Operation of Accounts. 2.1. You acknowledge and agree that: (i) all moneys held for you in the Accounts will be held by us as banker and not as trustee (or in Scotland as agent); and (ii) as a result, such moneys will not be held in accordance with the CBOI Client Asset Regulations. 2.2. We are authorised: (i) to honour all cheques, orders to pay, bills of exchange and promissory notes expressed to be drawn, signed, accepted or made by or on behalf of you, drawn upon or addressed to or payable at us, whether your relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, except to the extent that overdrafts are not permitted under the terms of the Agreement or any applicable Transaction Document; (ii) to honour any orders to withdraw any or all monies on any deposit or other Account or any instructions to deliver or dispose of any of your securities, documents or other property held by us from time to time whether by way of security, safe custody or otherwise, using any clearing system that we deem appropriate; (iii) to act on any instruction with regard to the purchase or sale of foreign exchange, to accept and act on any application for the issue of a letter of credit and any instructions in relation to any letter of credit and to act on any instructions with regard to any other transactions of any kind with regard to any such Account, in every case under this Clause 2.2(iii), whether the relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, unless otherwise agreed by us in writing or where so acting would conflict with the terms of the Agreement; (iv) to rely solely on the identifying number of any account, intermediary or beneficiary’s bank provided to us, even if it differs from the name of the account or bank; and (v) to rely and act on any advice from you regarding monies which you expect to be received for credit to any Account, PROVIDED THAT in each case the instructions are:
Appears in 3 contracts
Samples: Agency Agreement, Agency Agreement, Agency Agreement
Operation of Accounts. 2.114.1. You acknowledge and agree that:
(i) all moneys held for you in the Accounts will be held by us as banker and not as andnotas trustee (or in Scotland as agentasagent); and
(ii) as a result, such moneys will not be held in accordance with the CBOI Client Asset RegulationsRegulations or the Client Money Rules of the FCA.
2.214.2. We are authorisedareauthorised:
(i) to honour all chequesallcheques, orders to payxxxxx, bills of exchange and promissory notes andpromissorynotes expressed to be drawn, signed, accepted or made by acceptedor madeby or on behalf of you, drawn upon or drawnuponor addressed to or payable at usatus, whether your relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, except to the extent that overdrafts are not permitted under the terms of the Agreement or any applicable Transaction Document;
(ii) to honour any orders to withdraw any or all monies anyorders towithdrawanyor allmonies on any deposit anydeposit or other Account or Accountor any instructions to deliver or dispose of any of your securities, documents or other property held by us from time to time whether by way of security, safe custody or otherwise, using any clearing system that we deem appropriateusinganyclearing systemthatwe deemappropriate;
(iii) to act on any instruction with regard to the purchase or sale of foreign exchange, to accept and act on any application for andact onanyapplicationfor the issue of a letter of credit and any instructions anyinstructions in relation to any letter of credit and to act on andto acton any instructions with regard to regardto any other transactions of any kind with regard to any such Account, in every case under this Clause 2.2(iii), whether the relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, unless otherwise agreed by agreedby us in writing or where so acting would conflict with the terms of the Agreementwriting;
(iv) to rely solely on the identifying number identifyingnumber of any account, intermediary or intermediaryor beneficiary’s bank provided to bankprovidedto us, even if evenif it differs from the name of the account or accountor bank; and
(v) to rely and act on any advice from you regarding monies which you expect to be received for credit to any Account, PROVIDED THAT in each case the casethe instructions are:
a. delivered electronically and authenticated in accordance with such electronic transfer agreement(s) as may beagreedin writing betweenyou and us fromtime to time; or
b. delivered in writing, with your stamp (where applicable), by an Authorised Signatoryor Authorised Signatories in accordance with such authorityandlimitations onauthorityas may be agreed fromtime to time between you and us; or
c. to the extent agreed between you and us, delivered to us by telephone, facsimile or electronic mail as providedin Clause 3.4.
14.3. We shallacceptdeposits on your behalf and credit funds to anydesignated Account, provided however that we have the right to refuse any deposit in the event that the acceptance of such deposit would contravene applicable laws, regulations or our policy and yourepresent thatyou are entitled to such funds. We will notify you as soon as is practicable in all circumstances of any refusalunder this Clause.
14.4. This Mandate shall not be construed as an agreement by us to provide credit to you and we shallnot be obligedto act on any instructions fromyou in relation to any Accountif:
(i) the relevant Account is in debit or may become overdrawn if we were to action the instruction, or
(ii) to do so wouldbe contrary toour policy or the policies of our agents (is relevant) or to the request, requirementor policy of anyregulatory, governmental, fiscal, monetary or other bodyor authorityto whichwe are subject or submit, whether or not suchrequest, requirement or policy has the forceof law. Unless otherwise agreed in writing, you will repay any overdrafts and payallinterest, fees and other expenses associated with suchoverdraft ondemand.
