Common use of Closing the Account Clause in Contracts

Closing the Account. The account shall continue for as long as it suits the parties to maintain it. Termination of the account agreement may take place at any time on the initiative of one or other of the parties, by registered letter with advice of receipt, subject to prior notice of 30 calendar days for the Client and 2 months for the Bank. The period of notice shall be counted, in the event of notice of termination by the Bank, from the day of receipt by the Client of the af orementioned letter and in the ev ent of notice of termination by the Client, from the day of receipt of said letter by the Bank. As an exception to the f oregoing, termination shall take place as of right without prior f ormality in the following scenarios: - in the case of the Client’s judicial liquidation, - in the case of the Client’s seriously reprehensible behaviour or in the event that the latter’s status should be irretrievably compromised, - in the case of information, documents or declarations of any kind given by the Client f or entering into the agreement and the contracts signed as set out in this general terms and conditions and that do not appear to correspond to reality. In all cases of termination, the Bank shall clear the balances of the different accounts opened in the Client’s name and shall reverse all transactions in progress. To that end, and in the case of f oreign currency accounts, these shall be sold on the f oreign exchange market in Paris, at the rate in effect at the date of said clearance Pay ment with the Client’s time-deposit accounts shall be carried out at the end of their terms. Closure shall make all transactions payable immediately and shall require the Client to cov er all those involving a commitment at the Bank’s expense, even when potential. Following these closing entries, if there are inadequate or no prov isions for drafts issued and not y et presented, the Client must complete or constitute the provision. Otherwise, the Bank shall be obliged to refuse payment. Notwithstanding the provisions of Article L 312-1-1III and L 314-13 IV of the French Monetary and Financial Code, and as authorised by Article L 314-5 of the same Code, the bank shall not be bound to reimbursement, on a prorated basis, of fees lawfully charged f or the provision of payment services, settled by the Client in advance. Lastly , closing the account shall require the Client to immediately return all payment instruments in its possession.

Closing the Account. The account shall continue for as long as it suits the parties to maintain it. Termination of the account agreement may take place at any time on at the initiative of one or other of the parties, by registered letter with advice of receipt, subject to prior notice of 30 calendar days for the Client and 2 months for the Bank. The period of notice shall be counted, in the event of notice of termination by the Bank, from the day of receipt by the Client of the af orementioned aforementioned letter and in the ev ent event of notice of termination by the Client, from the day of receipt of said letter by the Bank. As an exception to the f oregoingforegoing, termination shall take place as of right without prior f ormality formality in the following scenarios: - in the case of the Client’s 's judicial liquidation, - in the case of the Client’s seriously reprehensible behaviour or in the event that the latter’s status should be irretrievably compromised, - in the case of information, documents or declarations of any kind given by the Client f or for entering into the agreement and the contracts signed as set out in this general terms and conditions and that do not appear to correspond to reality. In all cases of termination, the Bank shall clear the balances of the different accounts opened in the Client’s 's name and shall reverse all transactions in progress. To that end, and in the case of f oreign foreign currency accounts, these shall be sold on the f oreign foreign exchange market in Paris, at the rate in effect at the date of said clearance Pay ment Payment with the Client’s 's time-deposit accounts shall be carried out at the end of their terms. Closure shall make all transactions payable immediately and shall require the Client to cov er cover all those involving a commitment at the Bank’s expense, even when potential. Following these closing entries, if there are inadequate or no prov isions provisions for drafts issued and not y et yet presented, the Client must complete or constitute the provision. Otherwise, the Bank shall be obliged to refuse payment. Notwithstanding the provisions of Article article L 312-1-1III and L 314-13 IV of the French Monetary and Financial Code, and as authorised by Article article L 314-5 of the same Code, the bank shall not be bound to reimbursement, on a prorated pro rated basis, of fees lawfully charged f or for the provision of payment services, settled by the Client in advance. Lastly Lastly, closing the account shall require the Client to immediately return all payment instruments in its possession.

