bank account terms & conditions - dms ......or a sunday) on which banks in cayman islands are...

BANK ACCOUNTTERMS & CONDITIONS

D M S B A N K . C O M

© 2018 DMS Bank & Trust Ltd. All rights reserved

DMS BANK & TRUST LTD.BANK ACCOUNT TERMS AND CONDITIONSCONTENTS

1 DefinitionsandInterpretation 1

2 Introduction 2

3 Appointment 2

4 ClientAccounts 3

5 ClientMoney 3

6 ClientReporting 4

7 Delegation 4

8 FeesandInterest 4

9 ClientRepresentationsandWarranties 5

10 ClientAcknowledgements 5

11 ProperInstructions 6

12 Non-Exclusivity 6

13 ConflictsofInterest 6

14 LiabilityandIndemnities 6

15 LegalProceedings 7

16 Communication 7

17 Disclosures 7

18 Complaints 7

19 PrivacyNotice 8

20 Confidentiality 8

21 Assignment 9

22 TerminationandConsequencesofTermination 9

23 Notices 10

24 CustomerDueDiligence 10

25 Miscellaneous 10

26 GoverningLawandJurisdiction 11

1. Definitions and Interpretation

1.1. IntheseTerms:

“Account Agreement” means the declaration of trust and accountagreemententeredintobetweentheCompanyandtheClientwhichformspartoftheAgreement;

“Agreement” means theAccountAgreement, these Terms, the FeeSchedule and the TOBs and includes any variation of them and alldocumentsenteredintoassupplementaltothem;

“Affiliates”means any direct or indirect subsidiary or parent of theCompanyandanydirectorindirectsubsidiaryofanysuchparentfromtime to time, irrespective of the country of organisation, formationorcurrentregistrationofanysuchsubsidiaryorparent(togetherthe“DMSGroup”),andinrespectofeach,anyoftheirrespectivepartners,officers,directors,employees,consultantsandagents;

“Applicable Credit Rating” meansStandard&Poor’sShort-TermCreditRatingofA-1orhigher;

“Business Day” meansaday(otherthanapublicholiday,aSaturdayoraSunday)onwhichbanksinCaymanIslandsareauthorisedtoopenforbusiness;

“Cayman Islands Anti-Money Laundering Rules”includestheProceedsof Crime Law (2014 Revision) (as amended from time to time) andanyotherlaw,order,regulationorguidancenotesmadethereunderor in relation theretooranypoliciesandguidelinesadoptedby theCompany, in each case relating to the prevention and detection ofmoneylaunderingandthefinancingofterrorism;

“Cash Account” means an account in the name of the Company,maintained with a licensed bank, which holds or will hold ClientMoney;

“Cash Equivalent Account”meanstheportionofClientMoneyheldon account (and, if applicable, allocated in respect of variousCashEquivalentAssets)inthenameoftheCompany(orwiththeCompanyacting as a counterparty, as the case may be) which, after initiallybeingdepositedbytheClientintoaCashAccount,isdirectedbytheCompany(initscapacityasagentfortheClient)byanymeansdeemedappropriatebytheCompanyintooneormoreCashEquivalentAssets;

“Cash Equivalent Asset” means:

(a) an asset which has a direct and guaranteed claim onsovereigns and central banks which meets the criteria of“CashEquivalentRating”;

(b) a reverse repurchase agreementwith a financial institutionthatsatisfiesthedefinitionof“ApplicableCreditRating”,thecollateralofwhichiscompromisedexclusivelyofinstrumentsin(a);

(c) to the extent that theCompanyprovides theClientwith 5dayspriornoticeofthesame:

(i) any investment instrument with a Cash EquivalentRating;and/or

(ii) anyinterestinaninvestmentfund,theassetsofwhicharecomprisedexclusivelyof investment instrumentswithaCashEquivalentRating;

“Cash Equivalent Rating”means:

(a) ariskweightingof0%;and

(b) aMoody’sratingofAaatoAa3;or

(c) anS&P/FitchratingofAAAtoAA-,

inaccordancewiththeRules,ConditionsandGuidelinesonMinimumCapital Requirements published by the Cayman Islands MonetaryAuthorityandasdecidedbytheCompanyat itsdiscretionfromtimetotime;

“Client” means the person specified as the Client in the relevantAccountAgreementandincludesallpersonsandpartiesderivingtitlefromorundersuchperson;

“Client Account”meanseachCashAccountandeachCashEquivalentAccount,separatelyandcollectively;

“Client Money” means all money which the Company holds for,receives from, or owes to, a Client, which for the avoidance of anydoubt,shallnotincludeanyinterestorotherincomethatmayaccrueonsuchmoney;

“Company”meansDMSBank&TrustLtd.,acompanyincorporatedintheCaymanIslandsandhaving itsregisteredofficeatP.O.Box1344,DMS House, 20 Genesis Close, George Town, Grand Cayman KY1-1108,CaymanIslands;

“Controller”meansanaturalorlegalperson,publicauthority,agencyor other body which, alone or jointly with others, determines thePurposesandmeansofProcessingofPersonalData;

“Credit Downgrade Event”hasthemeaningascribedtheretoinclause4.3(a)oftheseTerms;

“Data Protection Law” means all applicable data protection lawincluding,witheffect from25May2018, theGeneralDataProtectionRegulation (Regulation (EU) 2016/679) including any amendmentsthereto and any applicable consequential national data protectionlegislationandguidanceandcodesofpracticeissuedbyanyrelevantEuropeandataprotectionsupervisoryauthority,includingtheIrishDataProtectionCommissionerandtheEuropeanDataProtectionBoard;andtheterms‘PersonalData’,‘datacontroller’,‘dataprocessor’and‘process’shallhavethemeaningsgiventothemunderDataProtectionLaw.

“Deposit” meansClientMoneyplacedinaCashAccountinthenameoftheCompany(withtheCompanyactingasbaretrusteefortheClientintheholdingoftheClientMoney,andasagentfortheClientinanysubsequentplacingofClientMoneyinaCashAccount);

“Fee Schedule” meansthefeescheduledetailingtheCompany’sfeesfortheService,asmaybeamendedorreplacedentirelyfromtimetotime,thecurrentversionofwhichcanbefoundontheWebsite;

“Fees” meansanyfeespayabledirectlytotheCompanybytheClientunder theFeeSchedulewhich for theavoidanceofdoubt,doesnotinclude any fees payable by the Company or the Client (whetherthroughtheCompanyorotherwise)toathirdpartyserviceprovider;

“FX Service”hasthemeaningascribedtheretoinclause4.2(b)oftheseTerms;

“Indemnified Persons” hasthemeaningascribedtheretoinclause14.2oftheseTerms;

“licensed bank” means any bank or financial institution in anyjurisdiction that is regulated or supervised by the local regulator tocarryondeposittakingbusinessinthatjurisdiction;

“Losses” meansanydirectorindirectorconsequentialloss,cost,charge,expense,payment, interest,demand,claim,actions,proceeding,suit,penalty, damages, legal fees, liability, obligation, detriment, adversejudgment,orderorothersanctionofanykind;

“Moody’s” meansMoody’sInvestorsService,acreditratingagency;

“Online Portal” means the internet banking platform accessible athttps://dmsbanking.dmsbank.comthroughwhichtheClientisableto,amongotherthings,(i)accessinformationaboutthebalanceofaClientAccount,and(ii)transactinrelationtoaClientAccount;

“Parties” meansthepartiestotheAccountAgreement;

“Placement” meansClientMoneyplacedinaCashEquivalentAccountinthenameoftheCompany(withtheCompanyactingasbaretrusteefortheClientintheholdingoftheClientMoney,andasagentfortheClientintheplacementofClientMoneyinaCashEquivalentAccount);

“Processor”meansanatural/legalpersonwhoperformsanyoperationor set of operations on PersonalDatawhether or not by automatedmeanssuchasrecording,organisation,structuring,storage,adaptationor alteration, retrieval, consultation, use, disclosure by transmission,disseminationorotherwisemakingavailable,alignmentorcombination,restriction,erasureordestruction.


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“Proper Instructions” has themeaningascribed thereto inclause11oftheseTerms;

“S&P/Fitch”meansbothofStandard&Poor’sFinancialServicesLLCandFitchRatingsInc.,eachacreditratingagency;

“Service” hasthemeaningascribedtheretoinclause4oftheseTerms;

“Standard & Poor’s Short Term Credit Rating”hasthemeaninggivento the termShort-Term IssueCredit Ratingson thewebsite foundatwww.standardandpoors.comfromtimetotime;

“Suitable Cash Account” hasthemeaningascribedtheretoinclause4.3(a)oftheseTerms;

“these Terms” meansthesetermsandconditions;

“TOBS”meanstheCompany’sGeneralTermsofBusinessasamendedfromtimetotime;

“Treasury Bill” means a short-term government issued treasuryinstrumentwithaStandard&Poor’sShortTermCreditRatingofAA-orhigher;

“we”,“us”and“our”refertotheCompany;

“Website” means (i) http://dmsgovernance.com/client-login/, or (ii)suchotherwebsiteonwhichtheCompanypostsnoticesorpublishesinformationaboutproducts,rates,fees,commissions,costs,chargesorthesubjectmatteroftheseTerms,assuchwebsitesmaybereplaced,substitutedoramendedfromtimetotime;and

“you” and“your” refertotheClient.

1.2. Words importing the singular shall include the plural and themasculine gender shall include the feminine and the neuter andvice versa in each case, and references to a person shall includean individual, firm, company, corporation, unincorporated body ofpersonsandanygovernmententityandshallincludeanysuccessorsintitle,permittedassigneesandpermittedtransferees.

