Common use of Joint Agreement Clause in Contracts

Joint Agreement. 1. The Agreement may be concluded jointly (“Joint Agreement”) by two, three or four persons (“Joint Holders”). The provisions of this Section 5, as well as the other provisions hereof and the applicable provisions of the Terms and Conditions, shall apply to the Joint Agreement (in such case, the provisions applicable to the Client shall be binding upon all the Joint Holders). 2. Pursuant to the Joint Agreement, the Bank shall maintain a joint Account or a Joint Holders’ Account, provide the Joint Holders with other services specified in the Agreement and in the Terms and Conditions, provided that they are activated pursuant hereto and to the Terms and Conditions during the term hereof, and provides communication channels for the Joint Holders and the Bank. 3. Each Joint Holder shall have separate and independent access to the Bank’s Branch Offices, Citibank Online electronic banking service and CitiPhone phone banking service, as well as toany other communication channels with theBank specified intheTerms and Conditions. 4. Each of the Joint Holders shall be entitled and authorized to submit instructions concerning the funds deposited on the joint Accounts, which shall be binding upon all the Joint Holders, as well as to activate and deactivate Accounts and open Term Deposits under the Joint Agreement. Each of the Joint Holders may also in their own name activate and deactivate individual products including the Citicard assigned to the joint Account. 5. The Joint Holders shall be jointly and severally liable to the Bank for theproper performance hereof. Atthesame time, Joint Holders shall be deemed joint and several creditors of the Bank. 6. The Bank shall be authorized to direct correspondence (including Account statements and amendments to the Terms and Conditions and to the Table of Fees and Charges) and make declarations of intent to the Joint Holder designated as Client 1. 7. Withdrawal from or termination of the Agreement by one of the Clients shall be effective for all the Joint Holders. A joint statement of all the Joint Holders is required for the conversion of the Joint Agreement into an individual agreement or for the withdrawal of a Joint Holder from the Joint Agreement. Any such conversion of a Joint Agreement into an individual agreement or the withdrawal of a Joint Holder from the Joint Agreement shall result in the deactivation of the products and services which are not provided by the Bank as joint products or services, with the exception of cases where they may be provided under a separate agreement between the Joint Holder and the Bank. 8. A minor may conclude the Joint Agreement with at least one statutory guardian. For Agreements concluded with a Minor, relevant provisions of the Terms and Conditions specify the scope of the activities which may be performed by the Minor. By concluding a Joint Agreement with a Minor, the statutory guardian consents to the conclusion ofthe Agreement by the Minor and authorizes the Minor to independently dispose of the funds accumulated on the Personal Account opened under the Joint Agreement.