|
1
<br />io
<br />ADDENDUM TO GLOBAL ACCOUNT TERMS I United States of America v14_02_24_15
<br />This addendum ( "Addendum ") supplements the Bank's Account Terns and applies solely to Accounts maintained in the United States of America
<br />( "U.S. ") and to Services provided in connection with such U.S. Accounts, regardless of the location where Services are executed or performed.
<br />Capitalized terms used in the Addendum, and not otherwise defined, have the meanings set forth in the Global Account Terms (as defined below). By
<br />using any Account maintained in the U.S., the Customer acknowledges receipt of, and agrees to be bound by the Account Terris and this Addendum,
<br />each as may be amended or supplemented from time to time. For purposes of this Addendum, references to the "Global Account Terms" means the
<br />Account Terns excluding any account addenda for each other country in which the Accounts are held.
<br />The INTRODUCTION to the Global Account Terms is hereby supplemented with the following provision:
<br />The Bank performs Account functions and Service activities in various locations, by various methods including electronic or automated means, and
<br />through various interbank and third party collection, payment and data arrangements, including those provided by the U.S. Federal Reserve Bank
<br />System, check truncation and image exchange systems, and collection /payment clearinghouses. These functions, services, arrangements and
<br />systems are subject to laws, federal regulations, banking system practices and procedures, operating circulars, interbank agreements, and
<br />clearinghouse and association rules (collectively, "Rules & Regulations ") and the Uniform Commercial Code Official Text and Comments applicable
<br />to funds transfers and the bank deposit, collection or payment of negotiable instruments and other items (such text and comments, excluding the
<br />choice of law rules, the "UCC ").
<br />Section 3 of the Global Account Terms (Deposits) is hereby supplemented with the following provisions:
<br />3.4 Verification: Adiustments. The Bank may provide or make available upon request a receipt or similar document for certain deposits to the
<br />Customer's Account. However, the amount on such receipt or similar document is based solely on the deposit ticket. Credits for all deposits
<br />(whether or not accompanied by a deposit ticket), including bulk deposits, are subject to verification. Items deposited into an Account, handled
<br />for collection or exchanged for currency are received by the Bank as the Customers collection agent, and are for collection only, subject to the
<br />Bank's collection of final payment thereon. The Bank reserves the right to make adjustments to the Account for any errors, including any errors
<br />appearing on the deposit ticket or occurring during processing or otherwise, but the Bank has no obligation to do so for de minimis
<br />discrepancies.
<br />3.5 Foreign Currency Items. The Bank may handle Items drawn on a non -U.S. bank or Items payable in a foreign currency on a collection basis, not
<br />for deposit, even if the Bank has received the Items as part of a deposit. The Customer may not receive provisional credit for such Items, or if
<br />provisional credit has been given the Bank may revoke it. Credit for Items payable in a foreign currency will be converted into U.S. dollars at a
<br />foreign exchange rate and spread, and at such date and time, as the Bank determines in its discretion.
<br />3.6 Endorsements. The Customer must place its endorsement on the back of an Item only in the area within 1.5 inches from the trailing edge of the
<br />Item. The trailing edge of the Item is defined as the left-hand edge of the check looking at it from the front. If the Customer is authorized in
<br />writing to endorse Items on the Bank's behalf, the Customer agrees to comply with the endorsement standards of the Bank.
<br />3.7 Encoding. If the Customer encodes information on an Item, the Customer warrants to the Bank and to all other collecting and paying banks of
<br />that Item that it is properly encoded and the Customer will be liable for any loss related to any encoding error, including any loss due to delay in
<br />processing caused by the encoding error.
<br />3.8 Return or Charge Back. The Customer should not use carrier documents (Items placed inside envelopes) in either high -speed forward or return
<br />cash letters. The Customer shall be solely responsible for any delays, losses or claims resulting from its use of carrier documents in high -speed
<br />forward or return cash letters. If the payor bank, drawer or payee on any Item that was deposited to Customer's Account returns the Item to the
<br />Bank, or makes a claim based on an asserted unauthorized signature or endorsement or an asserted alteration, the Bank may accept that retum
<br />or pay that claim and charge any Customer Account for all or any part of the amount of the Item, even if the claim is made after final payment of
<br />the Item. If the Customer deposits or cashes an Item drawn on or by the Bank and the Item or any endorsement is asserted to be forged,
<br />unauthorized or altered, the Bank may charge back all or any part of the amount of the Item, even if the charge back is made after the final
<br />payment of the Item, or creates an Account overdraft.
<br />3.9 Electronic Collection. The Customer agrees that the Bank may collect any Item deposited to Customer's Account by electronic means, in which
<br />case the Bank has no duty to inspect such Item during the automated deposit and collection process.
<br />3.10 Variance. The Bank may agree with other banks and clearing houses to vary procedures regarding the collection or return of Items, and to vary
<br />applicable deadlines, to the maximum extent permitted by applicable Rules & Regulations, state law or banking practice.
<br />3.11 Substitute Checks. The Customer will not deposit any substitute checks (that are not retumed Items) unless the Bank expressly agrees to
<br />accept such Items for deposit. In the event the Bank processes any substitute check deposits in the absence of such express agreement, the
<br />Customer agrees that such processing shall not be deemed to be the Bank's agreement to accept any substitute checks for deposit and
<br />Customer will be solely responsible for any loss or claim in connection with that deposit.
<br />PN: 1125418 DOC ID: 4
<br />Page 11 of 51
<br />
|