1.3. Unlessotherwisestated,referencesintheseTermsto“clauses”aretoclausesoftheseTerms.

1.4. ReferencesintheseTermstotheseTermsandtoanyotherdocumentoragreementaretobeconstruedasreferencestosuchdocumentoragreementasamended,supplementedorreplacedfromtimetotime.

1.5. References in these Terms to any enactment or a provision of anyenactment shall include that enactment or provision as amended,modified,re-enactedorreplacedfromtimetotime.

1.6. Theheadings in theseTermsare inserted forconvenienceonlyandshallnotaffecttheinterpretationoftheseTerms.

1.7. ThePartiesacknowledgethatthedefinedtermsarehighlytechnicaland confirm that they have read, paid particular attention to andunderstandeachdefinedterm.

2. INTRODUCTION

2.1. These Terms form part of your agreement with the Company. YoushouldcarefullyreadandconsidertheseTermsbeforeyoucompletetheAccountAgreement.ExecutionbyyouoftheAccountAgreementconfirms your acceptance of and agreement to these Terms. It isrecommended that you retain a copy of these Terms for futurereference. These Terms relate solely to the Service. We may alsoprovideotherservicesandproducts, ifsoagreedbetweenus,whicharenotgovernedbytheseTermsandwhichmayrequiresupplementalorseparatedocumentationtobesignedbyyou.

2.2. Youshouldalsonotethat:

(a) the Company is regulated by the Cayman Islands MonetaryAuthority under the Banks and Trust Companies Law (2013Revision) (as amended from time to time). However, theService does not include the provision of any investment

advice. Accordingly, any comment made by any officer oremployee of the Company should not be treated as beingadviceorarecommendationgivenbyustoberelieduponbyyou.TheCompanystronglyrecommendsthatyoushouldseekappropriate independent professional investment, financialand/or legal advice relevant to your particular circumstancesbefore (i) entering into the Agreement, (ii) requesting theService, (iii) requesting any other services from the Company,or (iv) instructing theCompany toexecuteany transactionsonyour behalf. The Client understands, acknowledges, acceptsand agrees that the Client is entirely responsible for theirinvestmentdecisionsandfor(i)recognisingandconsideringanyrisksassociatedwithsuchdecisionswhich,fortheavoidanceofdoubt,includestheexpressrecognitionthatitisnotrelyingandwillnotrelyontheCompanyinthisregard;and(ii)advisingtheCompanyofanymatterwhich theywish theCompany to takeintoaccountwhenexecutingtransactionsontheirbehalf;

(b) when providing the Service, the Company may transfer yourmonies between different licensed banks, intermediaries orfinancialinstitutionsfromtimetotime,aswethinkappropriate.You understand, acknowledge, accept and agree that yourmoniesmay(i)inrespectofaCashAccount,beplacedentirelywithjustonelicensedbankorwithmorethanonelicensedbank,and (ii) in respect of a Cash EquivalentAccount, be allocatedto a single Cash Equivalent Asset, or to more than one CashEquivalentAsset.TheCompanyholdsyourClientMoneyasbaretrustee foryoubutactsasyourdisclosedagentwhenplacing,receivingor depositing yourmonies andhas noobligation torefundyourmoniesintheeventofadefaultornon-paymentbytheselected licensedbank(s), intermediary,financial institutionor financial instrument counterparty, as the casemaybe. TheClient assumes all credit risk on (i) the licensed banks withwhich ClientMoney is held, (ii) the intermediaries or financialinstitutionsthroughwhichtheClientMoneypassesinconnectionwith a Placement and/or a Cash Equivalent Account, (iii) anyfinancial instrumentcounterparty toaCashEquivalentAsset inwhichaPlacementhasbeenmade,and(iv)theCashEquivalentAssetstowhichClientMoneyunderaCashEquivalentAccountisplaced,andtheClientshallnotholdtheCompanyoranyofitsAffiliatesresponsibleforanyLossessufferedorincurredbytheClientarisingoutof(x)anydefaultorinsolvencyofsuchlicensedbanksinrelationtoaCashAccount,or(y)defaultorinsolvencyinrelationtoaCashEquivalentAccount,includingthedefaultorinsolvencyofan intermediary, afinancial institution,afinancialinstrumentcounterpartyoranyotherpartyinconnectionwithaCashEquivalentAsset;

(c) in some or all respects the regulatory regime applying in theCaymanIslandsand/orinthehomejurisdictionofthelicensedbanksinrelationtoaCashAccountortheintermediaries,financialinstitutionsandfinancialinstrumentcounterpartiesconnectedtoaCashEquivalentAccountorCashEquivalentAsset, includinganycompensationorinvestorprotectionarrangements,maybedifferentfromthoseofyourownjurisdiction;and

(d) theCompanyreservestherighttodelegatetheperformanceofanydutiesarisinghereundertoanyAffiliate.

2.3. TheCompanydoesnotprovidetaxadviceandtheClientunderstands,acknowledges,acceptsandagreesthattheClienthasnotreceivedanysuchadvicefromtheCompany.TheCompanystronglyrecommendsthat if appropriate you should seek independent professional taxadvicerelevanttoyourparticularcircumstancesbefore(i)enteringintotheAgreement, (ii) requesting the Service, (iii) requesting any otherservicesfromtheCompany,or(iv)instructingtheCompanytoexecuteanytransactionsonyourbehalf.TheClientunderstands,acknowledges,accepts and agrees that the Client is entirely responsible for themanagement of their affairs for tax purposes and for advising theCompany of anymatter which they wish the Company to take intoaccountwhenexecutingtransactionsontheirbehalf.

3. APPOINTMENT

3.1. The Client’s appointment of the Company to provide the Serviceshall only be completed upon the Company’s acceptance of theClientfollowingitsreceiptofadulyexecutedanddeliveredAccountAgreement from the Client and such other documentation andinformationastheCompanymayrequire.


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3.2. TheClient understands, acknowledges, accepts and agrees that theCompanywill notbeobliged toprovide theServiceuntil such timeas allduediligence requirementshavebeencompletely satisfied tothefullextentrequiredbytheCompany.Fortheavoidanceofdoubt,neither theCompany nor anyAffiliate shall be liable for any LossessufferedorincurredbytheClientinconnectionwithanydelaysintheprovisionoftheService.Inparticular,youshouldnotethat:

(a) theCompanymay,atanytime,requirepersonaland/orfinancialinformation or documentation from the Client regarding thesourceofmoniestobeallocatedtoaDepositoraPlacementorthesourceoftheClient’swealth,whetherbeforeagreeingtoprovidetheServiceoratanytimeafterDepositsorPlacementshavebeenmade. In these circumstances, the Client agrees to provide allinformation or documentation as the Companymay require orrequesttobringitsenquiriestoasatisfactoryconclusion;

(b) informationanddocumentstoverifytheidentityandbackgroundoftheClientandallsignatoriesandotherpartiestoanyDeposit,PlacementorothertransactionwillneedtobeprovidedtotheCompany before any Deposit, Placement or other transactionwillbearrangedandtheClientagreestoprovideallinformationordocumentationastheCompanymayrequireorrequest;and

(c) failure to provide information or documentation regardingthe source ofmonies to be used for a Deposit, Placement orother transaction or the Client’s source of wealthmay impactontheCompany’sabilitytoprovidetheServiceortoarrangeatransaction.TheClientunderstands,acknowledges,acceptsandagreesthatfailuretoprovideinformationand/ordocumentationinaformacceptabletotheCompanyregarding(i)thesourceofmoniestobeusedforaDeposit,Placementorothertransaction,(ii) theClient’s sourceofwealth,or (iii) theverification, identityand/orbackgroundoftheClient,allsignatoriesandotherpartiestoanyDeposit,Placementorothertransaction,mayresultintheCompanyrefusingorceasingtoprovidetheServicetotheClient.

3.3. TheClient agrees to provide theCompanywith all information anddocumentation as it may request or reasonably require, includingevidence for the verification of individual entities and satisfactoryexplanations of transactions in order that the Company is able tocomplywiththerequirementsfromtimetotimeoftheCaymanIslandsAnti-MoneyLaunderingRules.ThetimeatwhichsuchinformationanddocumentationisrequiredandtheforminwhichitshallbedeliveredtotheCompanyshallbedeterminedbytheCompanyinitsabsolutediscretion.

4. CLIENT ACCOUNTS

4.1. Following consideration and acceptance by the Company of theClient’sapplicationtoreceivetheService,theClientshalltransfertotheCompany,orotherwiseplaceundertheCompany’scontrol,asumofmoney(which,fortheavoidanceofdoubt,willnotbesubjecttoaminimumamount)andwhichtheCompanywillholdonbaretrustfortheClient.

4.2. The Company shall provide the following services to and for thebenefitoftheClient(the“Service”)asagent:

(a) exercising discretion granted to the Company (which, forthe avoidance of doubt, will be limited to choosing the CashAccount)inrespectofaDeposit,withsuchdiscretionexercisableimmediatelyafterClientMoneyisplacedoninitialDeposit;

(b) foreignexchangeandcurrencytransfers.ArrangingtotransferClientMoneyintoothercurrenciesbasedonspecificinstructionsreceivedfromtheClient(the“FXService”);and

(c) Placementof theClientMoney. Thediscretiongranted to theCompany will be limited to choosing the Cash EquivalentAccount (and, consequently, the Cash Equivalent Asset(s)) inrespectofsuchPlacement.

