Common use of Commercial Accounts Clause in Contracts

Commercial Accounts. Commercial accounts (including accounts of a small business) include those established by a sole proprietor, joint venture, partnership, corporation, association, limited liability company, limited liability partnership, business trust, governmental unit, or other entity. Commercial accounts also include those established primarily for religious, philanthropic, charitable, educational, fraternal or similar purposes and not operated for a profit. Commercial accounts do not include accounts established by one or more natural persons opening the account primarily for personal, family or household purposes. In compliance with applicable laws and regulations governing customer due diligence and for the purpose of establishing due authorization on an account, the Bank may require a resolution, authorization, agreement or other documents to evidence the authority of any individual to act on behalf of a commercial account holder. The Bank is not required to recognize any resolution or authorization that is not on the Bank’s own form. Each commercial account holder agrees to provide the Bank with a new resolution, authorization or other documentation as Bank may request immediately upon any change in authority. The Bank may continue to follow the directions of a commercial account holder’s representative who, according to the Bank’s records, is authorized to act on behalf of the account holder until the Bank receives a written resolution or authorization effecting a change and the Bank has had a reasonable period of time to act on such change. You agree that three (3) business days after the Bank’s receipt of the resolution, authorization, agreement or other document is a reasonable period of time, but the Bank may recognize the change sooner. A limited liability company seeking to open accounts at the Bank is required to provide the Bank with a copy of its articles of organization as filed with the Secretary of State or other chartering authority. The articles of organization should state, among other things, whether the limited liability company is member-managed or is managed by one or more managers. The Bank may be required to review an operating agreement of the limited liability company to determine whether any member or manager is authorized to bind the limited liability company. Any member or manager is an agent of the limited liability company for the purpose of conducting its business and affairs. The Bank may rely on the signature or certification of any such member or manager that appears to be for the purpose of carrying on the business or affairs of the limited liability company in the usual course of business, and such action shall bind the limited liability company. Opening deposit accounts on behalf of the limited liability company, writing checks, contracting for other banking services, including Treasury Management Services, transferring funds, and investing funds shall be considered to be in the usual course of business for the limited liability company, unless a member or manager notifies the Bank in writing of any specific limitation on the authority of members or managers to act. Simply providing a copy of an operating agreement to the Bank does not constitute providing Bank with notice of any such limitations. For partnership accounts and limited liability partnership accounts, each partner agrees with each other and the Bank that any one partner whose name appears on the account’s signature card has complete authority to bind the partnership and all other partners in all transactions involving the account. Each person whose name appears on the signature card for a commercial account or on any resolution or other authorization represents and warrants that such person is authorized to execute all documents in the capacity designated in that document. In the event of any inconsistency between the signature card and any resolution, authorization or other document, the signature card shall govern. If the account is in a trade name, you certify that you are transacting business under that trade name, and that no other person or entity has any right to conduct business in that name. You indemnify the Bank against any loss or liability, including court costs and attorneys’ fees to the extent permitted by law, resulting from the Bank’s acceptance for payment or credit checks or other items drawn to the order of the trade name. Transactions that are restricted under the Unlawful Internet Gambling Enforcement Act are prohibited and may not be processed through your commercial account.

