Common use of Custody Services Clause in Contracts

Custody Services. The Client authorizes the Financial Institution to open an account with a resident or non-resident bank and/or a Custodian and/or an Authorized Person at the option of the Financial Institution for the deposit of Securities and any other items of property or other assets (the “Custody Account”), and a cash account or accounts for the deposit or receipt of cash in any currency (the “Cash Account”), in each case, currently held or from time to time received by, transferred to or held to the order or under the direction or control of the Custodian for the account of the Client. • All amounts handled by the Financial Institution on behalf of the Client are held in a client account with a Bank as stated in the List of Correspondents (“the Client Account”). The client is aware that the Financial Institution may receive interest on the clients’ bank accounts. The amount classified as interest received cannot be claimed back by the client. • The Financial Institution may hold Client’s funds inside or outside LEBANON, where different settlement, legal and regulatory requirements and ditterent practices relating to the separate identification and segregation of those funds may apply and the Client accepts any risks that may arise out of those ditterences. The Financial Institution will not be liable in any way for any act or omissions by a bank or other financial institution or by the bankruptcy of any such third party institution, unless the loss or damage results from the Financial Institution’s negligence, wilful misconduct or fraud or the negligence, wilful misconduct or fraud of its nominees. • The Financial Institution shall not use Client’s money in its custody for its own account and shall not use any funds of the Client in its possession for its own account, except for a security position that is subject to margin requirements. • By accepting these Terms and Conditions, the Client authorizes the Financial Institution to make deposits and withdrawals from the Bank Account on the Client’s behalf including withdrawals for the settlement of all transactions undertaken in accordance with any agreement and these Terms and Conditions and all amounts which are payable by or on behalf of the Client to the Financial Institution or to any other third person connected with the settlement of one or more transactions. • The Company shall require the custodian to agree that funds will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the custodian; unless it was approved by customers, or it was in order to cover custody fees. • In addition to any other remedies available to the Company under applicable law, the Company shall have, and the Client hereby grants, a continuing general lien on all Securities to the extent the Company has made payment for any Securities at any time the Cash Account has insufficient funds to cover that payment. • Furthermore, the Company may, without prior notice to the Client, set xxx any payment obligation owed to it by the Client in connection with all liabilities arising under this Agreement against any payment obligation owed by it to the Client under this Agreement regardless of the place of payment or currency of either obligation (and for such purpose may make any currency conversion necessary). • The Client agrees to pay all fees, charges and obligations incurred from time to time for any services pursuant to this Agreement as determined in accordance with the terms of the Fee Schedule. The Client acknowledges that such fees, charges and obligations might be amended from time to time. In this case, before applying such amendment, the Financial institution shall notify the Client of the updated Fee Schedule by sending a notice to its elected address. The Client shall submit its objection, if any, within a maximum period of two weeks from the date of notification. Failing to object within that period, the updated schedule shall be considered implicitly approved. • Despite anything to the contrary herein, settlement and payment for all financial Instruments traded received or transferred for the account of the Client and delivery held for the account of the Client may be ettected in line with market or other conditions in which the transaction is made, • The Company deposits dividends in the client’s account after deduction of the company’s dividend tax, when the Company has received the amount following the general meeting which has approved the dividend payment. • The Company has the right to play on behalf of the client, with regard to his investments, including the following: request dividends, receiving, and payment of commission and other entitlements; the exercise of the conversion rights and subscription; and (3) the exercise of voting rights, including in the case of the acquisition of other performances and operations restructuring capital. • Provision of Information – the company undertakes to notify the client about the name, address of the custodian, and the manner in which the funds or securities are maintained by written notice through monthly statements. The Company undertakes to notify the client promptly of any change in the custody services and regulations.

Appears in 2 contracts

Samples: General Account Opening Agreement, General Account Opening Agreement

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Custody Services. The Client authorizes the Financial Institution to open an account with a resident or non-resident bank and/or a Custodian and/or an Authorized Person at the option of the Financial Institution for the deposit of Securities and any other items of property or other assets (the "Custody Account"), and a cash account or accounts for the deposit or receipt of cash in any currency (the “Cash Account”), in each case, currently held or from time to time received by, transferred to or held to the order or under the direction or control of the Custodian for the account of the Client. • All amounts handled by the Financial Institution on behalf of the Client are held in a client account with a Bank as stated in the List of Correspondents (“the Client Account”). The client is aware that the Financial Institution may receive receives interest on the clients’ bank accounts. The amount classified as interest received cannot be claimed back by the client. • The Financial Institution may hold Client’s funds inside or outside LEBANON, where different settlement, legal and regulatory requirements and ditterent different practices relating to the separate identification and segregation of those funds may apply and the Client accepts any risks that may arise out of those ditterencesdifferences. The Financial Institution will not be liable in any way for any act or omissions by a bank or other financial institution or by the bankruptcy of any such third party institution, unless the loss or damage results from the Financial Institution’s 's negligence, wilful misconduct or fraud or the negligence, wilful misconduct or fraud of its nominees. • The Financial Institution shall not use Client’s money in its custody for its own account and shall not use any funds of the Client in its possession for its own account, except for a security position that is subject to margin requirements. • By accepting these Terms and Conditions, the Client authorizes the Financial Institution to make deposits and withdrawals from the Bank Account on the Client’s behalf including withdrawals for the settlement of all transactions undertaken in accordance with any agreement and these Terms and Conditions and all amounts which are payable by or on behalf of the Client to the Financial Institution or to any other third person connected with the settlement of one or more transactions. • The Company shall require the custodian to agree that funds will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the custodian; unless it was approved by customers, or it was in order to cover custody fees. • In addition to any other remedies available to the Company under applicable law, the Company shall have, and the Client hereby grants, a continuing general lien on all Securities to the extent the Company has made payment for any Securities at any time the Cash Account has insufficient funds to cover that payment. • Furthermore, the Company may, without prior notice to the Client, set xxx off any payment obligation owed to it by the Client in connection with all liabilities arising under this Agreement against any payment obligation owed by it to the Client under this Agreement regardless of the place of payment or currency of either obligation (and for such purpose may make any currency conversion necessary). • The Client agrees to pay all fees, charges and obligations incurred from time to time for any services pursuant to this Agreement as determined in accordance with the terms of the Fee Schedule. The Client acknowledges that such fees, charges and obligations might be amended from time to time. In this case, before applying such amendment, the Financial institution shall notify the Client of the updated Fee Schedule by sending a notice to its elected address. The Client shall submit its objection, if any, within a maximum period of two weeks from the date of notification. Failing to object within that period, the updated schedule shall be considered implicitly approved. • Despite anything to the contrary herein, settlement and payment for all financial Instruments traded received or transferred for the account of the Client and delivery held for the account of the Client may be ettected effected in line with market or other conditions in which the transaction is made, • The Company deposits dividends in the client’s account after deduction of the company’s dividend tax, when the Company has received the amount following the general meeting which has approved the dividend payment. • The Company has the right to play on behalf of the client, with regard to his investments, including the following: request dividends, receiving, and payment of commission and other entitlements; the exercise of the conversion rights and subscription; and (3) the exercise of voting rights, including in the case of the acquisition of other performances and operations restructuring capital. • Provision of Information – the company undertakes to notify the client about the name, address of the custodian, and the manner in which the funds or securities are maintained by written notice through monthly statements. The Company undertakes to notify the client promptly of any change in the custody services and regulations.

