Professional Documents
Culture Documents
BETWEEN
And
______________,NIF: ______________, represented by Mr.
______________, bearing a ______________Passport
#______________, acting as Representative of all of ASSET OWNERS,
with physical address at ______________, and contact email address
______________, referred hereinafter “the Depositor”
1.Recital
BythisAgreement, theDepositor wishestoappointtheBanktoperform
custodialserviceforits proprietaryassetsand/orthe assetsit isholding in
its capacityascustodianin marketsagreed.
2.Services
2.01 TheBank isherebyappointedandauthorizedtoperformall or any of
the followingservicesonbehalfoftheDepositor(the“Services”) butreserves
the rightto refuseto do so if,in its opinion,therearereasonablegrounds
forsuch refusal (andinwhichcasetheBankwillnotifytheDepositor
accordingly):
2.02InprovidingtheServices,theBankshall:
2.03TheBankisauthorizedtotakesuchstepsasitmayconsiderexpedient
toenableittoprovidetheServices andtoexercise itspowersunderthis
Agreement,includingthe right:
(a) Tocomplywithanyapplicablelaw,regulation,order,directive,n
otice orrequestofanygovernment
agency(whetherornothavingtheforceoflaw) requiring
theBank totakeorrefrain fromaction and/or todisclose
information;
(b) OnbehalfoftheDepositor,
towithholdand/ortomakepaymentofany
taxesordutiespayableonorinrespectofProperty;
(c) IntheabsenceofordelayinreceivinginstructionsfromtheDepos
itor inresponse toarequest, toactorrefrain
fromactingasitmaydeem expedientinthe bestinterestsofthe
Depositor;
(d) Tocomingle Property withtheproperty ofothercustomers
(although the Bankshallclearlyidentifyallsecurities
heldinitscapacityascustodian on behalfofthe
DepositorasbeingPropertyof theDepositor);
(e) ToreturntotheDepositor, physical
securitieswhichmaynothavethe
sameserialnumberoridentification
asthoseoriginallydepositedwithor receivedby the Bank;
(f) Toparticipate inandtocomplywiththerulesandregulations
ofany systemwhichprovidescentraldepository,
clearingand/orsettlement facilitiesinrespectofsecurities
butwithoutliabilityforanyactsor omissionsonthe partof the
operatorormanagerofany suchsystem;
(g) Providedthatitismarketpractice todoso,toacceptinlieuof
documentsoftitleforPropertypurchased
CorporatePrivateBank
inexchangeforvaluepaidreceipt
ofpaymentandapromisetoproviderelevantdocuments
oftitleatsome unspecifiedfuturedatefrom the
vendor'sbroker.
2.05TheDepositorshallmaintainwiththeBankatalltimessufficientProperty
and/orcashtoenabletheBank,pursuanttothisAgreement,to
settleanyoutstanding transactionsenteredinto,ortosettleanyliability
incurred, bytheDepositorortheBankonbehalfoftheDepositor. TheBank
shallbeentitled,butshallnotbeobliged,initsdiscretion toretain sufficient
Propertyand/orcashtoenable ittosettleanysuchoutstanding transactions
orliability.IfthereisinsufficientPropertyand/orcashto enablethe Bank to
settleany such outstandingtransactionsorliability,the
Bankshallbeentitled, butnotobliged,initsdiscretion tosettleand/or
declinetosettleanyoutstanding transactions and/ortocancelunexecuted
instructionswhereupontheBankshallpromptlynotifytheDepositor.Where
theBankdoessoexerciseitsdiscretion tosettleanysuchoutstanding
transactions, theDepositorshallpromptlyondemandreimburse
theBankfor anyandallcostsandexpenseincurredbytheBank.Theprovisions
ofthis Clause2.05 shallsurvivetheterminationofthisAgreement.
2.06Inperforming theServices,theBankshallexercisethesamedegreeof
careasitexercisesinrespectofitsownpropertyexcepttosuchextentas may
otherwisebe providedin thisAgreement.
2.08Theinstrument,assetorotherdepositedbyDepositor,objectofthis
Agreement,willbedetailedatAnnexI oftheAgreement.
3.ForceMajeure
3.01TheBankshallnotberesponsible orliableforanyloss,failureor
delayintheperformance ofitsobligations underthisAgreementarisingout
oforcauseddirectlyorindirectlybycircumstances beyonditsreasonable
controlincluding,withoutlimitation,actsofGod,earthquakes, fires,
floods,typhoons,wars,civilormilitarydisturbances, sabotage,terrorism,
epidemics,riots,interruptions, lossormalfunctionsofutilities,computer
(hardwareorsoftware)orcommunications
service,accidents,labordisputes, regulatory changes, acts of civil or
military authority or acts of government,centralsecuritiesdepository
andcentralbankincludingtheir
regulatoryagencies.Theexclusionsofthisclauseshallapplytoany
delegateappointedbythe BankunderClause4.01below.
