Common use of Customer Representation Clause in Contracts

Customer Representation. Customer represents and warrants that on each date that it enters into a transaction with Royal Bank: (i) it has the requisite power and authority and is duly authorized to execute and deliver the Agreement, to use the Service and to enter into and execute each transaction on the Service; (ii) it is knowledgeable about the currencies traded or routed or referred to by use of the Service and understands and accepts the terms, conditions and the risks relating to electronic trading and the use of the Service or any portion thereof; (iii) it has obtained, or will prior to entering into any transaction obtain, all regulatory and other consents and all necessary exchange control permissions to enable it to enter into and fulfill its obligations in respect of such transaction; (iv) the execution, delivery and performance of the Agreement and the execution of each transaction shall not violate any applicable law, regulation, rule, authority or ordinance, by-law or internal policy applicable to Customer; (v) it understands that Royal Bank or its affiliates may be active participants in the markets for the foreign currencies that are the subject of transactions executed through the Service; (vi) it understands that the prices or rates posted on the Service are not to be used for valuation purposes and should not be relied upon for such purposes; (vii) that it is acting for its own account, and has made its own independent decision to enter into the Agreement and any transaction using the Service based upon its own judgment and upon the advice of any advisors as it has deemed necessary; (viii) it understands that Royal Bank is not acting as principal and not as an agent, fiduciary or advisor, and ▇▇▇▇▇▇▇▇ is not relying on any communication (written or oral) of Royal Bank as investment advice, a recommendation to enter into a transaction or an assurance of expected results of a transaction; and (ix) if it is located in the European Economic Area, then it understands that Royal Bank will not be providing “best execution” (as set out in the Markets in Financial Instruments Directive 2004/39/EC); and (x) if it is located in Australia or is dealing with Royal Bank of Canada, Sydney Branch, (a) it is a wholesale client, as defined in the Corporations Act 2001 (as amended from time to time), (b) it will remain a wholesale client for as long as it uses the Service and (c) it acknowledges that should it cease to be a wholesale client, or be unable at any time to produce evidence to the satisfaction of Royal Bank to show that it is or remains a wholesale client, then Royal Bank may immediately terminate Customer’s use of the Service.