Appears in 1 contract

Samples: General Account Opening Agreement

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Custody Services. The Client authorizes Clients authorize the Financial Institution to open an account with a resident or non-resident bank and/or a Custodian and/or an Authorized Person at the option of the Financial Institution for the deposit of Securities and any other items of property or other assets (the “Custody Account”), and a cash account or accounts for the deposit or receipt of cash in any currency (the “Cash Account”), in each case, currently held or from time to time received by, transferred to or held to the order or under the direction or control of the Custodian for the account of the ClientClients. • All amounts handled by the Financial Institution on behalf of the Client are held in a client account with a Bank as stated in the List of Correspondents (“the Client Account”). The client is aware that the Financial Institution may receive interest on the clients’ bank accounts. The amount classified as interest received cannot be claimed back by the client. • The Financial Institution may hold Client’s Clients funds inside or outside LEBANON, where different settlement, legal and regulatory requirements and ditterent practices relating to the separate identification and segregation of those funds may apply and the Client accepts Clients accept any risks that may arise out of those ditterences. The Financial Institution will not be liable in any way for any act or omissions by a bank or other financial institution or by the bankruptcy of any such third third-party institution, unless the loss or damage results from the Financial Institution’s negligence, wilful misconduct or fraud or the negligence, wilful misconduct or fraud of its nominees. • The Financial Institution shall not use Client’s Clients money in its custody for its own account and shall not use any funds of the Client Clients in its their possession for its own account, except for a security position that is subject to margin requirements. • By accepting these Terms and Conditions, the Client authorizes Clients authorize the Financial Institution to make deposits and withdrawals from the Bank Account on the Client’s Clients behalf including withdrawals for the settlement of all transactions undertaken in accordance with any agreement and these Terms and Conditions and all amounts which are payable by or on behalf of the Client Clients to the Financial Institution or to any other third person connected with the settlement of one or more transactions. • The Company shall require the custodian to agree that funds will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the custodian; unless it was approved by customers, or it was in order to cover custody fees. • In addition to any other remedies available to the Company under applicable law, the Company shall have, and the Client Clients hereby grants, a continuing general lien on all Securities to the extent the Company has made payment for any Securities at any time the Cash Account has insufficient funds to cover that payment. • Furthermore, the Company may, without prior notice to the ClientClients, set xxx any payment obligation owed to it by the Client Clients in connection with all liabilities arising under this Agreement against any payment obligation owed by it to the Client Clients under this Agreement regardless of the place of payment or currency of either obligation (and for such purpose may make any currency conversion necessary). • The Client agrees Clients agree to pay all fees, charges and obligations incurred from time to time for any services pursuant to this Agreement as determined in accordance with the terms of the Fee Schedule. The Client acknowledges Clients acknowledge that such fees, charges and obligations might be amended from time to time. In this case, before applying such amendment, the Financial institution shall notify the Client Clients of the updated Fee Schedule by sending a notice to its elected address. The Client Clients shall submit its objection, if any, within a maximum period of two weeks from the date of notification. Failing to object within that period, the updated schedule shall be considered implicitly approved. • Despite anything to the contrary herein, settlement and payment for all financial Instruments traded received or transferred for the account of the Client Clients and delivery held for the account of the Client Clients may be ettected attected in line with market or other conditions in which the transaction is made, • The Company deposits dividends in the client’s Clients account after deduction of the company’s dividend tax, when the Company has received the amount following the general meeting which has approved the dividend payment. • The Company has the right to play on behalf of the clientClients, with regard to his investments, including the following: request dividends, receiving, and payment of commission and other entitlements; the exercise of the conversion rights and subscription; and (3) the exercise of voting rights, including in the case of the acquisition of other performances and operations restructuring capital. • Provision of Information – the company undertakes to notify the client Clients about the name, address of the custodian, and the manner in which the funds or securities are maintained by written notice through monthly statements. The Company undertakes to notify the client Clients promptly of any change in the custody services and regulations.

Appears in 1 contract

Samples: General Account Opening Agreement

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