Common use of FACFLOW Clause in Contracts

FACFLOW. FacFlow is a Bank electronic data transmission system and includes any replacement or updated system used by the Bank from time to time. The Bank grants the Client a non-transferable licence to use FacFlow. FacFlow, and all its content (including software), is the property of the Bank and its suppliers and is protected by copyright and other intellectual property rights. The Client will use FacFlow for the purposes of the Agreement in accordance with procedures the Bank provides to the Client now or in the future and will keep secret and confidential all user identification and passwords and prevent access to FacFlow by unauthorised persons. The Client will ensure that each FacFlow transmission is correct and complete and sent only by persons authorised by the Client. The Client will notify the Bank immediately if it knows or suspects that a FacFlow transmission is defective or corrupted. The Bank will maintain a record of FacFlow transmissions which will, in the absence of obvious error, be conclusive evidence of the content and times of FacFlow transmissions. The Bank may suspend or withdraw the use of FacFlow by the Client without notice. The Bank does not guarantee that the information communicated by FacFlow is accurate or correct or that FacFlow transmissions will be transmitted without delays, errors or loss of information. The Client will pay a licence fee for using FacFlow and charges for updates and training as the Bank advises the Client now or in future. A FacFlow transmission regarding Initial Debts will be treated as including the following words: “In accordance with the Invoice Discounting Agreement between Ulster Bank Ireland DAC and ourselves the Debts referred to in this FacFlow transmission will be considered as being subject to an Offer”.