Foreign Account Based Multi-Currency Account Services Sample Clauses

Foreign Account Based Multi-Currency Account Services. These Multi-Currency Account Services include our maintenance of a demand deposit in your name and our maintenance of one or more subaccounts within one or more of the deposit accounts that we maintain at a correspondent located in a foreign country (the “Correspondent”). Deposit accounts at the Correspondent will be maintained in our name and subaccounts may or may not reference your name. Such subaccounts will, however, make it possible to permit your use of one or more IBANs associated with such subaccounts. Your demand deposit account with us is subject to the provisions of our Commercial Deposit Agreement which are applicable to demand deposit accounts. Our subaccounts will be subject to local laws, rules and regulations which are applicable to our account where the Correspondent is located and to the terms and conditions governing our accounts at the Correspondent (the “Correspondent Terms”). To the extent permitted by law, you waive the benefit of the European Union’s Payment Services Directive and derivative national laws. We may change the Correspondent we use from time to time. Subaccounts will be denominated in the foreign currencies you select from among those we and the Correspondent make available from time to time. Subject to the foregoing, we may permit you to initiate deposits to our subaccounts (which we will then reflect in your deposit Account with us) in the foreign currencies in which the subaccounts are maintained. Deposits must be made in the manner we specify in writing from time to time (e.g., via wire to our account at the Correspondent, with a credit to the relevant subaccount and your deposit Account with us). Subject to the foregoing, we may permit you to initiate withdrawals and transfers from our subaccounts (which we will then reflect in your deposit Account with us) in the foreign currencies in which the subaccounts are maintained. Withdrawals and transfers must be made in the manner we specify in writing from time to time (e.g., via outgoing wires that we initiate from our account in the relevant foreign currency, with a debit to the relevant subaccount and your deposit Account with us). You have no right, claim or interest in law, in equity or otherwise of any nature whatsoever in respect of the deposit accounts maintained at the Correspondent or the balances in those accounts nor will you have direct access to any such accounts. The Correspondent shall not be considered providing any services to you in connection with t...