4.3. InprovidingtheService,theCompanyagreesthat:

(a) Cash Accounts will only be opened with licensed banks thatsatisfytheApplicableCreditRating.IntheeventthatalicensedbankwithwhomaCashAccount isheldsuffersacredit ratingdowngrade below the Applicable Credit Rating (a “Credit

Downgrade Event”), the Company shall (i) use reasonableendeavours to promptly transfer money held in such CashAccount to a Cash Account with another licensed bank thatsatisfies, or other licensed banks that satisfy the ApplicableCreditRating(a“SuitableCashAccount”),and(ii) totheextentthataSuitableCashAccount isnotreasonablyavailabletotheCompanywithin6monthsofthedateoftheCreditDowngradeEvent,givenoticetotheClientsettingoutthatanotherSuitableCashAccounthasnotyetbeenestablished;

(b) CashEquivalentAssets,thesubjectofCashEquivalentAccounts,willbesubjecttoaCashEquivalentRating. IntheeventthataCashEquivalentAssettowhichClientMoneyhasbeenallocatedsuffers a credit rating downgrade such that the rating of thatCash EquivalentAsset falls below the Cash Equivalent Rating,the Company shall use reasonable endeavours to promptlyreallocate the Client Money to (i) another, or other, CashEquivalent Asset(s), or (ii) a Suitable Cash Account until suchtimeasanothersuitableCashEquivalentAssetisselectedfortheallocationofthatClientMoney;

(c) inrespectofClientMoneythatisthesubjectofaPlacementandwhichhasbeenallocatedtoCashEquivalentAssets,theClientisentitled torequest,andtheCompany is requiredtoprovidedetailsofthespecificCashEquivalentAsset(s)towhichtheClientMoneyhasbeenor isallocatedwithin24hoursof suchClientrequest;and

(d) whenprovidingtheFXService,theCompanywilltakereasonablecaretoensurethatitobtainsthebestexchangerateavailableforyouat that time, taking intoconsideration (i) thesizeand typeofthetransactionconcerned,and(ii)theexchangeratesquotedby the licensed banks with whom Cash Accounts have beenopened. Given the aforementioned criteria, it is possible thatoncertainoccasions,theexchangerateobtainedmaynotbeasfavourableastheexchangeratethatmaybeavailablefromotherlicensedbanks,intermediariesorfinancialinstitutions.

4.4. In providing the Service, the Client understands, acknowledges,acceptsandagreesthat:

(a) theCompany’sobligationstoperformtheServicearecontractualinnatureandaredistinctandseparatefromthetrustobligationsimposedbytheAccountAgreement;

(b) theCompanycanplacetheClientMoneyonDeposit;

(c) theCompanycanundertakePlacementsinrespectofandwiththeClientMoney;

(d) theCompanydoesnotassumeandisnotsubjecttoanyfiduciaryobligations as trustee in respect of the performance of theServiceand,fortheavoidanceofdoubt,theCompanyperformstheServiceasanagentoftheClient;

(e) a Client Account cannot and will not be permitted to have anegativebalance;and

(f) the FX Service is available in all circulating world currenciesthat are recognised legal tender in a territorywhose currencyis approved by the Company from time to time. The Clientis responsible for verifying the correctness of all transactionadvices, receiptsor statements received from theCompany inrespectoftheFXServiceandisrequiredtonotifytheCompanywithin 48 hours of the receipt of each suchdocument, of anyalleged inaccuracies or any transaction that has not beeneffectedinaccordancewiththeClient’sinstructions.

5. CLIENT MONEY

5.1. ClientMoneywillbeheldinoneoracombinationofClientAccountsinthenameoftheCompany.TheClientunderstands,acknowledges,accepts and agrees that Client Money held in a Client Account issubjecttotheseTermsand(i)totheextentthattheClientAccountisaCashAccount, the termsandconditionsof the licensedbankwithwhomtheCashAccount isheld,and(ii) to theextent that theClientAccountisaCashEquivalentAccount,thetermsandconditions(x)oftheintermediary(ifany,andwhichmayincludeafinancialinstitution)throughwhichClientMoneypassesorisheldpriortobeingallocatedto a Cash Equivalent Asset, and (y) governing the underlying CashEquivalentAsset.

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5.2. TheCompanyreservestherighttoestablishCashAccountswithanylicensedbankwhichsatisfiestheApplicableCreditRating.WhilsttheCompanywillexercisereasonablecareintheselectionofthelicensedbankswithwhomCashAccountsaremaintained, theCompanyshallnotbeliableforanyactsoromissionsby,ortheinsolvencyof,anysuchlicensedbank.Accordingly,yourcreditriskinrespectofmoniesheldinCashAccountswillbesolelywiththelicensedbanksconcerned.

5.3. The Company reserves the right to make Placements in CashEquivalentAssets.Whilst theCompanywillexercise reasonablecareintheselectionofthe(i)intermediary(ifany,andwhichmayincludeafinancialinstitution)throughwhichClientMoneypassesorisheldpriortobeingallocatedtoaCashEquivalentAsset,and(ii)CashEquivalentAssets to which Client Money is allocated, the Company shall notbe liable foranyactsoromissionsby,or the insolvencyof,anysuchintermediary,financialinstitutionorfinancialinstrumentcounterparty,as thecasemaybe.Accordingly,yourcredit risk in respectofClientMoney in placed in a Cash Equivalent Account will be solely withthe intermediaries (if any), financial institutions (if any) and financialinstrumentcounterpartiesconcerned.

5.4. ClientMoneywillbe trackedonan individualbasisand recorded inaccountsonadailybasis.ClientMoneywillnotbeco-mingledwiththeCompany’sownmonies,excepttotheextentthat(i)aportionofthatClientMoney(whileonDepositorinPlacement)becomespayableasafeeorcostduetotheCompanyundertheAgreement,or(ii)interest(whichbelongstotheCompany)accruesontheClientMoneywhileitisonDepositorinPlacement.

5.5. TheClientMoneyshallbeheldonbaretrustbytheCompanyfortheClientasbeneficialowner,subjecttothetermsoftheAgreement.Asaresult,theCompanyhasnobeneficialinterestintheClientMoney.

5.6. ClientMoneyheldorcontrolledbytheCompanyinoneormoreClientAccounts will be co-mingled withmonies held for our other clientsusingtheService.However,youwillnothaveanyentitlementorclaimtoanymoniesheldinsuchClientAccountsotherthanthemoniesthatareapportionabletoyou.

5.7. TheClientshallnotbeentitledto,norhaveanyclaimon,anyinterestorotherincomethatmayaccrueonanyClientMoneyheldorcontrolledinanyClientAccount.

5.8. TheClient understands, acknowledges, accepts and agrees that theCompanydoesnotacceptphysicalcash,norwillitallowmoniestobewithdrawnintheformofphysicalcash.

5.9. ShouldtheClientwishtowithdrawmonies,theClientwillberequiredto provide Proper Instructions to the Company and the amount ofitsClientMoney(i)heldbyoronbehalfoftheCompanyintheCashAccount(s),or(ii)allocatedtoaPlacementwillneedtobesufficienttomeetsuchwithdrawalrequest.

5.10. The Company shall account to the Client for monies withdrawn bydirecttransfertoanaccountheldintheClient’sname.TheCompany,initssoleandabsolutediscretion,reservestherighttodeclinetoeffectpaymentofmonieswithdrawntothedirectcreditofanythirdparty.

5.11. OnreceiptofClientMoney,theCompanymustbesatisfiedastothesource of theClientMoney. If theCompany is not satisfied, for anyreason,astothesourceofClientMoney(inwhichcaseitisunderstoodthatsuchreasonsneednotbedisclosedtotheClientbytheCompany),you understand, acknowledge, accept and agree that theCompanymaybeboundbylawtoterminatetheprovisionoftheService.

5.12. TheCompanywill notbeobliged to takeor refrain from takinganyactionwhatsoever inrelationtotheClientMoneywhichcould inthesoleopinionof theCompany result inacontraventionofany laworregulationinforcefromtimetotimeintheCaymanIslandsorinanyotherplacewhatsoever.TheCompanyreservestherightnottocomplywith any request which in the sole opinion of the Company couldpotentiallyresultinanysuchcontraventionorwhichinthesoleopinionoftheCompanycouldresultinanydamagetothereputationorgoodstandingoftheCompanyoranyofitsAffiliates.

5.13. TheClientherebyauthorisestheCompanytodeductfromtheClientMoney:

(a) theCompany’sremuneration,feesandexpensespayablebytheClient;

(b) anycostsorcharges(i)leviedbyanylicensedbankswithwhichtheClientMoney isheld, (ii) incurredorpayable in respectofany Placement, or (iii) levied or incurred in connection withtransactionseffectedonbehalfoftheClient;and’

(c) anytaxesorotherstatutoryorgovernmentalfees,charges,dutiesorcoststhatareduetobepaidbytheClient.

6. CLIENT REPORTING

6.1. TheCompanywillprovidetheClientwithaccesstoanonlineup-to-datesnapshot showing statementsof anyClientMoneyheld (i) in aCashAccount,or(ii)inconnectionwithaCashEquivalentAccount.

6.2. The Company will issue the relevant account statements at thefrequencyandinamanneradvisedtotheClientfromtimetotime.

6.3. TheClientisresponsibleforverifyingthecorrectnessofallstatementsinrespectofClientAccountsreceivedfromtheCompanyandisrequiredtonotifytheCompanywithin60daysofthepreparationdateofeachdocument,ofanyallegedomissionsfrom,oradditionswronglymadeto,orinaccurateentriesreflectedtherein.TheClientacknowledgesandagreestoprovidetheCompanywithall informationthat isnecessaryfor the Company to investigate any alleged error, discrepancy orirregularity.

