Common use of Preexisting Entity Accounts Clause in Contracts

Preexisting Entity Accounts. The following rules and procedures apply for purposes of identifying United Kingdom Reportable Accounts (“Preexisting Entity Accounts”). A. Entity Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the Reporting Bermuda Financial Institution elects otherwise, either with respect to all New Individual Accounts or, separately, with respect to any clearly identified group of such accounts, Preexisting Entity Accounts with account balances or values that do not exceed $250,000 as of 30 June 2014, are not required to be reviewed, identified, or reported as United Kingdom Reportable Accounts until the account balance exceeds $1,000,000.