Common use of Clearing Rules Clause in Contracts

Clearing Rules. The Customer will comply with any by-laws, rules, regulations and procedures applicable to the Services. The Customer is responsible for ensuring that it has obtained and put in place all Documents required under applicable by-laws, rules, regulations and procedures in connection with the Services. The Customer is responsible for all Losses which may be imposed under rules if it fails to obtain or put in place the Documents so required. In addition, the Customer agrees that: (i) each Instrument drawn on or payable by it or payable through a Business Account will comply with all applicable by-laws, rules and procedures of each clearing and settlement system and network in which the Customer and the Bank participate in connection with the Services, including those relating to the clearing and settlement of Instruments; and