14.5. In the absence of an express agreementto the contrary, the proceeds of anydeposit, remittance advice, document, cheque or other instrument shall not be available to you until we have received collected and available funds. If, however, we do give immediate credit, and
(i) any such deposit, remittance, document, cheque or other instrument is not honoured when due, or
(ii) final settlement is not received, or
(iii) the respectivefunds are not freely and immediatelyavailable, repatriable or convertible to a commonlytradedcurrency, then we may, without notice, reverse the credit entry together with any related interest and reasonable costs incurred by us in connection with such reversal. We will notify you of any credit entry reversed under this Clause, as soon as reasonably practicable under the relevant circumstances.
14.6. Unless otherwiseagreed in writing, our liabilities with respectto any Accountshallbe payable only at our UKBranch.
14.7. You shall not assign, mortgage, charge or pledge, or create or permit to subsist any lien, security interest or encumbrance or any interest, right or claim of any third party on or with respectto, xxxxx any of your right, title or interestin or to any Account (includingdeposits and credit balances).
Appears in 1 contract
Samples: Bank Account Agreement
Operation of Accounts. 2.1. You acknowledge and agree thatandagreethat:
(i) all moneys held for you in youin the Accounts will be held by us as banker and not as andnotas trustee (or in Scotland as agentasagent); and
(ii) as a result, such moneys will not be held in accordance with the CBOI Client Asset RegulationsRegulations or the Client Money Rules of the FCA.
2.2. We are authorisedareauthorised:
(i) to honour all chequesallcheques, orders to payxxxxx, bills of exchange and promissory notes andpromissorynotes expressed to be drawn, signed, accepted or made by acceptedor madeby or on behalf of you, drawn upon or drawnuponor addressed to or payable at usatus, whether your relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, except to the extent that overdrafts are not permitted under the terms of the Agreement or any applicable Transaction Document;
(ii) to honour any orders to withdraw any or all monies anyorders towithdrawanyor allmonies on any deposit anydeposit or other Account or Accountor any instructions to deliver or dispose of any of your securities, documents or other property held by us from time to time whether by way of security, safe custody or otherwise, using any clearing system that we deem appropriateusinganyclearing systemthatwe deemappropriate;
(iii) to act on any instruction with regard to the purchase or sale of foreign exchange, to accept and act on any application for andact onanyapplicationfor the issue of a letter of credit and any instructions anyinstructions in relation to any letter of credit and to act on andto acton any instructions with regard to regardto any other transactions of any kind with regard to any such Account, in every case under this Clause 2.2(iii), whether the relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, unless otherwise agreed by agreedby us in writing or where so acting would conflict with the terms of the Agreementwriting;
(iv) to rely solely on the identifying number identifyingnumber of any account, intermediary or intermediaryor beneficiary’s bank provided to bankprovidedto us, even if evenif it differs from the name of the account or accountor bank; and
(v) to rely and act on any advice from you regarding monies which you expect to be received for credit to any Account, PROVIDED THAT in each case the casethe instructions are:
a. delivered electronically and authenticated in accordance with such electronic transfer agreement(s) as may beagreedin writing betweenyou and us fromtime to time; or
b. delivered in writing, with your stamp (where applicable), by an Authorised Signatoryor Authorised Signatories in accordance with such authorityandlimitations onauthorityas may be agreed fromtime to time between you and us; or
c. to the extent agreed between you and us, delivered to us by telephone, facsimile or electronic mail as providedin Clause 3.4.
2.3. We shallacceptdeposits on your behalf and credit funds to anydesignated Account, provided however that we have the right to refuse any deposit in the event that the acceptance of such deposit would contravene applicable laws, regulations or our policy and yourepresent thatyou are entitled to such funds. We will notify you as soon as is practicable in all circumstances of any refusalunder this Clause.
2.4. This Mandate shall not be construed as an agreement by us to provide credit to you and we shallnot be obligedto act on any instructions fromyou in relation to any Accountif:
(i) the relevant Account is in debit or may become overdrawn if we were to action the instruction, or
(ii) to do so wouldbe contrary toour policy or the policies of our agents (is relevant) or to the request, requirementor policy of anyregulatory, governmental, fiscal, monetary or other bodyor authorityto whichwe are subject or submit, whether or not suchrequest, requirement or policy has the forceof law. Unless otherwise agreed in writing, you will repay any overdrafts and payallinterest, fees and other expenses associated with suchoverdraft ondemand.
