Common use of Reporting System Clause in Contracts

Reporting System. The Bank has in place a system for providing direct access by customers to the Bank's reporting system ("Reporting System") for Property in the Custody Account held in the United States. At the Company's election, the Bank shall provide the Company with such instructions and passwords as may be necessary in order for the Company to have such direct access through the Company's terminal device. Such direct access shall be restricted to information relating to the Custody Account. Where direct access to the Reporting System is requested by the Company, the Company agrees to assume full responsibility for the consequences of the use, including any misuse or unauthorized use of the terminal device, instructions or passwords referred to above and agrees to release, indemnify and hold harmless the Bank from and against any and all claims, liabilities, losses, damages and expenses (including attorneys' fees) of every nature suffered or incurred by the Bank by reason of or in connection with such use by the Company of such terminal device, unless such claims, liabilities, losses, damages and expenses can be shown to be the result of negligence or willful misconduct by the Bank. Further, where the Company elects to have direct access, the Bank shall provide the Company on each business day a report of the preceding business day's transactions relating to the Custody Account and of the closing or net balances of the preceding business day. The Bank will supply to the Company from time to time as mutually agreed upon a written statement with respect to all of the Property in the Custody Account. If the Company does not elect to use the Reporting System, then the Bank will send to the Company an advice or notification of any transfers of Property to or from the Custody Account.