Common use of Compliance with Security Procedures Clause in Contracts

Compliance with Security Procedures. The authorizations in Exhibit 3 (or Exhibit 5-B in the case of third-party processors) and security procedures in Exhibit 3 (or Exhibit 5-B in the case of third-party processors) shall apply equally to Entries and requests for cancellation or amendment of Entries. Accordingly, in this Section 19, “Entry” shall be construed to include requests for cancellation or amendment of Entries. If an Entry received by the Bank was transmitted or authorized by the Company, or if an Entry received by the Bank purports to have been transmitted or authorized by the Company, and the Bank has complied with the security procedures provided for herein, then, in either case, it will be deemed effective as the Company’s Entry. If signature comparison is to be part of that security procedure, the Bank shall be deemed to have complied with that part of such procedure if the signature accompanying a file or Entries bears any resemblance whatsoever to the signature of the Company’s authorized representative for submission of Entries. The Company is responsible for maintaining the confidentiality of the security procedures hereunder and shall promptly report to the Bank any breach thereof. The Bank shall have no liability for losses occasioned by the Company’s failure to maintain the confidentiality of its security procedures. The Bank may change, add, or delete any procedures established pursuant to this Agreement, from time to time, upon notice to the Company.