Common use of Signed Authorization Clause in Contracts

Signed Authorization. Prior to the initiation of the first Entry to an Account, you will execute on your own behalf and will obtain completed and duly executed written authorization agreements ("Authorization Agreements") from each Receiver that desires preauthorized electronic transfers to or from their accounts with Participating Depository Financial Institutions ("Receiver Accounts"). The Authorization Agreements shall authorize you to initiate Entries with respect to such Receiver Accounts. The Authorization Agreements shall be in a form that complies with the Rules, Regulation E of the Board of Governors of the United States Federal Reserve Board, the Electronic Funds Transfer Act, and all other applicable federal and state laws and regulations. You agree to provide a copy of the Authorization Agreement to the Receiver at the time it is executed. You agree to retain and maintain the original or a copy of the Authorization Agreement and your records relating to the Authorization Agreement as required by the Rules. Without limiting any term or provision of this Agreement, you shall indemnify and hold us harmless for your failure to comply with the terms of the preceding sentence. Upon our request or the request of an Originating Depository Financial Institution or a Receiving Depository Financial Institution, you shall promptly furnish an original or copy of the Authorization Agreement to the requesting party. If a Receiver’s Authorization Agreement is changed, you shall not initiate any Entries to or from that Receiver account, except in accordance with the Authorization Agreement as changed. You shall not initiate any Entries to or from any Receiver accounts after expiration, termination, or cancellation of those Receiver Authorization Agreements. You agree to release and hold us harmless from and against any loss, cost, demand, action or cause of action arising from any dispute between you and any Receiver with respect to any Authorization Agreement.