Common use of Use of Account Numbers Clause in Contracts

Use of Account Numbers. The Customer is notified, and hereby acknowledges, that in executing or otherwise acting on a Payment Order the Bank shall rely solely and exclusively upon identifying account or identification numbers of a beneficiary, beneficiary’s bank or intermediary bank and shall not rely on the name of the beneficiary. Likewise, acceptance of a Payment Order may be made by a beneficiary’s bank on the basis of an identifying or Bank account number even if it identifies a person different from the named beneficiary. Customer is liable for and must settle with Bank for any funds transfer initiated by Customer that identifies the beneficiary by account or identifying number or by name and account or identifying number. The Bank shall have no duty to detect any inconsistency between the name and number contained in a Payment Order and the Customer shall be responsible for any inconsistencies. The Customer shall indemnify and hold the Bank harmless from and against any loss, liability, expense or damage that the Bank may incur as a result of such inconsistency, including, without limitation, attorneys’ fees and expenses of litigation.

Use of Account Numbers. The Customer is notified, and hereby acknowledges, that in executing or otherwise acting on a Payment Order the Wire Transfer Bank shall rely solely and exclusively upon identifying account or identification numbers of a beneficiary, beneficiary’s bank or intermediary bank and shall not rely on the name of the beneficiary. Likewise, acceptance of a Payment Order Wire Transfer may be made by a beneficiary’s bank on the basis of an identifying or Bank bank account number even if it identifies a person different from the named beneficiary. Customer is liable for and must settle with Bank for any funds wire transfer initiated by Customer that identifies the beneficiary by account or identifying number or by name and account or identifying number. The Bank shall have no duty to detect any inconsistency between the name and number contained in a Payment Order Wire Transfer and the Customer shall be responsible for any inconsistencies. The Customer shall indemnify and hold the Bank harmless from and against any loss, liability, expense or damage that the Bank may incur as a result of such inconsistency, including, without limitation, attorneys’ fees and expenses of litigation.