55A - RESO - DEPOSITORY SRVS - Laserfiche WebLink

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the Client Access Systeim telephone with Bank representatives or otherwise) Although the Bank may elect to facilitate huy back of certain major currencies (m the Banks sole discretion), the Bank makes no commitment to buy back currencies notwithstanding any prior action or course of dealing. 3. settlement; (a) Processing Settlement histiuctiion�s. The Customer shall provide settlement instructions for each T- raider Contract no Later than 5:00 p.m. Eastern Ttme on the Value Date. If the Customer fails to provide settlement instructions by the Value bate as required herein, the Bank reserves the right to reconvert the currency into the original currency and the customer will bear the risk of any change of currency rates. The Customer will enter settlement instructions pursuant to the procedures set forth In the Service Material and as provided to the Customer through the Access System. As a condition precedent to using this Service, the Customer is required to complete documentation provided by the Bank applicable for each service used for settlement. (rr) Funding Currency Trans;rdlOns, Whenever purchasing a currency pursuant to a Trader Contract, the Customer sh'ail make the requisite amount of available funds being .. used to make such purchase available to the Bank by depositing such funds into an account. designated by the Bank, no later than close of business for the currency being sold on the Value Date. Whenever selling currency. the Customer shall deposit such currency to an account designated by The Bank no later than close of business for the currency being sold on the Value Date. The Bank is authorized to reverse any payment orders transmitted by the Bank with respect to any Trader Contract if the Customer flails to deliver full and final payment to the Bank by the Value Dale. Notwithstanding anything to the contrary in this Agreement, the Bank's obligation to (process settlement !instructions for purchases of currency In advance of the Bank's receipt of full and final payment from the Customer is subject to the limitation that the aggregate dollar value of Trader Contracts for purchases having the same Value Date shall not be in excess of an amount established by the Bank, for the Customer from time to time; such amount shall be subject to revision or cancellation by the Bank at any time without prior notice, although the Bartk will endeavor to notify the Customer prior to any revision or cancellatiion. (c) cash Basis Customer. customers who are established by the Bank, as "Cash Basis" Customers may only execute spot transactions for the purchase of the lawful currency of such countries or any composite currency as the Bank shalt/ de o"une and advise the Customer from time to tpme,. The spot transaction will have a Value Date one or two business days from the "Tr'ansaction Date" (the date the Trader Contract is entered into) for most currencies, as esta fished by the Bank. Cash Basis Customers will be debited on the Transaction Date instead of the Value Date. If the Customer's account does not have sufficient funds available to cover the Trader Contract on the Transaction Date, the Bank, on the following business day, will cancel the Trader Contract and any associated payment order. The Bank shall have no liability to the Customer in the event the Bank cancels a Trader Contract due to the Customer not having sufficient funds available to cover the Trader Contract on the Transaction Date,. (d) Payment In Spechod Currency. The receipt or recovery by either party of any amount in respect of an obligation of the other lot a currency other than that specified for payment hereunder, whether pursuant to a judgment of any court or pursuant to a separate closeout agreement or otherwise, shall discharge such obligation only to the extent that on the business day immediately following such receipt, the recipient shalll be able, in accordance with normal banking procedures, to purchase the relevant currency specified for payment in the amotunt specified with the other currency so received. If the amount of the relevant currency specified for payment hereunder or under a Trader Contract so purchasable shall be less than the amount specified hereunder of such obligation, the obligor shalt, as a separate obligation and notwithstanding any judgment of any court„ Indemnify the recipient against any loss sustained by it The obligor shall in any event 'indemnify the recipient against any costs 'incurred by it in making any such purchase of the relevant currency specified for payment. (e) settlement by Draft. For all Trader Contracts that the Customer elects to settle by draft, the customer acknowledges and agrees that in the event the draft is not presented for payment within one hundred eighty (idly days from the date of issuance, the Bank shall) have the right to cancel fire draft, arid the Customer authorizes the Bank to reconvert the funds into The original currency at the then - current rate and recredit the Customers Account. If the remditer is no longer a customer of the Bank,. the Bank may, in his discretion, transfer balances to an unclaimed monies aecount cr issue a cashiet's check, sending it to the address of the Customer on the books and records of the Bank in the event that the payee, holder or other thud-party claims against the Bank on a cancelled draft, the Customer agrees that it shall be responsible for any losses in connection with such cancellation, including any amount recurcit'ed or otherwise paid to the Customer The Customer acknowledges and agrees that applicable service charges and expenses, including step payment and periodic maintenance fees, may be charged to the Customer's Account or otherwise dedlucted from the amount to be paid to the Customer. 4. 'General Provisions:, (al Repinsouatloms and Wi, rra robes'_ The following representations and warranties shall be deemed to be roads and repeals by the Customer upon entry into any Trader Contract. The Customer represents and warrants that a each Trader contract or other Bank currency contract is entered into by the Customer for the purpose of ranging its exposure to currency fluctuation and not for purposes of speculation, and I'u) the Customer has sufficient knowledge and exper'ienc'e to be able to evaluate the merits and risks of entering into each Trader Contract or other Bank currency contract, is acting In light of its own judgment or upon professional advice it obtained independently of the Bank or any agent of the Bath as to those merits aril risks including.., where relevant, its own judgment of the correct tax and accounting treatment of the "trader Contract or other Bank currency contract and if Is not rely i upon the view or advice by the Bank. 55A -154 PN.* 350914 POC ID: 4 Page 44 erf'SI'