Common use of Enhanced Security Clause in Contracts

Enhanced Security. Requests transmitted via Bank’s Business Online Banking Service must comply with the Security Protocol described, and agreed to, in the Agreement and the Business Online Banking Service Terms with respect to Entries transmitted by Company to Bank, including the use of Tokens. Company acknowledge that the purpose of such Security protocol is for verification of authenticity and not to detect an error in the transmission or content of a request. No Security Protocol for the detection of any such error has been agreed upon by Bank and Company. Company is solely responsible for the security of login credentials and tokens. Bank will have no duty to further verify the identity of any electronic user with login credentials and tokens. Confirmation of Outgoing Wire Transfers shall be verified and approved by Company prior to their transmission to Bank. Bank recommends a minimum of two Users to confirm Wire Transfer Payment Orders and that Users serve as an initiator or confirmer, but not both. Notwithstanding Bank’s recommendations, if Company permit a User to act as both initiator and confirmer, Company hereby authorize Bank to process a wire initiated and confirmed by such User and accepts the risk of an unauthorized Wire Transfer Payment Order. If a Request (or a Request for cancellation or amendment of a Wire Transfer) received by Bank purports to have been transmitted or authorized by Company, it will be deemed effective as Company’ request and Company shall be obligated to pay Bank the amount of such Wire Transfer even though the Request was not authorized by Company, provided Bank accepted the request in good faith and acted in compliance with the Security protocol with respect to such request. If a request (or request for cancellation or amendment of a Wire Transfer) received by Bank was transmitted by Company or a designated User, Company shall pay Bank the amount of the Wire Transfer, whether or not that request was erroneous in any respect or that error would have been detected if Bank had complied with such procedures.