2000-047 Council Resolution - Laserfiche WebLink

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to have agreed to be bound by any such Payment Order, whether or not authorized, which is issued in Customer's name and accepted by Bank in good faith. Bank offers the following Security Procedures: (a) Bank shall not accept any Payment Order unless issued by an Authorized Representative or a person purporting to be an Authorized Representative. No Payment Order shall instruct Bank to debit any deposit account o Customer at Bank other than a Covered Account. If a dollar limit is listed next to the name of any Authorized Representative, Bank shall not accept any Payment Order issued by such Authorized Representative or a person purporting to be such Authorized Representative in excess of such limit. (b) Bank shall assign to each Authorized Representative a unique personal identification number ("PIN"). Such PIN shall be furnished to Bank whenever a Payment Order is issued and shall be conclusive identification of the sender. (c) If Bank or Customer determines that certain funds transfers have become Repetitive Transfers, Bank may assign a repetitive code to Payment Orders pertaining to such Repetitive Transfers. If Bank does so, Customer may use such repetitive code as part of an expedited procedure in issuing any such Payment Order in the future, and Bank may execute any Payment Order containing such repetitive code. (d) If a Payment Order instructs Bank to pay more than a dollar amount established by Bank from time to time in its sole discretion to a Beneficiary other than Customer, or if an Authorized Representative or a person purporting to be an Authorized Representative issues a Payment Order in a dollar amount in excess of the dollar limit assigned to such Authorized Representative, or if any special instructions of Customer so require, Bank shall call back an Authorized Representative, without regard to any dollar limit assigned to such Authorized Representative receiving such call, but other than the Authorized Representative issuing or purportedly issuing such Payment Order if reasonably possible, to verify such Payment Order. If reasonably possible, the Bank officer or employee making such call shall not be the Bank officer or employee to whom such Payment Order was issued. (e) This subparagraph applies only if Bank provides CDL to Customer. Customer shall provide, on its premises and at its sole expense, a data terminal linked to CDL. Customer agrees to maintain such data terminal in proper working condition and repair. Customer shall follow all procedures relating to CDL contained in any supplemental materials, users guides, or the like from time to time provided to Customer by Bank, but only to the extent not inconsistent with the provisions of this Agreement. Customer shall provide such additional information an, execute such additional documentation relating to CDL as Bank may from time to time require. The provisions of this subparagraph are in addition to, and not in substitution of, subparagraphs (a) through (d) above. Any special instructions of Customer respecting Security Procedures shall be in writing delivered to Bank and, if expressly agreed to by Bank, shall be deemed incorporated by reference into this Agreement. 4. Execution of Payment Orders. Bank in its sole discretion may execute Payment Orders in any order convenient to Bank and may select such means and routes for the transfer of funds as Bank considers appropriate under the circumstances. Without any limitation of the foregoing, unless Bank notifies Customer to the contrary, Bank shall use Fedwire to effect all funds transfers to deposit accounts maintained at financial institution offices or branches located in the United States. Unless Bank and Customer otherwise agree with respect to any Payment Order, Bank shall execute each Payment Order on the business day when received by Bank, provided that Customer shall have transmitted such Payment Order to Bank prior to the daily cutoff time established by Bank from time to time. Bank in its sole discretion may attempt to execute on a same-day basis a Payment Order received after such daily cutoff time, but shall have no obligation to do so. Customer acknowledges that if a Payment Order describes the Beneficiary or any financial institution inconsistently by name and account or other identifying number, Bank and the Beneficiary's financial institution may execute and accept such Payment Order on the basis of the account or other identifying number, even if such number identifies a person other than the named Beneficiary or financial institution, and Customer's obligation to pay the amount of such Payment Order is not excused in such circumstances. Bank has no duty to detect any such inconsistency in identification. 5. Rejection of Payment Orders; Overdrafts. Bank has the right to refuse to execute any Payment Order for any reason. If a Payment Order creates an overdraft in the Covered Account to which such Payment Order relates, Bank is authorized to charge any deposit account of Customer at Bank to the extent of any insufficiency in the applicable Covered Account without any obligation to give prior notice thereof to Customer. If more than one Payment Order is made at or about the same time and the available funds in the applicable Covered Account(s) do not cover all of such Payment Orders, Bank may at its option execute as many of such Payment Orders as possible within the dollar limits of such available funds in any order convenient to Bank and not to Customer. Bank's rejection of any Payment Order is effective when given if the notice of rejection is given either by the same means by which such Payment Order was transmitted to Bank or by any other means reasonable under the circumstances. (0