Common use of DURATION - CANCELLATION Clause in Contracts

DURATION - CANCELLATION. The account agreement is entered into for an indefinite period. The account Agreement may be terminated at any time at the initiative of on or other of the parties, by registered letter with advice of receipt subject to 8 days’ notice for the Client and 2 months’ notice for the Bank. The Client’s notification of termination must be sent to the Bank with which the account is held. The termination shall be free of charge. As an exception to the above, the account may be terminated without advance formality in the following cases: – As of right in the event of the account holder’s death; – for a joint account, upon the death of the last of its co-holders; – and for a joint and several account, in the event of the death of one of the co- holders. The Client is informed that if the account was opened on reference from the Banque de France in line with the procedure defined hereinabove, or if the Client’s banking rights have been formally withdrawn, the Bank may close his/her account subject to 2 months’ notice. The closure must be justified. Fees duly incurred for the provision of payment services are payable by the Client only on a pro rata basis of the period elapsed on the date of termination of the account agreement. If they were paid in advance, such fees are reimbursed on a pro rata basis. In all cases of termination, the Bank will pay all balances of the various accounts opened in the Client's name and will cancel all transactions in progress. To that end, foreign currency accounts shall be sold on the foreign currency market in Paris, at the rate in force on the date of said payment. Payment with the Client's time-deposit accounts shall be carried out at the end of their terms. Account closure shall require the Client to immediately return all means of payment in his/her possession and in the possession of his/her authorised agent(s). In addition, all transactions will be immediately payable. The Client will be required to cover (by setting up an adequate guarantee, unless there is a discharge from the Bank) all transactions, including any potential transactions, involving a commitment from the Bank on behalf of the Client. Following these closing entries, if there are inadequate or no provisions for drafts issued and not yet presented, the Client must complete or constitute the provision. Failing this, the Bank will be obliged to refuse payment. In the event of the Client's death, there shall be joint and several liability and indivisibility among his/her heirs, representatives or beneficiaries.

DURATION - CANCELLATION. The account agreement is entered into for an indefinite period. The account Agreement may be terminated at any time at the initiative of on or other of the parties, by registered letter with advice of receipt subject to 8 days’ notice for the Client and 2 months’ notice for the Bank. The Client’s notification of termination must be sent to the Bank with which the account is held. The termination shall be free of charge. As an exception to the above, the account may be terminated without advance formality in the following cases: – As of right in the event of the account holder’s death; – for a joint account, upon in the event of the death of the last of its co-holders; – and for a joint and several account, in the event of the death of one of the co- holders. The Client is informed that if the account was opened on reference from the Banque de France in line with the procedure defined hereinabove, or if the Client’s banking rights have been formally withdrawn, the Bank may close his/her account subject to 2 months’ notice. The closure must be justified. Fees duly incurred for the provision of payment services are payable by the Client only on a pro rata basis of the period elapsed on the date of termination of the account agreement. If they were paid in advance, such fees are reimbursed on a pro rata basis. In all cases of terminationtermination cases, the Bank will shall pay all balances of the various accounts opened in the Client's name and will shall cancel all transactions in progress. To that end, foreign currency accounts shall be sold on the foreign currency market in Paris, at the rate in force on the date of said payment. Payment with the Client's time-deposit accounts shall be carried out at the end of their terms. Account closure shall require the Client to immediately return all means of payment in his/her possession and in the possession of his/her authorised agent(s). In addition, all transactions will be immediately payable. The Client will be required to cover (by setting up an adequate guarantee, unless there is a discharge from the Bank) all transactions, including any potential transactions, involving a commitment from the Bank on behalf of the Client. Following these closing entries, if there are inadequate or no provisions for drafts issued and not yet presented, the Client must complete or constitute the provision. Failing this, the Bank will be obliged to refuse payment. In the event of the Client's death, there shall be joint and several liability and indivisibility among his/her heirs, representatives or beneficiaries.