|
IIIV�C�IV''fllll
<br />terminate an Account or a Service upon written notice to the other party in the event of: (i) a breach of the Account Terms or Service
<br />Terms by the other party; (ii) the other party's inability to meet its debts as they become tlue, receivership, administration, liquidation, or
<br />voluntary or involuntary bankruptcy; or the institution of any proceeding therefor, any assignment for the benefit of the other party's
<br />creditors, or anything analogous to the foregoing in any applicable jurisdiction, or a determination in good faith by the terminating party
<br />that the financial or business condition of the other party has become impaired: (iii) a determination by the terminating party, in ks sole
<br />opinion, that termination is necessary or required by law or regulation, or as a result of a court or regulatory agency order or proceeding;
<br />or (iv) a good faith belief by the terminating party that the other party is engaged in activities that are inconsistent with the terminating
<br />party's policies. The Bank shall have a reasonable opportunity to act upon any termination request. The Bank may (but shall not be
<br />obliged to) complete all requests and instructions received by it prior to receipt of the termination request, in addition to any request or
<br />instruction accepted on the day termination is to become effective. Notwithstanding anything to the contrary in any Service Terms, upon
<br />the closing of an Account, all Services linked to such Account are simultaneously terminated (unless otherwise specifically agreed to by
<br />the parties) and the Bank's obligations in respect of such Account or Services will terminate. However, any such closing or termination
<br />shall not affect the Customer's liabilities to the Bank arising prior to, or on, such closing or termination, all of which shall continue in full
<br />force and effect. In the absence of instructions from the Customer, the Bank may transfer balances to an unclaimed moneys account,
<br />or issue a cashier's check, sending it to the address of the Customer on the books and records of the Bank.
<br />14. Account Disclosures.
<br />14,1 The Bank may return or refuse to accept all or any part of a deposit or credit to an Account, at any time, and will not be liable to the
<br />Customer for doing so, even if such action causes outstanding Items to be dishonored and returned, or payment orders to be rejected.
<br />Refused deposits will be returned to the Customer.
<br />14.2 The Bank may refuse to allow a withdrawal from any Account in certain cases including, but not limited to, cases where: (i) there is a
<br />dispute about the Account (unless a court or other competent authority has ordered the Bank to allow the withdrawal); (ii) a legal
<br />garnishment or attachment is served, including, but not limited to, a levy, restraining notice or court order; (iii) the Account is being used
<br />as collateral to secure a debt; (iv) Account Documentation has not been presented; or (v) the Customer fails to pay a Bank loan or other
<br />debt or obligation to the Bank on time.
<br />14,3 Any amount standing to the credit of any Account with the Bank is payable exclusively at the branch at which the Account is held;
<br />however, payment may be suspended from time to time in order to comply with any law, regulation, governmental decree or similar
<br />order, in any jurisdiction, for the time being affecting the Bank, ks officers, employees, affiliates, agents or correspondents. The
<br />Customer acknowledges that deposits held in a branch of the Bank located outside the United States: (i) are not insured by the Federal
<br />Deposit Insurance Corporation or any other United States governmental agency: (ii) are subject to cross - border risks; and (iii) have a
<br />lesser preference as compared to deposits held in the United States in the event of a liquidation of the Bank.
<br />The fo/ /owing provisions in this section 75 app /y to Accounts in the United States, and to Services provided in connection with such
<br />Accounts.
<br />14.4 U.S. federal regulations limit the number of pre- authorized or automatic transfers or withdrawals or telephonicJelectronic instructions
<br />(including check, draft, debit card or similar order payable to third parties) that can be made from a savings account (including a money
<br />market deposit account) to a total of six (6) per calendar month or statement cycle or similar period. The Customer agrees to comply at
<br />all times with such restrictions. Exceeding these withdrawal limits may result in the Bank converting the savings account into anon -
<br />interest bearing demand deposit account, with any attendant changes in pricing and account terms and conditions. Further, the Bank is
<br />required by U.S. law to, and hereby does reserve the right to require at least seven (7) days notice prior to a withdrawal from a savings
<br />account. The Bank does not presently exercise this right.
<br />14.5 The Customer, if eligible, may open an interest bearing checking account ( "NOW Account "). The Bank is requiretl by U.S. law to, and
<br />hereby does reserve the right to require at least seven (7) days notice prior to a withdrawal from a NOW Account. The Bank does not
<br />presently exercise this right.
<br />14.6 The Bank is authorized, for regulatory reporting and internal accounting purposes, to divide an Account: (i) in the case of a demand
<br />deposit checking Account, into anon- interest bearing demand deposit sub - account and anon- interest bearing savings sub - account; (ii)
<br />in the case of a NOW Account, into an interest bearing NOW sub - account and an interest bearing savings sub - account, and, in both
<br />cases, to transfer funds between these sub - accounts in accordance with U.S. law at no cost to the Customer. The Bank will record the
<br />sub - accounts and any transfers between them on .the Bank's books and records only. The sub - accounts and any transfers between
<br />them will not affect the Account number, balance requirement or use of the Account.
<br />14.7 The Bank, for its administrative purposes may designate a branch of the Bank as the branch of record of an Account which may be
<br />different from the branch at which the Account is opened. This designation requires no action on the part of the Customer and will not
<br />change the Bank's operations, Services or customer support.
<br />15. Governing Law.
<br />15.1 The Account Terms, the relevant Account Documentation and the rights and obligations of the Customer and the Bank in respect of
<br />each Account shall be governed by and construed in accordance with the laws of the country in which the branch holding the relevant
<br />Account is located. With respect to Accounts maintained in the Unked States, the Account Terms, the Account Documentation and the
<br />rights and obligations of the Customer and the Bank in respect of each Account also shall be governed by and construed in accordance
<br />with the laws of the State of California, United States (without regard to its conflicts of law rules). Unless otherwise specified in the
<br />Service Terms, the rights and obligations of the Customer and the Bank under any Service Terms shall be governed by and construed
<br />PN: 350914 DOC ID: 2 Page I S of SI
<br />
|