6.4. TheCompanyshallnotberesponsiblefortheClient’srelianceonanyinformationinanystatement,orrelatedinformationthatissubsequentlyupdatedorcorrectedorfortheaccuracyortimelinessof informationsuppliedbytheCompany.

7. DELEGATION

7.1. TheCompanyshallbeentitledtodelegateitspowersanddutiesundertheAgreement,inwholeorinpart,toanypersonorpersons,uponsuchtermsandconditions,astheCompanyshallthinkfitandmayemployagents to perform any administration, dealing and ancillary servicesrequired to enable it to provide the Service under the Agreement,providedthat theCompanyshall,upontheappointmentofanysuchdelegate, be satisfied and shall continue to be satisfied that suchdelegate is a fit and proper person and, in such circumstances, theCompanyshallnotbeliableforanyact,omissionordefaultby,northeinsolvencyof,anysuchdelegate.

7.2. ByagreeingtotheseTerms,theClientgivesitsconsenttothedisclosureofinformationreasonablyrequiredbyanydelegateoftheCompanytoperformthefunctionsdelegatedtosuchdelegate.Fortheavoidanceofdoubt,thisdisclosurewillextendtoinformationrelatingtotheClientor any transactions of the Client in accordance with clause 19.2 oftheseTerms, notwithstanding that such informationmaybedeemedconfidential.

8. FEES AND INTEREST

8.1. In consideration for the Services, the Company shall receive theremuneration, fees and expenses in the amounts set out in ordeterminedinaccordancewiththeFeeSchedule,and inthemannerandatthetimesprovidedforintheFeeSchedule.

8.2. TheClient(i)acknowledgesandunderstandsthattheFeeScheduleispublishedontheWebsite,and(ii)herebyagreesthatithasreceived(orhasbeengiventheopportunitytoaccess)andreadacopyoftheFeeScheduleinforceonthedatehereof.

8.3. TheCompanymaymodify the Fee Schedule at any time, subject toprovidingaminimumof30days’noticeofsuchchangetotheClient.Fortheavoidanceofdoubt,thepublicationoftheFeeScheduleontheWebsitewillbedeemedtohavesatisfiedthenoticerequirementunderthisclause8.3,whichsuchmodificationstobedeemedeffectivefromthelaterof(i)30daysafterthedateofsuchpublication,or(ii)thedateonwhichthemodifiedFeeScheduleisstatedtotakeeffect.

8.4. TheClient shall not be entitled to any interest or other income thataccrues on any Client Money (including, without limitation, any (i)interestthatispaidbyanylicensedbankonamountsstandingtothecreditof aCashAccount, and (ii) anyamounts accruedorearned inrespectofanyPlacementinaCashEquivalentAccount)anditisherebyagreedthattheCompanyneednotaccounttotheClientforanysuchinterestorotherincomeandanyandallinterestorotherincomeshallberetainedexclusivelybytheCompany.

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8.5. Fortheavoidanceofdoubt,andinaccordancewiththeseTermsandClause4.1oftheAccountAgreement,theCompanyisentitledtoretainallinterestcreditedorotherincomeaccruedontheClientMoneyandhas thediscretion touse any such interest creditedorother incomeaccruedinthemannerof itschoosing. TheCompanyshall thereforehavetheright(butnottheobligation)tomakepaymentstotheClientasitseesfit,atitssolediscretionandinthemannerandamountandfortheperiodofitschoosing.AnypaymentmadebytheCompanytotheClientshallhavenorelationorconnectiontoanyinterestcreditedorotherincomeaccruedonClientMoneybytheCompany,savethattheamountbeingpaidtotheClientmay(attheCompany’ssolediscretion)havebeencalculatedby reference to suchcredited interestorotherincomeaccrued.ItisexpresslyunderstoodbytheClientthatpaymentbytheCompanytoanyclientshallnot:(a)entitletheclientreceivingthepaymenttofurtherorcontinuedpayment;(b)createanyexpectationofcontinuedpaymentbytheCompany;or(c)entitleanyotherclienttoanypaymentbytheCompanywhatsoever.

8.6. TheClientunderstands,acknowledges,accepts,agreesandconfirmsthat the Client is liable for all costs, fees and expenses incurred bythe Company that arise as a result of the application of a negativeinterest rate to any ClientAccount from time to time, alongwith anadministrationfee.

8.7. TheClient furtheragrees that theCompanymayatany time,withoutprejudicetoanyotherrights itmayhave,andwithoutpriornoticeordemand for payment, combine, consolidate or merge (in cases ofmultipleClientAccountsforoneClient),orapplyorsetoffalloranypartofanymoneyheldinanyClientAccounttowardspaymentofanyamountowedbytheClienttotheCompany.Forthepurposesofthisclause 8.6 the Company may effect such charges or repayments atsuchtimeorsuchratesasitmaythinkreasonableandmayeffectsuchtransfersbetweensuchClientAccountsasitconsidersnecessary.

9. CLIENT REPRESENTATIONS AND WARRANTIES

9.1. TheClientrepresentsandwarrantsthatonthedateofitsexecutionoftheAccountAgreement:

(a) theClienthasfullcapacity,power,andauthoritytoengagetheCompanytoprovidetheService;

(b) theClientMoneyisnotanddoesnotcompriseCriminalPropertyorTerroristProperty(bothasdefinedintheCaymanIslandsAnti-MoneyLaunderingRules)andisfreefromallsecurity interests,liens,charges,mortgages,encumbrancesandotherthirdpartyinterests whatsoever (the “Encumbrances”), and the Clientundertakes that no Encumbrances will arise from any acts oromissionsonthepartoftheClientotherthanasagreedbetweentheCompanyandtheClientfromtimetotime;

(c) unless theClient has notified theCompany inwriting that theClient isactingonbehalfofany thirdpartyorpartiesandhasprovidedtheCompanywiththenameornamesofthethirdpartyorpartiesconcerned,theClient isnotreceivingtheServiceonbehalfofanythirdpartyorpartiesandisthelegalandbeneficialowneroftheClientMoney;

(d) theClientundertakesnottodeal,exceptthroughtheCompany,withanyoftheClientMoneyandnottoauthoriseanyoneelseto deal in the Client Money other than with the prior writtenagreementoftheCompany;

(e) the Client warrants that any information which the Client hasprovided to the Company in relation to the Client’s status,residenceanddomicile for taxationpurposes is completeandcorrectinallrespects,andtheClientagreestoprovideanyfurtherinformationastheCompanymayrequiretoperformtheServiceand/or toenable it to complywithall laws, regulationsand/orguidelinesthatareapplicabletotheClientortheCompanyfromtimetotime;

(f) the Client will notify the Company promptly if there is anymaterial change in any information theClient hasprovided tothe Company pursuant to the Agreement and/or the Service,andwillprovidesuchotherrelevantinformationastheCompanymay from time to time request. The Client understands,acknowledges, accepts and agrees that any failure to providesuchinformationmayadverselyaffectthequalityand/orscopeof theServiceprovidedbytheCompanyandtheabilityof theCompanytoprovidetheService;

(g) theClienthasnotgiventotheCompanyanyinstructionsthatwillrequireorinvolveanyunlawfulactorcontainanyfalsehoodandallinformationgivenwillbeaccurateandnotmisleading;

(h) theClientwillcomplywithallfilingrequirementsinanyapplicablejurisdictionandpayall taxesandgovernmentaldutiespayablebytheClientinconnectionwithClientMoneyandprovisiontoitoftheService;

(i) the Client shall disclose or procure the disclosure to theCompany,onrequest,ofanyandallinformationabouttheClientorconcerningClientMoney;

(j) theClientisnotsubjecttoanysanctionsorinbreachofanylawsorregulationsanywhereintheworld;

(k) theClientwillnotcausenorpermitanythingtobedonewhichwillormayimposeanycivilorcriminalliabilityorpenaltyontheCompanyoranyofitsAffiliates;and

(l) the Client is not an ordinary resident company incorporatedunderthelawsoftheCaymanIslands.

9.2. Therepresentationsandwarrantiescontainedinclause9.1willbedeemedtoberepeatedbytheClientoneachdaytheAgreementisinforce.

10. CLIENT ACKNOWLEDGEMENTS

10.1. TheClientunderstands,acknowledges,acceptsandagreesthat:

(a) whilsttheCompanywillexercisereasonablecareintheselectionoflicensedbankswithwhomCashAccountsaremaintained,theCompanydoesnotgiveanyundertakingorguaranteeinrelationto the creditworthiness of any such licensed bank and theCompanyshallnotbeliableforanyactsoromissionsby,ortheinsolvencyof,anysuchlicensedbank.AccordinglythecreditriskorotherrelevantriskinrespectofmoniesheldonCashAccountswillbebornesolelybytheClient;

(b) whilst the Company will exercise reasonable care in theselectionoftheintermediaries,financialinstitutionsandfinancialinstrument counterparties engaged in connection with theCash Equivalent Account and the Cash Equivalent Assets,the Company does not give any undertaking or guarantee inrelation to the creditworthiness of any such intermediaries,financial institutions or financial instrument counterparties andtheCompanyshallnotbeliableforanyactsoromissionsby,ortheinsolvencyof,anysuchintermediaries,financialinstitutionsorfinancialinstrumentcounterparties.AccordinglythecreditriskorotherrelevantriskinrespectofmoniesallocatedtoaPlacementwillbebornesolelybytheClient;and

(c) whentheCompanyexecutesatransactiononbehalfoftheClientwithathirdpartyinstitution,thereisalwaysadegreeofriskthatthe third party institution may fail to act upon the instructiongivenorinthemannerexpected.

