Common use of Wire Transfer Requests Clause in Contracts

Wire Transfer Requests. a. At Customer’s request and pursuant to the terms of this Wire Addendum, Customer hereby authorizes Bank to receive and act upon Requests received using the Security Procedure described in Section 3 below, and to honor, execute and debit the same from the Account, in the amount specified in the Request. Unless Bank otherwise expressly agrees in writing, ▇▇▇▇▇▇▇▇ agrees with and represents to Bank that all Requests will be initiated by Customer on its own behalf (and not on behalf of any third party) and in the ordinary course of Customer’s business for its own business purposes. b. In executing a Request, Bank may rely solely on the identifying number or bank account number supplied by Customer as the correct identification of a beneficiary or bank even if such number describes a person or bank different from the named beneficiary or bank to be paid. Customer’s obligation to pay the amount of the Request shall not be excused in such circumstances and Customer shall be obliged to compensate Bank for any loss or expense incurred by Bank because of its reliance. Bank shall have no duty to detect any such inconsistency in identification.