Common use of Token Clause in Contracts

Token. (i) Application for Token a) Application In order to initiate or cancel any Transaction or give any Instruction or set up internal approval procedures for any and all Transactions or Instructions, the Customer shall, by way of duly completing applicable application form(s), apply for Token(s) which can be used by the Authorized Person(s). Fees and expenses in connection with the Customer’s application for the Token(s) shall be for the account of the Customer unless otherwise agreed by the Bank, and the Bank is authorized by the Customer to debit the Customer’s Account(s) for the aforesaid fees and expenses. b) Joint Account and Joint Token In case an account owned by more than one person (“Joint Account”), each such person may have a separate Token (“Separate Token”) to initiate or cancel any Transaction or give any Instruction, or all of such persons may use one Token (“Joint Token”) to initiate or cancel any Transaction or give any Instruction. Each owner of a Joint Account shall agree to accept and shall be held liable for any and all Transactions or Instructions made with either a Separate Token or a Joint Token. c) Delivery of Log-in Password(s) and Token(s) Unless otherwise requested by the Customer, the log-in password and Token(s) shall be delivered by courier service to the Customer or to the Authorized Person at the address provided by the Customer in applicable application form(s) completed by the Customer, and as long as the log-in password and Token(s) are delivered to the aforesaid address or to the person otherwise designated by the Customer, the Bank shall not be held liable for any use of the log-in password or Token(s) by person(s) other than the Authorized Person(s). The Customer shall properly keep the log-in password and Token(s) and shall allow only the Authorized Person(s) to have access to and use the same. (ii) Acceptance by Customer(s) of Transaction(s) or Instruction(s) It is fully acknowledged and agreed by the Customer that any Instruction(s) certified with the Customer’s Token(s) shall be deemed as a valid Instruction of the Customer given by the Customer’s Authorized Person(s) pursuant hereto. If any Transaction or Instruction is made or given by the Authorized Person(s) of the Customer pursuant hereto, the Customer shall be legally bound by such Transaction or Instruction and shall duly accept, perform or discharge such Transaction or Instruction, and shall in no event make protests in any respect for any reason. (iii) Loss or Theft of Token(s) If the Customer’s Token(s) is(are) stolen, robbed or otherwise lost, the Customer shall promptly notify the Bank of the same and the Bank may, at the Customer’s request, suspend the use of such Token(s). If any Transaction or Instruction is made or given before the Bank’s aforesaid suspension, the Bank shall have no liabilities or responsibilities in connection therewith, and the Customer shall bear any and all liabilities or responsibilities arising therefrom. Unless otherwise agreed by the Bank, the Customer shall bear any and all fees and expenses arising from the Customer’s application for new Token(s), and the Bank is authorized by the Customer to debit the Customer’s Account(s) for the aforesaid fees and expenses. In case of damage to or destruction of the Customer’s Token(s), the Customer may apply to the Bank for new Token(s) at the Customer’s own expenses unless otherwise agreed upon by the Bank.