Common use of Termination by the Client Clause in Contracts

Termination by the Client. The financial instruments account may be closed at the CLIENT’s request, without prior notice and without incurring any penalties. The CLIENT shall indicate to BRED where to transfer the securities held in the account. In accordance with the provisions of Article 14.1, BRED may charge a commission for transferring securities to another establishment, as set out in the Pricing Conditions. BRED may retain all or some of the securities registered in the account or deposited until any outstanding transactions have been closed out, in order to provide cover for such transactions. In the case of joint accounts, the Agreement may be terminated by either of the joint account holders sending BRED a registered letter with acknowledgement of receipt. Said joint account holder shall notify the other joint account holder of the termination immediately, and in the same manner, BRED being under no obligation of information in this event. This termination shall lead to the account being frozen and immediately converted into a joint and several account, (compte indivis) which henceforth can be operated only with the joint signatures of the co-holders.The subsequent use and destination of the financial instruments deposited shall be decided upon jointly by the joint account holders and BRED shall be notified accordingly. The death of the sole owner of a financial instruments account shall lead to the account being frozen until the estate liquidation has been completed.

Termination by the Client. The financial instruments account may be closed at the CLIENT’s request, without prior notice and without incurring any penalties. The CLIENT shall indicate to BRED SBE where to transfer the securities held in the account. In accordance with the provisions of Article 14.1, BRED SBE may charge a commission for transferring securities to another establishment, as set out in the Pricing Conditions. BRED SBE may retain all or some of the securities registered in the account or deposited until any outstanding transactions have been closed out, in order to provide cover for such transactions. In the case of joint accounts, the Agreement may be terminated by either of the joint account holders sending BRED SBE a registered letter with acknowledgement of receipt. Said joint account holder shall notify the other joint account holder of the termination immediately, and in the same manner, BRED SBE being under no obligation of information in this event. This termination shall lead to the account being frozen and immediately converted into a joint and several account, (compte indivis) which henceforth can be operated only with the joint signatures of the co-holders.The subsequent use and destination of the financial instruments deposited shall be decided upon jointly by the joint account holders and BRED SBE shall be notified accordingly. The death of the sole owner of a financial instruments account shall lead to the account being frozen until the estate liquidation has been completed.