Common use of Use of Account Numbers Clause in Contracts

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

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