4.Delegation
5.RepresentationandWarranty
6.Limitationson LiabilityandIndemnity
6.02TheBankisundernodutytoexamineorverifythevalidityofthe
ownership ofortitletoanyProperty andshallnotbeliableinrespectof any
defectinownershipor title.
6.03TheBankshallnotbeliableforanytaxesordutiespayableonorin
respectofPropertynorforthemanagementoforanydiminutioninthevalue of
Property.
6.04Injurisdictions restrictingforeignownershipofProperty,theBank
shallhave no duty tothe Depositortoascertainthe nationalityof the
owner ofProperty orthatPropertydeposited isapproved
forforeignownership unlessspecificallyinstructedby the Depositor.
6.05TheBankshallnotbeliableforlossesofanykindwhichmaybe
incurredbytheDepositorasaresultoftheprovisionoftheServicesbythe Bank
in accordancewith the instructionsof the Depositorand marketpractice
nor,inanyothercase, unless duetothebreach bytheBankofthis
Agreement, thenegligence, fraudorwillfuldefaultoftheBankoranyother
personappointedbyitortheirrespectiveofficersoremployeesoragents.
6.06TheDepositoracknowledgesthatthereareparticulardifficultiesin
establishing theauthenticity offixedincomesecurities(including, without
limitation,corporateandgovernmentbonds,billsofexchange,certificates
ofdeposit,convertiblebonds,debentures, promissorynotes,floatingrate
notes,treasurybillsandcommercial paper)settledincertain jurisdictions
andunquotedandoverseas(nondomestic)securities.Accordingly,although
theBankwillendeavortocheckthat,onitsface,aninstrumentand/or
securities’certificateappearsgenuine,itwillnotberesponsiblefor
verifyingthe validityorauthenticityofany such instrumentand will not be
liablefor anydefectin suchvalidityorauthenticity.
6.07TheBankshallindemnifytheDepositoragainstallclaims,liabilities,
damages,costsandexpensesofanykindwhichmaybeincurredbythe
Depositorandallactionsorproceedings which maybebroughtagainstthe
DepositorasaresultofthebreachbytheBankofthisAgreement, the
negligence, fraudorwillfuldefaultoftheBank,anyotherpersonappointed
byitortheirrespective officersoremployeesinconnection withthe
provisionoftheServicesprovidedthatthe Bank shallnot beresponsiblefor
anyconsequential, orindirectlossordamage.Thisindemnityshallcontinue
notwithstandingtheterminationofthis Agreement.
6.10Fortheavoidanceofdoubt,thepartiesherebyagreethattheBankis
notanagentoforatrusteeforanycustomeroftheDepositor, andinno
circumstances shalltheBankand/oranycustomeroftheDepositorhaveany
directrights, obligationsorliabilitiesagainsteach other. The contractual
relationshipisbetweentheDepositorandtheBankandconsequentlyany
matterarisinginrespectofacustomer oftheDepositor shallbedealtwith as
betweentheBankandthe Depositor.
7.Depositor'sInstructions
7.01InacasewherethisAgreementrequirestheinstructionsofthe
Depositortobegiven,theDepositorwillnotifytheBankfromtimetotime
inthemannerrequiredbytheBankofthepersonsorentitiesauthorized to
giveinstructions(the “AuthorizedPersons”).Instructionsshall beissued by
the AuthorizedPerson:
Mr. ______________
(i) In writing,withreceivingandacceptationseal.
(ii)Byauthenticatedcorporateemailaddress;Or
(iii)Bysuchotherformofcommunication astheBankandtheDepositormay
agreeinwriting.
8.Reports,StatementsandInformation
8.01TheBankshallprovidetheDepositorwithsuchreportsandstatements
concerningPropertyand atsuch intervalsas agreedbetweenthem from
time to time.
8.02 TheBank will onthe requestofthe Depositorprepareand
delivertothe Depositor within20bankingdaysoftherequestastatement,
madeupasata datespecified bytheDepositor
(beingadatenotlaterthanonecalendar
monthbeforethestatementisdeliveredtotheDepositor) identifying in
relationto eachdescriptionofProperty:
8.03TheBankwillalsoinformtheDepositorpromptlyofanylegalaction
institutedbyany personconcerningPropertywhichisnotifiedto the Bank in
connectionwiththeprovisionof theServices.
8.04ThedulyauthorizedrepresentativesoftheDepositorshallbeallowed
accesstotheBank'srecordswhichidentify Property aftergivingreasonable
priornoticeto theBank.
8.05TheBankshallprovidetheDepositorwithsuchinformation asthe
Depositor mayreasonably requestconcerning theoperating facilities and
methods whichtheBankemploysinproviding theServicesandshallprovide
reasonableassistancetotheDepositorinreconcilinganydifferenceswhich
mayarisebetweentheBank’sandtheDepositor’srecords.
8.07Saveasotherwiseprovidedherein,theBankagreestokeepall
informationinitspossession relatingtothePropertyandthisAgreement
confidentialand not to disclosesuchinformationtoanythirdparty.
