have been issued by a User. In the event Client elects not to use or adhere to the security procedures described herein, Client will remain liable for any debit instructions issued in its name, whether authorized or not, and acted upon by Cambridge. Client agrees that Cambridge and Client’s financial institution(s) are authorized to credit Client’s account from time to time in the event that credit adjustments become necessary.