Common use of SECURITY CODES Clause in Contracts

SECURITY CODES. If the Trustee has issued to the Client, or to any Investment Manager appointed by the Client, security codes or passwords in order that the Trustee may verify that certain transmissions of information, including directions or instructions, have been originated by the Client or the Investment Manager, as the case may be, the Trustee shall be kept indemnified by and be without liability to the Client for any action taken or omitted by it in reliance upon receipt by the Trustee of transmissions of information with the proper security code or password, including communications purporting to be directions or instructions, which the Trustee reasonably believes to be from the Client or Investment Manager.

SECURITY CODES. If the Trustee has issued to the ClientCompany, or to any Investment Manager appointed by the ClientCompany, security codes or passwords in order that the Trustee may verify that certain transmissions of information, including directions or instructions, have been originated by the Client Company or the Investment Manager, as the case may be, the Trustee shall be kept indemnified by and be without liability to the Client Company for any action taken or omitted by it in reliance upon receipt by the Trustee of transmissions of information with the proper security code or password, including communications purporting to be directions or instructions, which the Trustee reasonably believes to be from the Client Company or Investment Manager.