Commercial Accounts. Commercial accounts (including accounts of a small business) include those established by a sole proprietor, joint venture, partnership, corporation, association, limited liability company, limited liability partnership, business trust, governmental unit, or other entity. Commercial accounts also include those established primarily for religious, philanthropic, charitable, educational, fraternal or similar purposes and not operated for a profitprofit. Commercial accounts do not include accounts established by one or more natural persons opening the account primarily for personal, family or household purposes. In compliance with applicable laws and regulations governing customer due diligence and for the purpose of establishing due authorization on an account, the Bank may require a resolution, authorization, agreement or other documents to evidence the authority of any individual to act on behalf of a commercial account holder. The Bank is not required to recognize any resolution or authorization that is not on the Bank’s own form. Each commercial account holder agrees to provide the Bank with a new resolution, authorization or other documentation as Bank may request immediately upon any change in authority. The Bank may continue to follow the directions of a commercial account holder’s representative who, according to the Bank’s records, is authorized to act on behalf of the account holder until the Bank receives a written resolution or authorization effecting a change and the Bank has had a reasonable period of time to act on such change. You agree that three (3) business days after the Bank’s receipt of the resolution, authorization, agreement or other document is a reasonable period of time, but the Bank may recognize the change sooner. A limited liability company seeking to open accounts at the Bank is required to provide the Bank with a copy of its articles of organization as filed filed with the Secretary of State or other chartering authority. The articles of organization should state, among other things, whether the limited liability company is member-managed or is managed by one or more managers. The Bank may be required to review an operating agreement of the limited liability company to determine whether any member or manager is authorized to bind the limited liability company. Any member or manager is an agent of the limited liability company for the purpose of conducting its business and affairs. The Bank may rely on the signature or certification certification of any such member or manager that appears to be for the purpose of carrying on the business or affairs of the limited liability company in the usual course of business, and such action shall bind the limited liability company. Opening deposit accounts on behalf of the limited liability company, writing checks, contracting for other banking services, including Treasury Management Services, transferring funds, and investing funds shall be considered to be in the usual course of business for the limited liability company, unless a member or manager notifies notifies the Bank in writing of any specific specific limitation on the authority of members or managers to act. Simply providing a copy of an operating agreement to the Bank does not constitute providing Bank with notice of any such limitations. For partnership accounts and limited liability partnership accounts, each partner agrees with each other and the Bank that any one partner whose name appears on the account’s signature card has complete authority to bind the partnership and all other partners in all transactions involving the account. Each person whose name appears on the signature card for a commercial account or on any resolution or other authorization represents and warrants that such person is authorized to execute all documents in the capacity designated in that document. In the event of any inconsistency between the signature card and any resolution, authorization or other document, the signature card shall govern. If the account is in a trade name, you certify that you are transacting business under that trade name, and that no other person or entity has any right to conduct business in that name. You indemnify the Bank against any loss or liability, including court costs and attorneys’ fees to the extent permitted by law, resulting from the Bank’s acceptance for payment or credit checks or other items drawn to the order of the trade name. Transactions that are restricted under the Unlawful Internet Gambling Enforcement Act are prohibited and may not be processed through your commercial account.

Commercial Accounts. Commercial accounts (including accounts of a small business) include those established by a sole proprietor, joint venture, partnership, corporation, association, limited liability company, limited liability partnership, business trust, governmental unit, or other entity. Commercial accounts also include those established primarily for religious, philanthropic, charitable, educational, fraternal or similar purposes and not operated for a profit. Commercial accounts do not include accounts established by one or more natural persons opening the account primarily for personal, family or household purposes. In compliance with applicable laws and regulations governing customer due diligence and for the purpose of establishing due authorization on an account, the The Bank may require a resolution, authorization, agreement or other documents to evidence the authority of any individual persons to act on behalf of a commercial account holder. The Bank is not required to recognize any resolution or authorization that is not on the Bank’s own form. Each commercial account holder agrees to provide the Bank with a new resolution, authorization or other documentation as Bank may request immediately upon any change in authority. The Bank may continue to follow the directions of a commercial account holder’s representative who, according to the Bank’s records, is authorized to act on behalf of the commercial account holder until the Bank receives a written resolution or authorization effecting a change and the Bank has had a reasonable period of time to act on such change. You agree that three (3) business days after the Bank’s receipt of the resolution, authorization, agreement or other document is a reasonable period of time, but the Bank may recognize the change soonerearlier. A limited liability company seeking to open accounts at the Bank is required to provide the Bank with a copy of its articles of organization as filed with the Secretary of State or other chartering authority. The articles of organization should state, among other things, whether the limited liability company is member-managed or is managed by one or more managers. The Bank may be is not required to review an operating agreement of the limited liability company to determine whether any member or manager is authorized to bind the limited liability company. Any member or manager is an agent of the limited liability company for the purpose of conducting its business and affairs. The Bank may rely on the signature or certification of any such member or manager that appears to be for the purpose of carrying on the business or affairs of the limited liability company in the usual course of business, and such action shall bind the limited liability company. Opening deposit accounts on behalf of the limited liability company, writing checks, contracting for other banking services, including Treasury Management Services, transferring funds, and investing funds shall be considered to be in the usual course of business for the limited liability company, unless a member or manager notifies the Bank in writing of any specific limitation on the authority of members or managers to act. Simply providing a copy of an operating agreement to the Bank does not constitute providing Bank with notice of any such limitations. For partnership accounts and limited liability partnership accounts, each partner agrees with each other and the Bank that any one partner whose name appears on the account’s signature card has complete authority to bind the partnership and all other partners in all transactions involving the account. Each person whose name appears on the signature card for a commercial account or on any resolution or other authorization represents and warrants that such person is authorized to execute all documents in the capacity designated in that document. In the event of any inconsistency between the signature card and any resolution, authorization or other document, the signature card shall govern. If the account is in a trade name, you certify that you are transacting business under that trade name, and that no other person or entity has any right to conduct business in that name. You indemnify the Bank against any loss or liability, including court costs and attorneys’ fees to the extent permitted by law, resulting from the Bank’s acceptance for payment or credit checks or other items drawn to the order of the trade name. Transactions that are restricted under the Unlawful Internet Gambling Enforcement Act are prohibited and may not be processed through your commercial account.