Common use of SWIFT MT101 or MT103 Messaging Wire Instructions Clause in Contracts

SWIFT MT101 or MT103 Messaging Wire Instructions. Should you elect in the Specifications to send any electronic wire Orders through an MT101 or MT103 SWIFT message (“Message”), you agree to the following security procedures: • The Message must contain your SWIFT Bank Identifier Code (“BIC”); • The Message must identify (by Account number) the Account to be debited, as stated in the Specifications. • The Message must state a transfer amount that is within the dollar limits (if any) stated in the Specifications. Furthermore, if you select this option, you agree to the following additional terms and conditions: (a) You may, from time to time, amend the Specifications. We shall have a reasonable time to act thereon before accepting it, and are not required to accept any amendment. Additional data or specifications may appear in the Specifications (e.g., Authorized Users), but such additional data or specifications shall not be considered part of the parties’ agreed security procedure and shall not be the basis for you to dispute our good faith or your liability for transactions or actions that are others in accordance with the above security procedures. (b) You agree that any Order or other communication (including an instruction to amend or cancel an Order) issued in your name or BIC that is verified by us pursuant to the above security procedures, and acted upon by us in good faith, shall be effective as your valid, authentic and authorized instruction, fully binding upon you, even if it was in fact not valid, authentic or authorized. You hereby represent and warrant to us that you have determined these security procedures to be commercially reasonable and sufficient for you, according to your expressed wishes and needs, including the size, type and frequency of payment Orders normally issued by you to us. You shall be deemed to renew that representation and warranty each time you send a Message to us. (c) You acknowledge that the above security procedures may offer fewer controls than our standard wire transfer processes of (i) entering wires into Treasury Internet Banking after log-in with Access Credentials, with two person “dual” authorization controls, (ii) telephoning Orders to our central wires department with PIN code verification and two person “dual” authorization controls, and (iii) ordering wires in person at our branches. (d) You acknowledge that this “SWIFT MT101 or MT103 Messaging Wire Instructions” Subsection’s security procedure (i) is not designed or intended to detect errors in content or transmission, and