9.FeesandExpenses
9.01TheDepositorshallpayfeestotheBankfortheprovisionofthe Servicesas
agreedbetweenthemfromtimetotime.
9.02TheDepositorshallalsopaytotheBankallotherexpenses incurred by
theBankoranyotherpersonappointedbyitintheprovisionofthe
Services.Acertificateastothe natureandamountofsuch
expensesproduced bytheBankshallbeconclusive
evidenceagainsttheDepositorofthe expenses.
9.03Subjecttothelimitation containedinClause9.04,ifanyofthefees
andexpensesreferredtoinClauses9.01and9.02remainoutstanding after
theyhavebecome dueandpayable, theBankshallbeentitled todebit
automaticallyand/orset off againsttheamountofsuch fees and
expensesany credit balanceonanyaccountoftheDepositor
withtheBankinortowards
settlementandintheeventthatthereareinsufficientfundsinthe Depositor’s
cashAccountforthedebitingthentheBankshallhavetheright to
chargeinterest,up tothe date ofeventualrepayment,at suchrate asthe
Bankshalldeterminein the absenceof any prioragreedrate.
9.05TheBankwillhavetherighttoretentionthedepositedasset,
instrumentorotherin the case ofbreachon paymentobligationof
Depositor. AfteroneyearfromthesigningdateofthisAgreement without
anypayment fromDepositortotheBankofthefeeand/oranyotherexpenses
incurred by theBankrelated tothedeposited instrument
orasset,theBankcansellor any otheractiontogetthe neededcash to
chargethedebtfromDepositor.
10.PowerofAttorney
TheDepositorherebyforthedurationofthisAgreementirrevocably appoints
theBankandanypersonappointed byittobetheattorney fortheDepositor
andinthename andonbehalfandastheactordeedoftheDepositor or
otherwise,withoutanyreferencetoorconsentfrom the
Depositor,toexecute
alldocumentsandtodoallthingsasmayberequiredforthefullexercise
ofalloranyofthepowershereby conferred ontheBankanditsrights
hereunderasitmayconsiderexpedientinconnectionwiththeexerciseof
suchpowersand rights.
11.Termination
This Agreement will be valid for a minimum period of ONE YEAR AND ONE
DAY from the signing date, and may beterminatedby the Bankor the
Depositorgivingnot less than 30bankingdays’noticeto the otherand by
eitherpart givingnoticeof immediatetermination
totheotherpartyanytimeaftertheotherpartyhas contravened
anyoftheprovisionsofthisAgreement, after the termination date of ONE
YEAR AND ONE DAY, excepting inthe situation
ofanyfakeand/orotherwiththeassetand/orbaduseofany
financialinstrumentissuedbyProminence BankinfavoroftheClient.
12.No Waiver
Noactoromission bytheBankortheDepositorpursuanttothisAgreement
shallaffectitsrights,powersandremedieshereunderoranyfurtheror
otherexerciseof suchrightspowersor remedies.
13.Assignment
NeithertheBanknortheDepositormayassignortransferanyofitsrights
orobligations hereunderwithoutthepriorwrittenconsentoftheother
provided thisAgreement shallensureforthebenefit oftheBankandforthe
benefitofits successorsintitleorassigneesincludingany persontowhich
thewholeoranypartoftheoperations oftheBankmayfromtimetotimebe
transferredor vestedby operationof laworotherwise.
14.Communications
14.01ExceptwherethisAgreementprovidestothecontrary,anynotice,
demandorothercommunicationunderthisAgreementgivenbyeitherparty
shallbeinwritingaddressed totheDepositor atitsregistered office
addressoratthelastaddressregistered withtheBankandaddressed tothe
Bankatitsoffice orsuchotheraddress astheBankmaynotifytothe
Depositorforthispurposeandmaybedeliveredpersonally, byleavingitat
suchaddress, bypostorcorporate email,andshallbedeemed tohavebeen
deliveredtotheotherpartyatthetimeofpersonaldeliveryoronleaving
itatsuchaddress,oroutsidethelocationfromwherethenoticeis
dispatchedoron theday of dispatch,if sent by corporateemail,and, inall
cases,to theBankonthe dayof actualreceipt. The “Bank” assigns the
following contact details to all the communications relating to this
Agreement:
14.02InconsiderationoftheBankagreeingtoacceptinstructionsby
facsimiledulysignedorotherwise(“facsimileinstructions”) without
requiringwrittenconfirmationinrespectofany facsimileinstructionsprior to
actingthereontheDepositor.
15.Severability
EachoftheprovisionsofthisAgreementisseverableanddistinctfromthe
othersand,ifoneormoreofsuchprovisionsisorbecomesillegal,invalid or
unenforceable;theremainingprovisionsshallnot be affectedin any way.
16.GoverningLaw
17.PreviousAgreement
ThisAgreementsupersedesandreplacesanypreviousAgreementbetweenth
e partiesin relationtothe Services.
The total Fee for the Deposit and Custody Service is:
TWO PERCENT (2,00%) of the Face Value.