2.5. In the absence of an express agreementto the contrary, the proceeds of anydeposit, remittance advice, document, cheque or other instrument shall not be available to you until we have received collected and available funds. If, however, we do give immediate credit, and
(i) any such deposit, remittance, document, cheque or other instrument is not honoured when due, or
(ii) final settlement is not received, or
(iii) the respectivefunds are not freely and immediatelyavailable, repatriable or convertible to a commonlytradedcurrency, then we may, without notice, reverse the credit entry together with any related interest and reasonable costs incurred by us in connection with such reversal. We will notify you of any credit entry reversed under this Clause, as soon as reasonably practicable under the relevant circumstances.
2.6. Unless otherwiseagreed in writing, our liabilities with respectto any Accountshallbe payable only at our UKBranch.
2.7. You shall not assign, mortgage, charge or pledge, or create or permit to subsist any lien, security interest or encumbrance or any interest, right or claim of any third party on or with respectto, xxxxx any of your right, title or interestin or to any Account (includingdeposits and credit balances).
Appears in 1 contract
Samples: Bank Account Agreement
Operation of Accounts. 2.1. You acknowledge and agree that:
(i) all moneys held for you in the Accounts will be held by us as banker and not as trustee (or in Scotland as agent); and
(ii) as a result, such moneys will not be held in accordance with the CBOI Client Asset Regulations.
2.2. 2.1 We are authorised:
(i) to honour all cheques, orders to pay, bills of exchange and promissory notes expressed to be drawn, signed, accepted or made by or on behalf of you, drawn upon or addressed to or payable at us, whether your relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, except to the extent that overdrafts are not permitted under the terms of the Agreement or any applicable Transaction Document;
(ii) to honour any orders to withdraw any or all monies on any deposit or other Account or any instructions to deliver or dispose of any of your securities, documents or other property held by us from time to time whether by way of security, safe custody or otherwise, using any clearing system that we deem appropriate;
(iii) to act on any instruction with regard to the purchase or sale of foreign exchange, to accept and act on any application for the issue of a letter of credit and any instructions in relation to any letter of credit and to act on any instructions with regard to any other transactions of any kind with regard to any such Account, in every case under this Clause 2.2(iii), 2.1(iii) whether the relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, unless otherwise agreed by us in writing or where so acting would conflict with the terms of the Agreement;
(iv) to rely solely on the identifying number of any account, intermediary or beneficiary’s bank provided to us, even if it differs from the name of the account or bank; and
(v) to rely and act on any advice from you regarding monies which you expect to be received for credit to any Account, . PROVIDED THAT in each case the instructions are:
(a) delivered electronically and authenticated in accordance with such electronic transfer agreement(s) as may be agreed in writing between the Parties from time to time; or
(b) delivered in writing, with your stamp (where applicable), by an Authorised Signatory or Authorised Signatories in accordance with such authority and limitations on authority as may be agreed from time to time between the Parties; or
(c) delivered by telephone, facsimile, electronic mail or SWIFT (authenticated or otherwise) message (in such format as may be specified by us from time to time) as provided in Clause 3.4.
2.2 We shall accept deposits on your behalf and credit funds to any designated Account, provided however that we have the right to refuse any deposit in the event that the acceptance of such deposit would contravene applicable laws, regulations or our policy (such policy being a policy generally applicable to our account holding customers from time to time) and you represent that you are entitled to such funds. We will notify you as soon as is practicable in all circumstances of any refusal under this Clause 2.2 unless we are prohibited from doing so by applicable laws or regulations.
2.3 This Agreement shall not be construed as an agreement by us to provide credit to you and we shall not be obliged to act on any instructions from you in relation to any Account if:
(i) the relevant Account is in debit or may become overdrawn if we were to action the instruction, or
(ii) to do so would be contrary to our policy (such policy being a policy generally applicable to our account holding customers from time to time) or to the request, requirement or policy of any regulatory, governmental, fiscal, monetary or other body or authority to which we are subject or submit, whether or not such request, requirement or policy has the force of law. Unless otherwise agreed in writing, you will repay any overdrafts and pay all interest, fees and other expenses on demand. We will notify you as soon as is practicable in all circumstances of any refusal under this Clause 2.3 unless we are prohibited from doing so by applicable laws or regulations.
2.4 In the absence of an express agreement to the contrary, the proceeds of any deposit, remittance advice, document, cheque or other instrument shall not be available to you until we have received collected and available funds. If, however, we do give immediate credit, and
(i) any such deposit, remittance, document, cheque or other instrument is not honoured when due, or
(ii) final settlement is not received, or
(iii) the respective funds are not freely and immediately available, repatriable or convertible to a commonly traded currency, then we may, without notice, reverse the credit entry together with related interest and reasonable costs. We will notify you of any credit entry reversed under this Clause 2.4, as soon as reasonably practicable in all the circumstances.
