PROCEDURE FOR CLOSING CLIENT'S CURRENT ACCOUNTS Sample Clauses

The "Procedure for Closing Client's Current Accounts" clause outlines the steps and requirements for formally terminating a client's active accounts with a service provider or financial institution. Typically, this clause details the necessary notifications, documentation, and any final settlements or reconciliations that must be completed before the account can be officially closed. By establishing a clear process, the clause ensures that both parties understand their obligations, reduces the risk of disputes, and facilitates an orderly conclusion of the business relationship.
PROCEDURE FOR CLOSING CLIENT'S CURRENT ACCOUNTS. 15.1.1. Client's Current Accounts are closed as following: (і) upon Client's application, submitted in accordance with clause 15.1.2. herewith; (іі) upon Bank's initiative in the cases provided for in clause 15.1.3. herewith; (ііі) based on the document issued by the state registrar in accordance with the procedure established by the Law, which confirms the state registration of Client-legal entity's termination, or on the basis of information received by the Bank from the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Associations in the form of free access through the portal of electronic services on the state registration of Client-legal entity's termination; (іv) for other grounds stipulated by this Agreement and the Legislation. 15.1.2. The Client has the right to close at any time all Current Accounts by submitting an application to the Bank for closure of the Current Account and provided that the Client does not have any outstanding obligations to the Bank, regardless of their execution term. The Client may send Current Account Closure Application to the Bank in an electronic format by means of the software and hardware of the Client-Bank System. In this case, such Current Account Closure Application must contain Client's Advanced ES (as this term is specified in clause 5.2 of this Agreement). 15.1.3. The Bank is entitled to close Client's Current Account in the following cases: (і) absence of operations on the Client's Current Account for 3 (three) years in a row (except for transactions for debiting Bank fees for rendered services and interest accrual on the Current Account balance, if applicable) and if there is no balance on the Client's Current Account. (іі) absence of operations on the Client's Current Account for 3 (three) years in a row (except for transactions for debiting Bank fees for rendered services and interest accrual on the Current Account balance, if applicable) and if there is balance on the Client's Current Account. In this case, the Client entitles the Bank (without obligation) to perform Contractual Debiting from such Client's Current Account. The Bank is the beneficiary of such a Contractual Debiting. In case Client's Current Account is being closed under procedure prescribed by this clause, the Bank shall send to the last known Client's address a notice on intention to close the Current Account. The Client shall provide the Bank, within 30 (thirty) calendar days from the date the Bank's notice w...
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PROCEDURE FOR CLOSING CLIENT'S CURRENT ACCOUNTS. 15.1.1. Client's Current Accounts are closed as following: (і) upon Client's application, submitted in accordance with clause 15.1.2. herewith; (іі) upon Bank's initiative in the cases provided for in clause 15.1.3. herewith; (ііі) based on the document issued by the state registrar in accordance with the procedure established by the Law, which confirms the state registration of Client-legal entity's termination, or on the basis of information received by the Bank from the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Associations in the form of free access through the portal of electronic services on the state registration of Client-legal entity's termination; (іv) submitting to the Bank a relevant Application for refusal of the Guaranteed Payment Banking Service for refusal of Banking service acoording clause 5.6 of this Agreement; (v) for other grounds stipulated by this Agreement and the Legislation. 15.1.2. The Client has the right to close at any time all Current Accounts by submitting an application to the Bank for closure of the Current Account and provided that the Client does not have any outstanding obligations to the Bank, regardless of their execution term. The Client may send Current Account Closure Application to the Bank in an electronic format by means of the software and hardware of the Client-Bank System. In this case, such Current Account Closure Application must contain Client's Advanced ES (as this term is specified in clause 5.2 of this Agreement). 15.1.3. The Bank is entitled to close Client's Current Account in the following cases: (і) absence of operations on the Client's Current Account for 3 (three) years in a row (except for transactions for debiting Bank fees for rendered services and interest accrual on the Current Account balance, if applicable) and if there is no balance on the Client's Current Account. (іі) absence of operations on the Client's Current Account for 3 (three) years in a row (except for transactions for debiting Bank fees for rendered services and interest accrual on the Current Account balance, if applicable) and if there is balance on the Client's Current Account. In case Client's Current Account is being closed under procedure prescribed by this clause, the Bank shall send to the last known Client's address a notice on intention to close the Current Account. The Client shall provide the Bank, within 30 (thirty) calendar days from the date the Bank's notice was sent, a paymen...
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PROCEDURE FOR CLOSING CLIENT'S CURRENT ACCOUNTS. 15.1.1. Client's Current Accounts are closed as following: (і) upon Client's application, submitted in accordance with clause 15.
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PROCEDURE FOR CLOSING CLIENT'S CURRENT ACCOUNTS. 15.1.1. Client's Current Accounts are closed as following: (і) upon Client's application, submitted in accordance with clause 15.1.2. herewith; (іі) upon Bank's initiative in the cases provided for in clause 15.1.3. herewith; (ііі) based on the document issued by the state registrar in accordance with the procedure established by the Law, which confirms the state registration of Client-legal entity's termination, or on the basis of information received by the Bank from the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Associations in the form of free access through the portal of electronic services on the state registration of Client-legal entity's termination; (іv) for other grounds stipulated by this Agreement and the Legislation. 15.1.2. The Client has the right to close at any time all Current Accounts by submitting an application to the Bank for closure of the Current Account and provided that the Client does not have any outstanding obligations to the Bank, regardless of their execution term. In case of closing all Current Accounts, the Client also submits to the Bank an Application for Disclaimer of Banking Services. The Client may send Current Account Closure Application to the Bank in an electronic format by means of the software and hardware of the Client-Internet Banking System "OTP Online". In this case, such Current Account Closure Application must contain Client's Electronic Digital Signature (as this term is specified in clause 5.2 of this Agreement). 15.1.3. The Bank is entitled to close Client's Current Account in the following cases: (і) absence of operations on the Client's Current Account for 3 (three) years in a row (except for transactions for debiting Bank fees for rendered services and interest accrual on the Current Account balance, if applicable) and if there is no balance on the Client's Current Account. (іі) absence of operations on the Client's Current Account for 3 (three) years in a row (except for transactions for debiting Bank fees for rendered services and interest accrual on the Current Account balance, if applicable) and if there is balance on the Client's Current Account. In this case, the Client entitles the Bank (without obligation) to perform Contractual Debiting from such Client's Current Account. The Bank is the beneficiary of such a Contractual Debiting. In case Client's Current Account is being closed under procedure prescribed by this clause, the Bank shall send to the last known ...
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Related to PROCEDURE FOR CLOSING CLIENT'S CURRENT ACCOUNTS

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