Cut-off Time

Section A

New Clause 11A

Any Instructions sent to the Bank for processing on a particular Business Day must be received by the Bank before the cut-off time prescribed by the Bank. Unless stated otherwise, the Bank may treat an Instruction received on a non-Business Day or after the applicable cut-off time as having been received on the following Business Day.

Declining to Act on Customer Instructions for Valid Reasons

Section A

New Clause 15A

The Bank shall be entitled to decline to act on any Instructions and/or delay in acting on any Instructions if :

1. the identity of the Customer or its authorized signatory when giving the Instruction cannot be verified to the satisfaction of the Bank;
2. the Bank has any doubt about the authenticity of the Instruction transmitted to the Bank;
3. the Bank reasonably believes or suspects the Instruction may not have been authorized;
4. the Bank reasonably believes or suspects that the Customer or its authorized signatory may lack mental capacity to give the Instruction or that the Instruction given may not reflect the Customer’s true intention; or
5. the Bank in its absolute and sole discretion determines that other valid reasons exist for the Bank to decline to act on or delay in acting on the Instruction;

and the Bank shall not be liable to the Customer in any manner whatsoever for any loss, cost, damage or expense suffered or incurred by the Customer either directly or indirectly howsoever arising out of or in connection with the Bank so declining to act on or delay in acting on the Customer’s instruction.

Correspondence to Customer

Section A

Revised Clause 30

Unless stated otherwise, Correspondences to Customer shall be deemed received by the Customer and be effective on the specified date and time. The Bank may also serve Correspondences on a Customer by leaving the same at the Customer’s last address registered with the Bank.