2.5 Unless otherwise agreed in writing, our liabilities with respect to any Account shall be payable only at the branch at which such Account is maintained.
2.6 You may not assign, mortgage, charge or pledge, or create or permit to subsist any lien, security interest or encumbrance or any interest, right or claim of any third party on or with respect to, all or any of your right, title or interest in or to any Account (including deposits and credit balances) except in our favour or with our prior written consent.
Appears in 1 contract
Samples: International Account Agreement
Operation of Accounts. 2.1. 2.1 You acknowledge and agree that:
(ia) all moneys held for you in the Accounts will be held by us as banker and not as trustee (or in Scotland as agent); and
(iib) as a result, such moneys will not be held in accordance with the CBOI Client Asset RegulationsRegulations or the Client Money Rules of the FCA.
2.2. 2.2 We are authorised:
(ia) to honour all cheques, orders to pay, bills of exchange and promissory notes expressed to be drawn, signed, accepted or made by or on behalf of you, drawn upon or addressed to or payable at us, whether your relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, except to the extent that overdrafts are not permitted under the terms of the Agreement or any applicable Transaction Document;
(iib) to honour any orders to withdraw any or all monies on any deposit or other Account or any instructions to deliver or dispose of any of your securities, documents or other property held by us from time to time whether by way of security, safe custody or otherwise, using any clearing system that we deem appropriate;
(iiic) to act on any instruction with regard to the purchase or sale of foreign exchange, to accept and act on any application for the issue of a letter of credit and any instructions in relation to any letter of credit and to act on any instructions with regard to any other transactions of any kind with regard to any such Account, in every case under this Clause 2.2(iii2.2(c), whether the relevant Account is in credit or in debit or may thereby become overdrawn or otherwise, unless otherwise agreed by us in writing or where so acting would conflict with the terms of the Agreementwriting;
(ivd) to rely solely on the identifying number of any account, intermediary or beneficiary’s 's bank provided to us, even if it differs from the name of the account or bank; and
(ve) to rely and act on any advice from you regarding monies which you expect to be received for credit to any Account, PROVIDED THAT in each case the instructions are:
(i) delivered electronically and authenticated in accordance with such electronic transfer agreement(s) as may be agreed in writing between you and us from time to time; or
(ii) delivered in writing, with your stamp (where applicable), by an Authorised Signatory or Authorised Signatories in accordance with such authority and limitations on authority as may be agreed from time to time between you and us; or
(iii) to the extent agreed between you and us, delivered to us by telephone, facsimile or electronic mail as provided in Clause 3.4.
2.3 We shall accept deposits on your behalf and credit funds to any designated Account, provided however that we have the right to refuse any deposit in the event that the acceptance of such deposit would contravene applicable laws, regulations or our policy and you represent that you are entitled to such funds. We will notify you as soon as is practicable in all circumstances of any refusal under this Clause.
2.4 This Mandate shall not be construed as an agreement by us to provide credit to you and we shall not be obliged to act on any instructions from you in relation to any Account if:
(a) the relevant Account is in debit or may become overdrawn if we were to action the instruction, or
(b) to do so would be contrary to our policy or the policies of our agents (is relevant) or to the request, require mentor policy of any regulatory, governmental, fiscal, monetary or other body or authority to which we are subject or submit, whether or not such request, requirement or policy has the force of law. Unless otherwise agreed in writing, you will repay any overdrafts and pay all interest, fees and other expenses associated with such overdraft on demand.
2.5 In the absence of an express agreement to the contrary, the proceeds of any deposit, remittance advice, document, cheque or other instrument shall not be available to you until we have received collected and available funds. If, however, we do give immediate credit, and
(a) any such deposit, remittance, document, cheque or other instrument is not honoured when due, or
(b) final settlement is not received, or
(c) the respective funds are not freely and immediately available, repatriable or convertible to a commonly traded currency, then we may, without notice, reverse the credit entry together with any related interest and reasonable costs incurred by us in connection with such reversal. We will notify you of any credit entry reversed under this Clause, as soon as reasonably practicable under the relevant circumstances.
2.6 Unless other wise agreed in writing, our liabilities with respect to any Account shall be payable only at our UK Branch.
2.7 You shall not assign, mortgage, charge or pledge, or create or permit to subsist any lien, security interest or encumbrance or any interest, right or claim of any third party on or with respect to, all or any of your right, title or interest in or to any Account (including deposits and credit balances).
Appears in 1 contract
Samples: Bank Account Agreement
