USD Current Account Sample Clauses

USD Current Account. In the case of a Current Account denominated in USD, the Accountholder: (a) acknowledges that the operation of the US Dollar clearing house or system in Hong Kong is subject to the US Dollar Clearing House Rules (including the US Dollar Operating Procedures referred to therein) as the same may be modified from time to time; (b) understands that the provisions of Rule 2.3.5 of the US Dollar Clearing House Rules require the Bank to indemnify the Hong Kong Monetary Authority and hold it harmless in respect of any liability, claim, loss, damage and reasonable costs and expenses arising from or as a result of anything done or omitted to be done by the Hong Kong Monetary Authority or any other person in the management, operation or use of the US Dollar clearing house or system in Hong Kong and its facility; (c) agrees to the provisions of the said Rule 2.3.5 to the extent that such Rule is applicable or refers to the Accountholder or his transactions; (d) will, in the absence of negligence or wilful default on the part of the Bank, indemnify the Bank in respect of any liability, claim, loss, damage and reasonable costs and expenses described in the said Rule 2.3.5 suffered by the Bank to the extent that such Rule is applicable or refers to the Accountholder or his transactions.