10.2. TheClientunderstands,acknowledges,acceptsandagreesthatiftheCompanysuspectsorhasbeennotifiedthat:

(a) theServiceisbeingusedforillegalpurposes;

(b) thereisadisputeoverthebeneficialownershipofpartoralloftheClientMoneyheld;

(c) anyClientMoneyisnotownedbytheClient;

(d) anyClientMoneymaybeconnectedtoanyindividualorentitythatisthesubjectofaregulatoryorinternationalsanction;

(e) there is adisputebetween thedirectorsand/orofficersof theClient;and/or

(f) thereisaninsolvency,bankruptcy,windingupordissolutionoftheClient,

then,untilthematterisresolvedtotheCompany’ssatisfaction,theCompanymayfreezetheClientMoneyinwholeorinpartandrefusetoprovidetheService.Insuchcircumstances,theCompanymaytakeprofessionaladviceandneithertheCompanynoranyofitsAffiliatesshallincuranyliabilityforanyLossessufferedorincurredbytheClientoranyotherperson.

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10.3. TheClient understands, acknowledges, accepts and agrees that theCompanyreservestherighttorefusetoprovideorcontinuetoprovidetheService for theClientonbehalfofor for thebenefitofany thirdparty or parties at theCompany’s sole and absolute discretion. TheCompanymaydothiswithoutgivingtheClientanyreason.

10.4. TheClientherebyacknowledgesandagreesthattheClienthastakenindependent tax advice in connection with the Client’s obligationsandliability(ifany)toaccounttotherevenueauthoritiesintheClient’scountryofdomicileorresidenceinrelationtoanytransactionsthatareeffectedinconnectionwiththeService.

10.5. TheClientunderstands,acknowledges,acceptsandagreesthatwhereaClientAccounthasnoactivityotherthanchargesandinterestdebitedorcreditedbytheCompanyforacontinuousperiodofatleastseven(7)years,orasstipulatedwithinCaymanIslandsAnti-MoneyLaunderingRules,theCompanyshallmakereasonableattemptstocommunicatewiththeClient,beforehavingtherighttotakestepstoclosetheClientAccountwithoutfurthernotice.

11. PROPER INSTRUCTIONS

11.1. The Company and its Affiliates may rely upon, and are authorisedby theClient todealwithandactupon, instructions,documentsandinformation(“ProperInstructions”):

(a) givenorpurportedlygivenbysuchpersonsashavebeennotifiedinwriting from time to time by theClient to theCompany ashavingauthoritytogiveinstructions,documentsandinformationon the Client’s behalf in respect of the Agreement (and theCompany and its Affiliates may rely upon such notification asbeing complete and accurate until the Client provides theCompanywithwrittennoticetothecontrary);and

(b) given (i) through theOnlinePortal, or (ii) by letter, or email [email protected](on theproviso that theCompanyhasapprovedthismodeofinstruction,inwritingandinadvanceofsuch instruction,or incircumstanceswheretheOnlinePortal isunavailable).

11.2. Neither theCompany nor any of itsAffiliates are under any duty tomakeanyenquiryastothegenuinenessorauthenticityofanyProperInstructions.

11.3. NeithertheCompanynoranyofitsAffiliatesshallbeobligedtotakeoromittotakeanyactionpursuanttoProperInstructionswhereintheopinionof theCompany,suchProper Instructionsarenotsufficientlyclearand/orpreciseordonotcontainsufficient informationtoallowtheCompanytocomplymateriallywithsuchProperInstructions.

11.4. NeithertheCompanynoranyofitsAffiliatesshallincuranyliabilityinrespectofanyactiontakenornottakenbytheCompanyoranyofitsAffiliatesingoodfaithinrelianceuponProperInstructions.

11.5. The Client irrevocably indemnifies each of the Company and itsAffiliates (including, for the avoidance of doubt, each IndemnifiedPerson)againstLosses sufferedor incurredbyanyof themresultingfrom any action taken or not taken by the Company or any of itsAffiliatesingoodfaithinrelianceuponProperInstructions.

11.6. TheCompany shall deal with and act upon Proper Instructions in areasonablytimelymannerandundertaketousereasonableendeavourstodo so,butdoesnotundertake toacton instructions immediatelyoronthesameornextBusinessDayortomeetanyspecificdeadline(unlessotherwiseagreedinwriting)andshallnotincuranyliabilityforanyLossesarisingbyreasonofthelengthoftimetakentosoactuponsuchinstructions.

11.7. From time to time the Company may be restricted by applicablelegalandregulatoryrequirementsand/orinternalrequirementsfromaccepting instructions from the Client. Should the Company be sorestricted, the Companymay refuse to accept instructions from theClientwithoutgivinganyreasonsforsodoingandtheCompanyshallnotbeliableforanyLossessufferedorincurredthereby.

12. NON-EXCLUSIVITY

12.1. The services of the Company hereunder (including the trusteeshipservicesandtheprovisionoftheServices)arenotexclusivetotheClientand the Company shall be free to provide similar services to other

persons.TheCompanyshallnotbedeemedtohavebeengivennoticeof,ortobeunderanydutytodisclosetotheClient,anyfactorthingwhichmaycometothenoticeof theCompanyoranyof itsAffiliatesinthecourseofthemprovidingsimilarservicestootherpersonsorinthecourseoftheirrespectivebusinessesinanyothercapacityorinanymannerwhatsoever.

13. CONFLICTS OF INTEREST

13.1. The Company may, without consulting with or notifying the Client,provide the Service notwithstanding that theCompany or any of itsAffiliateshasarelationshipofanydescriptionwithanotherpersonsuchastoplaceitinapositionwhereitsdutyorinterestinrelationtothatotherpersonmayconflictwithitsdutytotheClient.

14. LIABILITY AND INDEMNITIES 14.1. To theextentpermittedbyapplicable lawandnotwithstandingany

otherprovisionintheAgreement,neithertheCompanynoranyofitsAffiliatesshallberesponsibleforanyLossessufferedorincurredbytheClientarisingoutofanyactoromissiononthepartoftheCompanyoranyAffiliateinconnectionwiththeAgreement,includinganyLossessufferedorincurredbytheClientarisingoutof:

(a) any acts or omissions (whether negligent, fraudulent, inwilfuldefaultorotherwise)ofanylicensedbankholdingClientMoneyorthroughwhichtransactionshavebeeneffected;

(b) thedefault or insolvency of any licensedbank holdingClientMoney;or

(c) anydisclosuremadebytheCompanypursuanttoclause19oftheseTerms.

14.2. The Client irrevocably indemnifies the Company and each Affiliate(whichincludesthepartners,officers,directors,employees,consultantsandagentsofeach,andtogetherwiththeCompanyandeachAffiliate,each an “Indemnified Person”) from and against any and all LosseswhichmaybesufferedorincurredbytheCompanyoranyAffiliatefromtimetotime(calculatedonafullindemnitybasis)inconnectionwiththeperformanceornon-performanceofanyoftheCompany’sorAffiliate’sdutiesundertheAgreementorinconnectionwiththeprovisionoftheService (including,without limitation,anyLossessufferedor incurredasaresultofabreachoftheAgreement),savewhereLossesariseasa resultof actual fraudorwilfuldefaulton thepartof theCompanyoranAffiliate(the“Indemnity”).Thisindemnityshallcontinueinforcewithout limit in time, whether or not the Company is continuing toprovidetheServiceandwithoutprejudicetoanyotherindemnitygivenintheCompany’sfavour.Withoutlimitingtheforegoing,theIndemnityshallincludeLossesarisinginconnectionwith:

(a) anybreachornegligentperformanceoftheAgreement;

(b) theenforcementoftheAgreement;

(c) an Indemnified Person accepting and acting upon ProperInstructionsgivenorpurportedtobegivenbytheClient;

(d) anyandalltaxesandanyandallrelatedlosses,claims,liabilities,penalties,interestandreasonableexpenses(includingthefees,charges anddisbursements of any counsel for or professionaladviser to the Company) incurred by or asserted against theCompanybyanygovernmentalauthorityasaresultofeither:

(i) the failureby theClient todeliver, or as a result of theinaccuracy,inadequacyordeficiencyof,theself-certificationas to taxstatusby theClient (and ifanon-financialentity,by each controlling person of the Client) and the Clienthereby authorises the Company to set off and apply anyandallamountsatanytimeowingtotheClientundertheAgreement,or

(ii)theClientbeinganonparticipatingfinancialinstitutionforthepurposeoftheintergovernmentalagreementcurrentlyinforcebetweentheUnitedStatesofAmericaandtheCaymanIslandsregardingtheForeignAccountTaxComplianceActoftheUnitedStatesofAmerica;

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(e) anyclaimmadeagainstanyIndemnifiedPersonsbyathirdpartyarisingoutoforinconnectionwiththeAgreementtotheextentthatsuchclaimarisesoutofthebreach,negligentperformanceor failure or delay in performance of the Agreement by theClient,itsemployees,agentsorsubcontractors;or

(f) any mistakes or defects of the Client when using the OnlinePortal(includinganyfailuretocorrectlyestablishormanageanappropriate security code) or compromiseduseof theOnlinePortalasaresultoftheClient’snegligence.

14.3. The Indemnity shall apply whether or not the Company has beennegligentoratfault.

14.4. TheClientwilladvanceattorneys’feesandothercostsandexpensesincurred by the Company or any Affiliate in connection with thedefenseofanyaction,investigationorproceedingthatarisesoutoftheprovisionofServicesunderthisAgreement.IntheeventthatsuchanadvanceismadebyaClient,theCompanyortheAffiliateasthecasemaybe,shallreimbursesuchadvancedfees,costsandexpensesintheevent that a final judgmentof actual fraudorwillfuldefault isgivenagainsttheCompanyorAffiliate.

