Common use of Commercially Reasonable Security Procedures Clause in Contracts

Commercially Reasonable Security Procedures. Company agrees that the use of the Security Codes that F&M BANK has established for each Online Service constitutes a commercially reasonable security procedure for Company. Company agrees to be bound by all requests, communications, or other instructions to F&M BANK that are initiated using this security procedure (including any transfer requests, payment requests, stop payment orders and, if applicable, payment orders and requests for cancellation or amendment of payment orders for ACH entries and wire transfers), regardless of whether or not Company or any Authorized User actually authorized the instruction. If any instruction initiated through an Online Service and accepted by F&M BANK in compliance with this security procedure contains any error, to the full extent allowed by law Company shall be liable for, and shall indemnify F&M BANK against any claims, losses and expenses F&M BANK may incur that arise from or relate to the erroneous instructions. F&M BANK’s records demonstrating compliance with this security procedure will be deemed conclusive proof that the payment order received by F&M BANK was authorized and that Company is bound by those instructions. Upon Company’s submission of a request for the Online Funds Transfer Service and the approval of the Implementation Form for this Service, or upon its use of the Service, whichever occurs first, Company agrees:

Commercially Reasonable Security Procedures. Company agrees that the use of the Security Codes that F&M BANK has established for each Online Service constitutes a commercially reasonable security procedure for Company. Company agrees to be bound by all requests, communications, or other instructions to F&M BANK that are initiated using this security procedure (including any transfer requests, payment requests, stop payment orders and, if applicable, payment orders and requests for cancellation or amendment of payment orders for ACH entries and wire transfers), regardless of whether or not Company or any Authorized User actually authorized the instruction. If any instruction initiated through an Online Service and accepted by F&M BANK in compliance with this security procedure contains any error, to the full extent allowed by law Company shall be liable for, and shall indemnify F&M BANK against any claims, losses and expenses F&M BANK may incur that arise from or relate to the erroneous instructions. F&M BANK’s records demonstrating compliance with this security procedure will be deemed conclusive proof that the payment order received by F&M BANK was authorized and that Company is bound by those instructions. Upon Company’s submission of a request for the Online Funds Transfer Service and the approval of the Implementation Form for this Service, or upon its use of the Service, whichever occurs first, Company agrees:.