Examples of Repository Participant in a sentence
In the event of closure of its Repository Account, the Client shall specify whether the balances in its Repository Account should be transferred to any other Repository Account of the Client held with another Repository Participant or to withdraw the commodity that is represented through the electronic balances in its Repository Account.
The Repository Participant shall have the right to terminate its services, for any reasons whatsoever, provided the Repository Participant has given a notice in writing of not less than thirty days to the Client as well as to the Repository.
The Client understands and agrees that the electronic credit in the Repository Account pursuant to deposit of the underlying physical commodity at the Warehouse concerned or as a consequence of transfer, is only a record of deposit and entitlement therefor and that the Repository Participant and Repository are mere facilitators of such Repository Account keeping while the liability in respect of the actual commodity/ies stored in the Warehouse is that of the Warehouseman or the client as the case may be.
The Repository Participant undertakes to provide a transaction statement including statement of accounts, if any, to the Client at such intervals as may be agreed between the Client and the Repository Participant or as may be required by the Repository or the Exchange, as the case may be.
The Client shall notify the Repository Participant within seven days from the date of any change in the details set out in the application form submitted to the Repository Participant at the time of opening the Repository Account or furnished to the Repository Participant from time to time.
The Client shall not have any claim against the Repository Participant or the Repository on account of any suspension, interruption, non-availability or malfunctioning of the of Repository System or Service or non-execution of his orders due to any link/system failure or for any reason beyond the control of the Repository Participant or the Repository.
The Repository Participant undertakes that a transfer to and from the Repository Accounts of the Client shall be made only on the basis of an order, instruction, direction or mandate duly authorized by the Client in the manner prescribed and/or in accordance with and subject to the Bye-laws and Business rules, notifications or directives of the Repository and that the Repository Participant shall maintain adequate audit trail of such transactions.
The Repository Participant undertakes to resolve all legitimate grievances of the Client against the Repository Participant within a period of thirty days.
The Client agrees that the Repository or the Repository Participant shall be entitled to freeze or disable the transfer of electronic balances as reflected in the Repository Account of the Client completely or partially as may be deemed appropriate by the Repository Participant or the Repository for any reason or circumstances which in the opinion of Repository, the freezing of Repository Account is warranted.
The Repository Participant undertakes that it shall not create or permit to subsist any mortgage, charge or other encumbrance over the electronic balance of the Client except on the instructions of the Client.