14.5. AnIndemnifiedPersonshallnot inanycircumstanceswhatsoeverbeliabletotheClientoranythirdparty,whetherincontracttort(includingnegligence),breachofstatutorydutyorotherwise,forany:

(a) Losses arising from or in connection with such IndemnifiedPersonactinguponProperInstructionsreceivedandreasonablybelievedbytheIndemnifiedPersonstobedulyauthorisedanddelivered;

(b) lossofprofit,lossofgoodwill,lossofbusiness,lossofbusinessopportunity, loss of anticipated saving, or any indirect orconsequentialdamageorlosshowsoeverarising;or

(c) Losses arising from or in connection with the any negligent,defectiveor accidental useof theOnlinePortal (except to theextent that the Losses are as a direct result of fraud or wilfuldefaultonthepartoftheCompany).

14.6. TheCompany’sor anyAffiliate’s total liability toaClientunderor inconnection with the Agreement, whether arising in contract, tort(includingnegligence),breachofdutyorotherwisewhatsoeverarisingoutoforinconnectionwiththeAgreementshall inallcircumstancesbe limited to the sumof Fees paid by suchClient to theCompanypursuanttotheAgreementintheprecedingsix(6)months.

14.7. Neither theCompanynoranyAffiliate shall incurany liabilityarisingbyreasonofanyfailureofordelaycausedbyorlackofavailabilityoftheOnlinePortalortheCompany’soranAffiliate’swebsites,computersystemsorcommunicationsystems.

14.8. TheCompanyshallnotberesponsibleforanyactorfailuretoactbyanylicensedbank,intermediaryorfinancialinstitutionatwhichaClientAccountismaintainedunlesssuchactorfailuretoactiscausedbytheCompany’sactualfraudorwilfuldefault.

14.9. For the avoidance of doubt, references in this Agreement to actualfraudorwillfuldefaultshallmeanafinalnon-appealablefindingtosucheffectbyacompetentcourtinrelationtotheconductoftherelevantparty.

15. LEGAL PROCEEDINGS

15.1. TheCompanyshallnotberequiredtotakeanylegalactiononbehalfoftheClientorinrespectofanytransactioneffectedonbehalfoftheClientunlessfullyindemnifiedtoitssatisfactionforallLossesthatmaybe suffered or incurred by the Company. If the Client requires theCompany inany capacity to takeanyactionwhich in theopinionoftheCompanymightmakeit,itsAffiliatesoritsdelegatesliableforthepaymentofmoneyorliableinanyotherwaytheCompanyshallbekeptindemnifiedinanamountandformsatisfactorytoitasaprerequisitetotakingsuchaction.

16. COMMUNICATION

16.1. The Client hereby authorises the Company to write to (by email orprepaidpost)ortelephonetheClienttodiscussmattersrelatingtotheService,orpublishnoticesontheWebsite,atitsdiscretion.

16.2. TheCompanymayrecordtelephoneconversationsandmaymonitortelephone calls both received by and made by employees of theCompany.AnysuchrecordingsremainthepropertyoftheCompany,and may be used by the Company in the event of a dispute. TheCompany shall have the authority to deliver copies or transcripts ofsuch recordings to any court or regulatory authority of competentjurisdictionastheCompanyseesfitandtheClientherebywaivesanyobjectiontotheuseofanysuchrecordingsortranscriptsasevidenceofanysuchtelephoneconversation.

16.3. TheClientagreesthattheCompanymaymonitoralle-mailsorotherelectroniccommunicationanddatatogatherinformationforpurposesofsecurity,marketing,statisticalanalysisandsystemsdevelopment.

16.4. Where telephonecalls aremadeby theCompanyand recorded fordirectmarketingpurposes,theCompanywilladvisetheClientatthebeginningofanysuchcall.IftheClientdoesnotwishtocontinuewithadirectmarketingtelephonecall,theClientshouldrespondaccordinglyandtheCompanywillterminatethecall.

16.5. TheCompanywillonlyusethee-mailaddressprovidedbytheClientfor direct marketing purposes where the Client has provided theCompanywithspecificpriorconsenttodoso.

16.6. TheCompanymayuse,store, transfer,discloseorotherwiseprocesstheClient’spersonaldataforthepurposessetoutinthisclause16orasotherwiserequiredbylaworregulationapplicabletotheCompanyor theDMSGroup.Suchpersonaldata includesbut isnot limitedtoalltheinformationrelatingtotheClientprovidedtotheCompanyinconnectionwiththeestablishmentofabankingrelationshippursuanttotheseTerms, includingfortheavoidanceofdoubttheinformationprovided inorder toanswer theCompany’sduediligenceenquiriesandtoopenoneormoreClientAccount(s).

16.7. TheClient’spersonaldatawillbeprocessedbytheCompanyinordertowithoutlimitation,managetheClientAccount(includingtheprovisionofstatements)andmayalsobeusedforassessmentandanalysisbytheCompany,todevelopandimprovetheCompany’sservicesandtoprotecttheClient’sinterests.

16.8. The Company reserves the right, and the Client authorises theCompany,totransfertheClient’spersonaldatatoitsAffiliates,tootherthirdpartyserviceprovidersasitmayfromtimetotimeengage,ortoanyintermediaryorregulatedinstitutionwithregulatoryorcomplianceobligations in relation to relationships between the Company andthe Client, including but not limited to any nominee, custodian orbankusedintheprovisionoftheService,or inconnectionwithdatastorage (includingbut not limited to cloud storage or external dataserverservices),anywhereintheworld,includingoutsidetheCaymanIslands (the Client understands, acknowledges, accepts and agreesthatwheresuchtransferismadeinrelationtoajurisdictionthatisnotintheCaymanIslands,thatjurisdictionmaynothavedataprotectionlawsinplacethatareofasimilarstandardtothoseintheCaymanIslands).

16.9. TheClientexpresslyagrees that informationpassed tooraccessiblebyanyAffiliateforthepurposesofdisasterrecovery,databackuporcompliancewithlawsorregulationsshallnotbeconstruedasabreachofconfidentialityorDataProtectionLaws.

17. DISCLOSURES

17.1. TheCompanyshallnotbeobligedtodisclosetotheClientinformation:

(a) thedisclosureofwhichby theCompanywouldormightbeabreachofadutyofconfidencetoanyotherperson;

(b) whichcomes to thenoticeof anyof itsAffiliatesbutdoesnotcome to the actual notice of the individual(s) responsible forprovidingtheServicetotheClient;or

(c) thedisclosureofwhichbytheCompanywouldormightrenderthe Company liable to legal, regulatory or administrativesanctions.

18. COMPLAINTS

18.1. ShouldyoubedissatisfiedwithanyaspectsoftheService,youshouldwritetotheCompanyatbanking@dmsbank.comoryourotherusualpointofcontact.YourcomplaintwillthenbedealtwithinaccordancewiththeCompany’scomplaintsprocedures.

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19. CONFIDENTIALITY

19.1. SubjectalwaystotheprovisionsoftheseTerms,theCompanyshallnotdisclosetoanypersonanydetailsregardingtheClient’stransactionsoranyinformationrelatingtotheClient(whetheracquiredbeforeorafter theAgreementwascontemplatedandwhether fromtheClientorathirdparty)save:

(a) wheretheCompanyiscompelled,permittedorrequiredtodosobylaworbyorderofacourtorgovernmentaloradministrativetribunalorregulatoryauthority;

(b) wheredisclosureofsuchrecordsbytheCompanytoathirdpartyand/orit’sadvisorsisrequiredinconnectionwithanyproposedsale,transferordisposalofanyoralltheassetsof,sharesin,orbusinessoftheCompany;

(c) where disclosure is made at the Client’s request or with theClient’sconsent,orifotherwisepermittedbytheseTerms;

(d) wheredisclosureistoanAffiliate;

(e) wherefailuretomakesuchdisclosurewouldintheopinionoftheCompanybeprejudicialtotheinterestsoftheCompanyoranyofitsAffiliates;or

(f) wheredisclosureismadeinaccordancewithclause7.2orclause19.2.

19.2. TheCompanymay at any time process and/or disclose informationabouttheClient,theClientMoneyand/ortheClient’stransactionsforthefollowingpurposes:

(a) to facilitate or otherwise assist in the provision of the Service(including the provision of information to (i) licensed bankswith whomCashAccounts are, or are to be, established, and(ii) intermediaries, financial institutions and other financialinstrumentcounterpartiesinconnectionwithaCashEquivalentAccountoraCashEquivalentAsset),ortodelegatesappointedbytheCompanyfromtimetotime;

(b) toserviceanyoftheClient’sotherrelationshipswithanyAffiliate;

(c) toprovide theClientwith information regardingproductsandservices that the Company believesmay be of interest to theClient.IftheClientdoesnotwishtoreceivethisinformationtheClientmustnotifytheCompanyinwriting;

(d) to meet the Company’s and/or any Affiliates’ regulatory and/or financial and/or other reporting obligations in the CaymanIslandsorelsewhere;or

(e) forthepurposesoffraudprevention.

20. PRIVACY NOTICE

20.1. The Company is committed to protecting your privacy. This PrivacyNotice sets out how and why the Company collect and processyour personal information. This section applies to the collectionand processing of personal information relating to any individual,Corporateentities,Trustetcshouldensurethatthissectionisprovidedto, read and consideredby any individualwhose PersonalData hasbeenprovidedtous.Fortheavoidanceofdoubt,intheeventofanyconflictbetweenthetermsofthissection20andanyothertermsoftheAgreement,thissection20shalltakepriority.

