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Jp Morgan Deposit Account Agreement

By Zach Arnold | December 11, 2020

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3.1 The security procedure. The “security procedure” is the procedure that must be defined from time to time by the bank and used by the customer as the procedure of access to the service and verification of the bank, that any instruction that the bank receives through the service to pay money (a “payment order”) or any other order, request or other instruction given by the bank regarding an account or other regarding the service (collectively, with any payment order, “instructions”) is made by sa or any other AU on behalf of the customer. The security procedure may vary depending on whether access to the service is obtained via Chase Connect or via the Bill.com website, as described in sections 3.2 and 3.3 below, or whether a PC (“PC”) or “Mobile S/AD” (defined in section 7.4) is used to access the service and the Bank reserves the right to set up another security procedure for different AUS. The purpose of the security procedure is to verify the authenticity of the instructions and not to detect errors. The client agrees: (a) to be bound by any instruction given by the SA or another AU; and (b) that any statement whose authenticity has been verified by the bank during the security procedure is effective as a customer, whether authorized or not, and that the statement may result in an overdraft of an account. The bank may also change the security procedure at any time and the customer follows the bank`s instructions on this, as the customer`s continued use of the service is considered the customer`s consent for such a new security procedure. 5.1.5 The funds the bank receives from the customer for payment of its instructions or for payment by a third party to the customer (all “funds received”) may be credited to the customer account (CUSTOMERA) managed by the bank up to Bill.com. The Client acknowledges and accepts that the funds received are held by Bill.com in the interest of the client for the purposes of the transfer and the funds in return, in accordance with applicable laws on money issuers and for a period that does not exceed the later date of the termination of this service and the date on which the CMA does not have the customers` money. The client irrevocably names the bank as its representative to assert and resolve claims and assert all rights on behalf of the client arising from or related to the funds received that have been credited to the CMA. As an agent and at the sole discretion of the bank, the bank may assert such claims and assert these rights against Bill.com or one of its successors, including bankruptcies or trustees, in bankruptcy or insolvency proceedings. As a representative of the client, the bank is not required to assert rights or assert rights on behalf of the client and is not liable for an act or omission or another person or an error in the assessment or error of the facts or the law, but only for its own gross negligence or intentional misconduct. The client also acknowledges and accepts that: (a) funds received on the filing at the CMA by Bill.com with funds received by or for loans to others, b) the funds received may be the subject of third-party efforts, garnish, submit, subpoena and legal procedures that are served on the bank or the Bill.com; and applicable laws on escheatat, (c) , including, but not limited to Bill.com, finds that it is unable or unwilling to carry out an instruction, all funds received on deposit in the CMA les all costs incurred are credited to the customer account or returned within a reasonable time to the original filing, and (d) when the bank makes a payment on behalf of a customer, the bank is added to all the rights of that customer with respect to all the sums against that customer by the CMA and may act at its sole discretion to compel such rights to recover such a payment for the bank and not on behalf of their respective customers.

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