Closing the Account. The account shall continue for as long as it suits the parties to maintain it. Termination of the account agreement may take place at any time on the initiative of one or other of the parties, by registered letter with advice of receipt, subject to prior notice of 30 calendar days for the Client and 2 months for the Bank. The period of notice shall be counted, in the event of notice of termination by the Bank, from the day of receipt by the Client of the af orementioned aforementioned letter and in the ev ent event of notice of termination by the Client, from the day of receipt of said letter by the Bank. As an exception to the f oregoingforegoing, termination shall take place as of right without prior f ormality formality in the following scenarios: - in the case of the Client’s judicial liquidation, - in the case of the Client’s seriously reprehensible behaviour or in the event that the latter’s status should be irretrievably compromised, - in the case of information, documents or declarations of any kind given by the Client f or for entering into the agreement and the contracts signed as set out in this general terms and conditions and that do not appear to correspond to reality. In all cases of termination, the Bank shall clear the balances of the different accounts opened in the Client’s name and shall reverse all transactions in progress. To that end, and in the case of f oreign foreign currency accounts, these shall be sold on the f oreign foreign exchange market in Paris, at the rate in effect at the date of said clearance Pay ment Payment with the Client’s time-deposit accounts shall be carried out at the end of their terms. Closure shall make all transactions payable immediately and shall require the Client to cov er cover all those involving a commitment at the Bank’s expense, even when potential. Following these closing entries, if there are inadequate or no prov isions provisions for drafts issued and not y et yet presented, the Client must complete or constitute the provision. Otherwise, the Bank shall be obliged to refuse payment. Notwithstanding the provisions of Article L 312-1-1III and L 314-13 IV of the French Monetary and Financial Code, and as authorised by Article L 314-5 of the same Code, the bank shall not be bound to reimbursement, on a prorated basis, of fees lawfully charged f or for the provision of payment services, settled by the Client in advance. Lastly Lastly, closing the account shall require the Client to immediately return all payment instruments in its possession.

Closing the Account. The account shall continue for as long as it suits the parties to maintain it. Termination of the account agreement may take place at any time on at the initiative of one or other of the parties, by registered letter with advice of receipt, subject to prior notice of 30 calendar days for the Client and 2 months for the Bank. The period of notice shall be counted, in the event of notice of termination by the Bank, from the day of receipt by the Client of the af orementioned aforementioned letter and in the ev ent event of notice of termination by the Client, from the day of receipt of said letter by the Bank. As an exception to the f oregoingforegoing, termination shall take place as of right without prior f ormality formality in the following scenarios: - in the case of the Client’s 's judicial liquidation, - in the case of the Client’s seriously reprehensible behaviour or in the event that the latter’s status should be irretrievably compromised, - in the case of information, documents or declarations of any kind given by the Client f or for entering into the agreement and the contracts signed as set out in this general terms and conditions and that do not appear to correspond to reality. , In all cases of termination, the Bank shall clear the balances of the different accounts opened in the Client’s 's name and shall reverse all transactions in progress. To that end, and in the case of f oreign foreign currency accounts, these shall be sold on the f oreign foreign exchange market in Paris, at the rate in effect at the date of said clearance Pay ment Payment with the Client’s 's time-deposit accounts shall be carried out at the end of their terms. Closure shall make all transactions payable immediately and shall require the Client to cov er cover all those involving a commitment at the Bank’s expense, even when potential. Following these closing entries, if there are inadequate or no prov isions provisions for drafts issued and not y et yet presented, the Client must complete or constitute the provision. Otherwise, the Bank shall be obliged to refuse payment. Notwithstanding the provisions of Article article L 312-1-1III and L 314-13 IV of the French Monetary and Financial Code, and as authorised by Article article L 314-5 of the same Code, the bank shall not be bound to reimbursement, on a prorated pro-rated basis, of fees lawfully charged f or for the provision of payment services, settled by the Client in advance. Lastly Lastly, closing the account shall require the Client to immediately return all payment instruments in its possession.