Common use of Cash Accounts Clause in Contracts

Cash Accounts. Subject to what option is available to the Client (as visible on the WebTrader), Client can decide to hold money in one or more than one Cash Account with a bank. The bank has a cooperation agreement with DEGIRO to allow the Client to use the balance on the Cash Accounts for securities transactions (e.g. placing of Orders) with DEGIRO. The Cash Accounts will be used exclusively as a clearing account for securities transactions, custody and administration for the Client’s DEGIRO account. The Client hereby grants an irrevocable power of attorney to DEGIRO to debit the Cash Accounts for such purposes. This power of attorney extends to compensations as referred to in Article 11. The Client will select the bank from the list available on the WebTrader. The Special Conditions Cash Account will be provided to Client through the WebTrader. Upon their acceptance Client will enter into a direct contractual relationship with the relevant bank. In the event of contradiction between the Client Agreement and the Special Conditions Cash Account, the latter will take precedence. The Client acknowledges that its operation of the Cash Accounts will practically go via DEGIRO’s WebTrader, given that the Cash Accounts will be used exclusively as a clearing account for securities transactions, custody and administration for the Client’s DEGIRO account and furthermore the power of attorney that XXXXXX has in respect of debiting the Cash Accounts.

Appears in 7 contracts

Samples: Client Agreement, Client Agreement, Client Agreement

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