Common use of SINGLE ACCOUNT Clause in Contracts

SINGLE ACCOUNT. The parties agree that balances on cash accounts linked to securities accounts and current accounts held in the Account holder’s name will be consolidated, ipso jure and at any time, regardless of the currency in which they are denominated. This principle of automatic and ongoing consolidation shall extend, where applicable, to any account of the same type opened in the name of the Account holder at the Bank. In general, all current accounts and all cash accounts linked to the securities accounts opened by the Bank for the same Account holder, showing a credit or debit balance, regardless of the currency, shall form, unless otherwise agreed and insofar as their terms permit, compartments of a single and indivisible account held with the Bank, even if they are separate accounts and bear different identification numbers. This single account principle applies to each of the Account holder’s accounts and excludes any account where such consolidation is not authorized by law. It does not prevent each individual account held by the Account holder, individually considered, from generating interest on debit balances during the business relationship between the Bank and the Account holder. All credit or debit transactions between the Account holder and the Bank are recorded in this single account and become ordinary credit and debit items generating a single credit or debit balance, payable at the end of the business relationship between the parties. Consequently, the Bank may refuse to perform a debit transaction on an account where the consolidated balance of all these accounts is insufficient regardless of the position of any of the accounts in question. Any balance denominated in foreign currencies may be converted into euros at the rate published by the European Central Bank on the day when the balance is determined. Certain transactions may however be excluded from the single account principle. Accordingly, the following may be recorded in a special account: • unpaid cheques for which the Bank may be the bearer, so as to retain its right to recourse against third parties; • receivables guaranteed by in rem and personal security interests or liens. However, the Bank reserves the right not to separate one or more of the entries referred to in the previous paragraph. Similarly, the Bank may also, after having recorded these entries on a special account, decide to transfer some or all of them, at any time, to the account. In rem and personal guarantees, and pledges of any type whatsoever, created by the Account holder in relation to a specified transaction or in order to cover the debit balance of an account, shall cover the debit balance of all the other accounts. Account keeping - Securities concerned

SINGLE ACCOUNT. The parties agree that balances on cash accounts linked to securities accounts and current accounts held in the Account holder’s Holder's name will be consolidated, ipso jure and at any time, regardless of the currency in which they are denominated. This principle of automatic and ongoing consolidation shall extend, where applicable, to any account of the same type opened held in the Account Holder's name of the Account holder at with the Bank. In general, all current accounts and all cash accounts linked to the securities accounts opened by held with the Bank for in the same Account holderXxxxxx's name, showing a credit or debit balance, regardless of the currency, shall form, unless otherwise agreed and insofar as their terms permit, compartments of a single and indivisible account held with the Bank, even if they are separate accounts and bear different identification numbers. This single account principle applies to each of the Account holderHolder’s accounts and excludes any account where such consolidation is not authorized by law. It does not prevent each individual account held by the Account holderHolder, individually considered, from generating interest on debit balances during the business relationship between the Bank and the Account holderHolder. All credit or debit transactions between the Account holder Holder and the Bank are shall be recorded in on this single account and become ordinary credit and debit items generating a single credit or debit balance, payable at the end of the business relationship between the parties. Consequently, the Bank may refuse to perform a debit payment transaction on an account where the consolidated balance of all these accounts is insufficient insufficient, regardless of the position of any of the accounts in question. Any balance denominated in a foreign currencies currency may be converted into euros at the rate published by the European Central Bank on the day when on which the balance is determined. Certain transactions may however may, however, be excluded from the single account principle. Accordingly, the following may be recorded in on a special account: • unpaid cheques and other commercial papers, for which the Bank may be the bearer, so as to retain its right to recourse against third parties; • receivables guaranteed by in rem and or personal security interests sureties or liens. However, the Bank reserves the right not to separate one or more of the entries referred to in the previous paragraph. Similarly, the Bank may also, after having recorded these entries on a special account, decide to transfer some or all of them, at any time, to the account. In rem Guarantees and personal guarantees, and pledges of any type whatsoever, created by the Account holder in relation to a specified transaction or in order to cover the debit balance of an account, shall cover the debit balance of all the other accounts. Account keeping - Securities concernedset-off