20.2. TheCompanycomplieswithDataProtectionLawwhendealingwithyourPersonalData.ForthepurposesoftheDataProtectionLaw,theCompanywillbetheController.

20.3. TheCompany isnot required todesignateaDataProtectionOfficer(anappointedpersonwhoisgivenformalindependentresponsibilityfor data protection compliance within a business). If you have anyquestionsabout theuseof yourPersonalData, yourdataprotectionrights or if you want to exercise those rights, please contact us asfollows: Samantha Fletcher Watts, Regional Head of Compliance,[email protected].

20.4. PersonalDatathatweProcess(a) (a) TheCompanygathersandprocessesyourPersonal

DatainordertoopenyourClientAccountandtoadministertheservicesunderthisAgreementandtheseTermsandConditionssuchasyournamecontactdetails,address,telephonenumber.The Company may engage third party service providers toprocesssuchPersonalDataonourbehalfandthosethirdpartiesactasProcessors.

(b) The Company may also collect and process Personal Datarelatingtoyouinconnectionwithitson-goingrelationshipwithyou,suchasviacorrespondenceandcalls,andinconnectionwithouradministrationofourrelationship.Telephonecallswithyoumaybe recorded for thepurposesof recordkeeping, securityand training. The Companymay also collect Personal Data inrelationtoyouinconnectionwithensuringcompliancewithourlegal obligations thismay include your PPS number; passportnumber;utilitybills,photographicidentificationandverificationsuchascopiesofyourpassport,passportnumber,driverslicenceandaddressverification. Forthepurposesofcarryingoutduediligence,wemayalsocollectinformationrelatingtoyourstatusas an ultimate beneficial owner of an entity, or as a politicallyexposedperson.

20.5. PurposesofProcessingandLegalBasis

(a) PersonalDatathatyouprovidewillbeprocessedforthefollowingpurposes:

• ProcessingtheopeningofanaccountwiththeCompany;• Establishing your identity, and providing, servicing and

administeringyouraccount;• Complyingwithourlegislativeandregulatoryobligations

inconnectionwithourdealingswithyou,includingunderapplicable law regarding anti-money laundering andcounter terrorist financing, taxation, the regulation ofcollectiveinvestmentschemes,ortheprovisionoffinancialservices, crime-detection, prevention, investigationand prosecution, the prevention of fraud, bribery, anti-corruption, tax evasion, to prevent the provision offinancialandotherservicestothosewhomaybesubjecttoeconomicortradesanctions,inresponsetolegalorcourtrequestsorrequestsfromregulatoryauthoritiesorwhereitisinthepublicinterest;

• For direct marketing purposes (that is, providinginformationonproductsandservices)orforqualitycontrol,business and statistical analysis, market research or fortrackingfeesandcostsorforcustomerservice,trainingandrelatedpurposes;

• Ifapplicable,processingthefactthatyouareapoliticallyexposed person, to comply with applicable legalobligations;

• To communicate with you by way of notice pursuant toapplicablelegislation;

• Maintaining appropriate business records, includingmaintainingappropriateregistersofaccountholders;

• Where required for global tax reporting purposes,includingFATCAorCRS;

• To respond to or evaluate any queries or complaints inrelationtoyouraccount;

• Internal and external audits and, where necessary,investigations;

• Establishing,exercisingordefendinglegalclaims.

(b) ThelegalgroundsthatwerelyontoprocessyourPersonalDataare:

• thatitisnecessarytocomplywithourlegalobligations;• that it is necessary for the purposes of the Company’s

legitimateinterests(processingnecessaryforthepurposesofthelegitimateinterestspursuedbyaControllerorbyathirdparty,exceptwheresuchinterestsareoverriddenbythe interests or fundamental rights and freedoms of thedata subject which require protection of Personal Data)or the legitimate interests of a thirdparty towhom yourPersonalDataisprovided.TheCompanywillnotprocessyourPersonalData for thesepurposes ifouror the thirdparty’s legitimate interests shouldbeoverriddenby yourowninterestsorfundamentalrightsandfreedoms.

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• The legitimate interests pursued by us in this regardinclude:

ο Conducting our business in a responsible andcommerciallyprudentmanneranddealingwithanydisputesthatmayarise;

ο Preventing, investigatingordetectingtheft, fraudorothercriminalactivity;

ο Pursuing our corporate and social responsibilityobjectives.

• where you are an individual account holder, that this isnecessary to take stepsat your requestprior toenteringintoourcontractwithyouandfortheperformanceofourcontractwithyou;

• incertainlimitedcircumstances,yourconsent.

20.6. RecipientsofData: YourPersonalDatamaybedisclosed tovariousrecipientsinconnectionwiththeabovepurposes,including:

• BNYMellon, State Street, ICBC and other counterpartiesorcorrespondentsfromtimetotime,asthird-partyserviceprovidersappointedbytheCompany;

• The Money Laundering Reporting Officer or AssistantMoneyLaunderingReportingOfficer;

• The Department for International Tax Cooperation andotherforeigntaxauthoritiesasrequiredbyapplicablelaw,includingFATCAorCRS;

• The Cayman Islands Monetary Authority, FinancialReporting Authority, auditors, or other competentregulatoryauthoritiesandbodiesasrequestedorrequiredbylaw;

• Otherthirdpartieswhoweengagetoprovideservicestous, such asprofessional advisers, legal advisers, auditorsandITserviceproviders;

• To screening and other reference agencies to carry outmoneylaunderingandidentitychecksandtocomplywithourlegalobligations;

• OthermembersoftheCompany’scorporategrouporthecorporategroupsoftheentitiesreferredtoabove,aswellasaffiliates,agentsanddelegates.

20.7. OtherDataControllers:TheCompanymaymakeareporttoFinancialReportingAuthoritywhereithasasuspicionofmoneylaunderingorterrorist financing offence a suspicious activity. Where a third partymakessuchareportforitself,notwithrespecttoyou,itmayconsideritselfadataControllerwithrespecttothisactivity.Thelegalbasisformakingsuchdisclosureistocomplywithalegalrequirement.

20.8. TransfersAbroad

(a) DMS Group have undertaken to apply European level ofprotections to your Personal Data across the DMS Group (incompliancewiththeGeneralDataProtectionRegulation(GDPR)2016/679/EU).AssuchitisimportanttosetoutthatinconnectionwiththeabovepurposesyourPersonalDatamaybetransferredoutsidetheEuropeanEconomicArea,includingtoajurisdictionwhich is not recognised by the European Commission asprovidingforanequivalentlevelofprotectionforPersonalDataasisprovidedforintheEuropeanUnion.

(b) These jurisdictions may include the Cayman Islands, UnitedStatesofAmericaandAsia. Ifandtotheextentthatwedoso,wewillensurethatappropriatemeasuresareinplacetoprotecttheprivacyandintegrityofsuchPersonalDataandinparticularwill comply with our obligations under European legislationgoverningsuchtransfers,whichmayinclude:

• entering into a contract governing the transfer whichcontains the “standard contractual clauses” approved forthispurposebytheEuropeanCommission;

• in respect of transfers to the United States of America,ensuringthatthetransferiscoveredbytheEU-USPrivacyShield framework (for so long as that it meets with therequirements of GDPR as regards reliance on adequacydecisionsunderArticle45oftheGDPR);

• transferring your Personal Data pursuant to bindingcorporaterules;or

• a transferwhere the EuropeanCommission hasdecidedthattherecipientensuresanadequatelevelofprotection.

(c) FurtherdetailsofthemeasuresthatwehavetakeninthisregardandtheterritoriestowhichyourPersonalDatamaybetransferredareavailablebycontactingusassetoutabove.

20.9. Retention:WewillretainyourPersonalDataforthedurationofaccountbeingopenandforsuchaperiodoftimeaftertheaccountisclosedasisnecessarytocomplywithourobligationsunderapplicablelawand,ifrelevant,todealwithanyclaimordisputethatmightarise.

20.10. YourRights:Youhavethefollowingrights,incertaincircumstancesand subject to applicable exemptions, in relation to your PersonalData:

• the right to access your Personal Data, together with

informationaboutourprocessingofthatPersonalData;• therighttorectifyanyinaccuraciesinyourPersonalData;• therighttohaveanyincompletePersonalDatacompleted;• the right to erase your Personal Data (in certain specific

circumstances);• the right to request that yourPersonalData is no longer

processed for particular purposes (in certain specificcircumstances);

• wherethelegalbasisforprocessingisconsent,therighttowithdrawyourconsentatanytime;

• the right to object to the use of your Personal Data orprocessingitwhereTheCompanyhasdeterminedittobenecessaryforthepurposesofitslegitimateinterests;

• the right to data portability (in certain specificcircumstances);

• to lodge a complaint with a supervisory authority, inparticular in a European Member State of your habitualresidence, place of work or place of the allegedinfringementifyouconsiderthattheprocessingofPersonalDatarelatingtoyouinfringestherequirements.

20.11. ConsenttoDirectMarketing:FromtimetotimetheCompanyoranyof theaffiliates listedabovemaysendyouinformationaboutotherproductsandservicesthattheyofferbyletter,telephone,byemailorbyotherreasonablemeansofcommunication.Youhavearightnottoreceivesuchinformation.Youhavearighttowithdrawthisconsentatanytime.However,yourwithdrawalofconsentwillnotaffectthelawfulnessofprocessingbasedonconsentbeforeitswithdrawal.

21. ASSIGNMENT

21.1. TheClientmaynotassignor transferanyof its rightsorobligationsundertheAgreementwithoutthepriorwrittenconsentoftheCompany.

21.2. Subject to any applicable laws, regulations or rules, the Companymay,with30days’notice,assign itsrightsandobligationsundertheAgreementtoanAffiliateoranythirdparty.

