Common use of Right of Disposal Clause in Contracts

Right of Disposal. 2.1 The Account Holder hereby grants eSett an unconditional right of disposal over the balance on the Cash Account, to be utilized in accordance with the Imbalance Settlement Agreement (with its Appendices). The Account Holder irrevocably instructs and authorises, without any further permission from the Account Holder, the Settlement Bank to comply with the terms of any written notice or instruction relating to the Cash Account issued by eSett. 2.2 The Settlement Bank may not oppose such notice or instruction or conduct any investigations regarding the validity of such notices or instructions save for a customary check that the instructions are given by an authorised party and, if applicable, any other checks required by applicable mandatory law, including but not limited to know-your-customer checks. 2.3 The right of disposal under Section 2.1 may not be revoked or amended by the Account Holder and shall remain in effect until eSett has confirmed in writing that the account is no longer required for the Nordic Imbalance Settlement and the right of disposal can be revoked. 2.4 For avoidance of doubt it is stated that the Account Holder has a parallel right of disposal over the balance on the Cash Account. 2.5 In utilizing the funds on the Cash Account, the Account Holder shall follow the obligations set out in the Imbalance Settlement Agreement. The Bank is not required to monitor that said obligations are followed or obligated to indemnify eSett if the Account Holder utilizes the funds from the Cash Account against the Imbalance Settlement Agreement or other agreement made between the Account Holder and eSett. 2.6 The Account Holder may not grant a third party a right of disposal, nor pledge the Cash Account or the funds on it to third parties.