Common use of Inconsistent Name and Account Number Clause in Contracts

Inconsistent Name and Account Number. If any Payment Order by Client describes the intended recipient of funds inconsistently by name and account number, Client agrees that payment by the receiving bank (which may be Bank) may be made on the basis of the account number alone even if that account is not owned by the person or entity named in the Payment Order. If any Payment Order identifies an intermediary bank or the payee’s bank inconsistently by name and account number, Client agrees that Bank may rely solely on the account number as the proper identification of the intermediary bank or the payee’s bank even if it identifies a bank different from the bank Client identified by name. To the extent permitted by Applicable Law, Client acknowledges and agrees that its obligation to pay Bank the amount of the Transfer pursuant to a Payment Order will not be excused in any circumstance for the erroneous Payment Order of Client and that Client will reimburse Bank for any losses or expense Bank incurs as a result of Bank’s reliance on the account number provided in Payment Order.

Inconsistent Name and Account Number. If any Payment Order by Client describes the intended recipient of funds inconsistently by name and account number, Client agrees that payment by the receiving bank (which may be Bank) may be made on the basis of the account number alone even if that account is not owned by the person or entity named in the Payment Order. If any Payment Order identifies an intermediary bank or the payee’s bank inconsistently by name and account number, Client agrees that Bank may rely solely on the account number as the proper identification of the intermediary bank or the payee’s bank even if it identifies a bank different from the bank Client identified by name. To the extent permitted by Applicable Law, Client acknowledges and agrees that its obligation to pay Bank the amount of the Transfer pursuant to a Payment Order will not be excused in any circumstance for the erroneous Payment Order of Client and that Client will reimburse Bank for any losses Losses or expense Bank incurs as a result of Bank’s reliance on the account number provided in Payment Order.