22. ACCOUNT CLOSURE, TERMINATION AND CONSEQUENCES OF TERMINATION

22.1. IftheAgreementisendedinaccordancewiththisclause21,theClientAccountswillbeclosedandallotherancillaryagreementsbetweentheClientandtheCompanywillalsoend.

22.2. TheClientshallbeobliged tosettleall fees,commissionsandotherchargesowedtotheCompany.

22.3. TheCompanyhastherighttodeductanyoutstandinginterestand/orchargesthathavenotyetbeenappliedtotheClientAccountsandshallbeentitledtocollectsuchamounts,beforereturningtheoutstandingbalance(s) to the Client. If someone tries to make a payment intoa Client Account after it has been closed, the Company will takereasonablestepstoreturnthepaymenttothem.

22.4. TheClientacknowledgesthatterminationoftheAgreementand/ortheclosureofaClientAccountmustbeapprovedandinstructedinwritingtotheCompanybyaDirectorof theCompany,asauthorizedbytheClient’sArticlesofAssociationtooperatetheClientAccountsinsuchamanneratthedateofclosure,andinaccordancewithandsubjecttosuchtermsandconditionsasmaybeprescribedbytheCompanyforsuchClientAccount(aseachmaybeamended,supplementedand/orsubstitutedfromtimetotime).

22.5. TheCompanymayrefusetoprovidetheServiceortoacceptmoniesordecidetowithdrawtheprovisionoftheServiceatanytime,attheCompany’s sole and absolute discretion without giving any reasonwhatsoever. Should the provision of the Service bewithdrawn, theCompany shall incur no liability for any Losses that the Client maysustain.

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22.6. TheAgreementmay be terminated by (i) theCompany at any timeimmediatelyonwrittennoticeeffectiveonreceipt(oratsuchlatertimeasspecifiedinsuchnotice),or(ii)theClienton30days’writtennoticeeffectiveonreceipt(oratsuchlatertimeasspecifiedinsuchnotice).

22.7. UponterminationoftheAgreementforanyreason,theCompanyshallreturntheClientMoneytotheClient,suchthattheCompanynolongeractsasbaretrusteeinrespectofthatClientMoney.

22.8. TheAgreementshallterminateautomaticallyintheeventthat:

(a) a trustee in bankruptcy, receiver, administrative receiver,administratororliquidatorisappointedinrespectoftheClientoranyofitsproperty,ortheClientoranyofitspropertyissubjecttoanyotherequivalentproceduresinanyjurisdiction;

(b) theClientis,orisdeemedtobe,unabletopayitsdebtsastheyfall due or is deemed to be insolvent under the laws of anyjurisdictiontowhichtheClientissubject;

(c) a distress has been levied upon or other execution has beeneffected against the whole or any part of the property of theClient;

(d) theClienttakesupresidence,orisorisdeemedtoberesident,inacountrywheretheCompanyisnotpermittedorauthorisedtoprovideservicestoresidentsofthatcountry;or

(e) anystatute,regulationorotherenactmentintheCaymanIslandsoranyotherapplicablejurisdictionrenderstheprovisionofalloranypartoftheServicesunlawful.

22.9. Termination of the Agreement shall be without prejudice to thecompletion of any transactions already in the process of beingarranged. After the termination takes effect, the Company shall notaccept anymonies and will not arrange any further transactions onbehalfoftheClient.

22.10. The Client understands, acknowledges, accepts and agrees thatin the event that theAgreement is terminated then theClientwillbe required toprovide theCompanywith instructionsas towhereto transfer any Client Money that is held at that time. Should theClient fail to provide theCompanywith such instructions, then allClientMoneywillbeheldbytheCompanyasbaretrusteeandtheCompanywillbeentitledtolevychargesforsodoing.

22.11. No penalty will be imposed on the Client on termination of theAgreementbuttheCompanyshallbeentitledtochargetheClient(i)anyremuneration,feesorexpenseswhichmaybeoutstanding,(ii)foranyexpensesnecessarilyincurredbytheCompanyinterminatingthe Agreement or directly attributable to the termination of theAgreement,and(iii)foranyLossesnecessarilyrealisedinsettlingorconcludingoutstandingtransactions.

22.12. To theextentpermittedby law, clauses14and19will continue infullforceandeffect(togetherwithanyotherprovisionsnecessarytomakethemoperable)despiteterminationoftheAgreement.

23. NOTICES

23.1. AnynoticesgivenpursuanttotheseTermsshallbedeliveredto:

(a) theCompany,atitsregisteredoffice;and

(b) the Client, at the last address shown in the records of theCompanyor,ifdeemedappropriatebytheCompanyinitssolediscretion,bypublicationontheWebsite,

andmaybesentbyemailorbyprepaidpostandshallbedeemedtobereceivedinthecaseofemailorpublicationimmediatelyandinthecaseofprepaidpost72hoursafterposting.

24. CUSTOMER DUE DILIGENCE

24.1. The Company is required to obtain and maintain sufficient clientinformation to satisfy itself as to the identity, nationality, residency,source of funds and source of wealth of all new, existing and re-activatedclients.TheCompanymaythereforerequireatanytimethattheClientcompletes specificcompliance related informationand/or

formalitiespriortotheServicebeingprovided.TheCompanyreservetherighttotakeallappropriatemeasuresincludingfreezingtheClientMoneyor terminating the relevantClientAccount if theCompany isunabletoorispreventedfromcompletingsatisfactoryduediligenceprocedureswithin a reasonable period in respect of theClient.TheCompanyreservestherighttochargeadditionalfeesonatimespentbasis if theCompany is required to freeze,monitor or terminate anaccountindefaultofanyoftheaboverequirements.

24.2. TheClientagreestonotifytheCompanyshouldtheClientchangeanyof theClient’s contactdetails (includingwithout limitation relocatingtoadifferentcountry).TheClientacknowledgesthatsuchnotificationmay result in the Company requiring additional or enhanced duediligenceinformationandmaypreventtheCompanyfrombeingabletocontinuetoprovidetheServicetotheClient.

25. MISCELLANEOUS

25.1. TheClientunderstands,acknowledges,accepts,agreesandconfirmsthat theClienthasnot inentering intotheAgreement,reliedonanyrepresentationordocumentsotherthanascontainedintheAgreement.

25.2. If any provision or clause of these Terms is or becomes void orunenforceableinwholeorinpartitshallnotaffecttheinvalidityoftheremainingprovisionsandclausesoftheseTerms.

25.3. The relationshipbetween theClient and theCompany in respectofthe Service is as described in theAgreement, which supersedes allprevious agreements between the Parties (if any) concerning thatrelationship.Fortheavoidanceofdoubt,inperformingitsobligationsunderthisAgreement,theCompanyisactingsolelyforandonbehalfoftheClientandnocontractualorservicerelationshipshallbedeemedtobeestablishedherebybetweentheCompany(oranAffiliate)andanyotherperson.

25.4. The Company shall have no duties or responsibilities whatsoever,except such duties and responsibilities as are specified in theAgreement,and,subjecttoapplicablelaworregulation,nocovenantorobligationshallbeimpliedagainsttheCompanyinconnectionwiththeAgreement.

25.5. These Termsmay be amended from time to time by the CompanygivingnoticetotheClientandclause22shallapplytosuchnotice.

25.6. TheseTermsshallbebindingupontheClientanditspermittedassigns(ifany)anditssuccessorsintitle.

25.7. ThefailureoftheCompanytoexerciseanyrightorremedyprovidedby these Terms or by law or any delay in the exercise thereof shallnotconstituteawaiverofsuchrightorremedyoranyotherrightsorremedies.NosingleorpartialexerciseofarightorremedyprovidedbytheseTermsorbylawshallpreventanyfurtherexerciseofsuchrightorremedyortheexerciseofanotherrightorremedy.

25.8. Neither the Company nor any of its Affiliates shall be liable to theClient in respect of any delay in performing or inability to performtheServiceorlossofordamagetoanydocumentsinthepossessionof the Company arising out of or caused, directly or indirectly, bycircumstances beyond its reasonable control, including withoutlimitation,anactofGodorpublicenemy,war, insurrectionsor riots,fire, flood, explosion, earthquake, hurricane, accident, epidemic orquarantinerestrictions,actsofgovernmentoranyothergovernmentalagency, strikes, labour cessation, slow-down or interruption of workdue to anyother cause (whetherof the kindmentioned in this sub-clause24.8ornot)andtheCompanyshallnotbe liableorhaveanyresponsibility of any kind for any Losses sufferedor incurredby theClient.

25.9. ThePartiesherebyagreethateachAffiliatewhoisnotapartytotheseTerms(a“ThirdParty”)hastheexpressrighttoenforcethecontractualtermscomprisingtheseTermspursuanttothetermsofTheContracts(RightsofThirdParties)Law,2014.NotwithstandinganytermoftheseTerms,theconsentofornoticetoanyThirdPartyshallnotberequiredforany termination, rescissionoragreement toanyvariation,waiver,assignment,novation,releaseorsettlementundertheseTermsatanytime.

25.10. ReferencesintheAgreementtoactualfraudorwilfuldefaultmeanafindingtosucheffectbyacompetentcourtinrelationtotheconductoftherelevantparty.


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26. GOVERNING LAW AND JURISDICTION

TheseTerms shallbegovernedbyandconstrued inaccordancewith thelawsoftheCaymanIslandsandtheClientherebysubmitstotheexclusivejurisdictionoftheCourtsoftheCaymanIslandsinallmattersrelatingtotheAgreement.

bank account terms & conditions - dms ......or a sunday) on which banks in cayman islands are...

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