Common use of Third Party Items Clause in Contracts

Third Party Items. a. Company represents and warrants that: i. It has the legal authority to deposit and negotiate all Third Party Items, regardless of the name of the payee shown on the check; ii. It has obtained written authorization from each third party payee, including but not limited to those provided as Acceptable Payees, for Bank to endorse such Third Party Items as payable to Company and to deposit such items into Company’s Lockbox Account; iii. Such third party payee authorization includes an assignment to Company of the third party payee’s right, title and interest in and to each of such Third Party Item; iv. Company will retain a copy of each such third party payee authorization for at least seven (7) years after the termination of the Agreement and will provide a copy of any such authorization to Bank upon request; and v. Each such third party payee authorization shall be in effect and fully operative at all times that Bank provides Lockbox Service under the Agreement with respect to such Third Party Items. b. Company agrees to indemnify Indemnified Parties against, and hold the Indemnified Parties harmless from Losses and Liabilities suffered or incurred by any of the Indemnified Parties as a result of, or in connection with, Bank’s acceptance of Third Party Items in accordance with this Service Description and the Agreement. The indemnification set forth in this Section shall be in addition to, and not in lieu of, indemnification and other rights of Bank under the Agreement. c. Company will also be liable for repayment of any overdrafts and/or fees related to the return of any Third Party Items, regardless of the balance in Company’s Account at the time the check was deposited or returned. d. Bank reserves the right to reject any check for deposit and discontinue the acceptance of Third Party Items at its discretion, without liability to Company.

Third Party Items. a. Company represents and warrants that: i. It has the legal authority to deposit and negotiate all Third Party Items, regardless of the name of the payee shown on the check; ii. It has obtained written authorization from each third party payee, including but not limited to those provided as Acceptable Payees, payee for Bank to endorse such Third Party Items as payable to Company and to deposit such items into Company’s Lockbox Account; iii. Such third party payee authorization includes an assignment to Company of the third party payee’s right, title and interest in and to each of such Third Party Item; iv. Company will retain a copy of each such third party payee authorization for at least seven (7) years after the termination of the Agreement and will provide a copy of any such authorization to Bank upon request; and v. Each such third party payee authorization shall be in effect and fully operative at all times that Bank provides Lockbox Service RDC under the Agreement with respect to such Third Party Items. b. Company agrees to indemnify Indemnified Parties against, and hold the Indemnified Parties harmless from Losses and Liabilities suffered or incurred by any of the Indemnified Parties as a result of, or in connection with, Bank’s acceptance of Third Party Items in accordance with this Service Description and the Agreement. The indemnification set forth in this Section shall be in addition to, and not in lieu of, indemnification and other rights of Bank under the Agreement. c. Company will also be liable for repayment of any overdrafts and/or fees related to the return of any Third Party Items, regardless of the balance in Company’s Account at the time the check was deposited or returned. d. Bank reserves the right to reject any check for deposit and discontinue the acceptance of Third Party Items at its discretion, without liability to Company.