Company Details Form - C - BMI

2.4 The Customer also agrees to receive any real time
promotions from the Bank.
3. Dealing
3.1 Dealings between the Customer and the Bank shall be carried
out in writing (including fax), by phone or email (Provided
phone, fax and email indemnity is executed by the Customer
in form and acceptable to the Bank) or other electronic
means (including online order placement) or orally. The Bank
shall not be obliged to acknowledge or accept any request to
sell or purchase any particular investment. Subject to these
terms of business, the Bank shall use all reasonable endeavors
to carry out the Customer’s request but shall be under no
liability for any loss or expense the Customer may incur by
reason of any delay or change in market conditions before
the transaction is effected or by any failure to execute such
transaction, including but not limited to failure to execute a
stop loss (limit) order.
3.2 The Bank will execute all the Customer’s orders sequentially
and promptly unless it considers that characteristics of a
Customer’s order or prevailing market conditions make
this impracticable, or that a Customer’s interests require
otherwise. The Bank does not represent or warrant that
it will be possible to execute such order or that execution
will be possible according to the Customer’s instructions,
including but not limited to receiving a large buy or sell
market order in an illiquid stock will result in unanticipated
execution price than the quoted price on receiving the order.
In case of such situations the Bank will use its own discretion
to place it as market or limit orders in small lots. The Bank
shall carry out an order on behalf of the Customer only when
the relevant market is open for dealings, and the Bank shall
deal with any instructions received outside market hours as
soon as possible when that relevant market is next open for
business.
3.3 When the Transaction is carried out in currencies other than
BHD and USD, the Bank may need to convert the transaction
currency to the currency in which the Customer’s account is
denominated, at the prevailing market exchange rate.
4. Settlement
4.1 The Customer is obliged to pay for the securities purchased
by the Bank on or before the settlement date. If at the time
of settlement of a Transaction, there are insufficient funds
in the Customer’s account to enable the Bank to meet the
settlement obligations, the Bank shall not be obliged to
settle the Transaction. Where there are insufficient funds
in the Customer’s account and the Bank does proceed to
settlement, the Bank may at its sole discretion decide to
accept delivery of securities, debit the Customer’s account
for the payment to satisfy Customer’s obligation, sell
the securities without any further confirmation from the
Customer (one or more securities to cover the obligation) at
any price the Bank believes to be reasonable, and credit the
Customer’s account with net proceeds thereof. In case the
proceeds are less than the settlement amount paid by the
Bank, then clause 4.4 of the Terms of Business shall apply.
4.2 The Bank shall promptly send the Transaction Confirmation
executed by the Bank on your behalf on any particular day,
by post, to the address given by you on the Bank’s record.
The Bank shall keep such records for a maximum of 5 years
or as otherwise required by Bahrain Law. Any change in the
Customer’s address, email address, fax number or any other
means of communication, should be promptly notified to
the Bank in writing. Failure to do so will be at the Customer’s
risk and responsibility.
4.3 Third party’s risk of non-performance
The Customer agrees and understands that in some security
markets, the delivery of securities and payment thereon may
not be made simultaneously. In such markets, the Bank may
make payments or delivery of securities at such time and in
such manner as is in accordance with relevant local law and
practice or with the customs prevailing in the relevant markets.
The Customer shall bear the risk that the counterparty to the
transaction may not pay or perform on time or at all.
4.4 If the Customer defaults in paying any amount by the due
date (including without limitation, any interest payments
due on any outstanding amount), the Bank shall be entitled
on such date to pay to the credit of, or as the case may be,
debit to any holding, book entries, account or accounts of the
Customer held with the Bank (including any joint account)
in which the Customer may have an interest, the amount
in question in the appropriate currency or, at our option,
equivalent thereof (at current market rates as determined
by the Bank’s treasury department at its sole discretion),
in any other currency or currencies in which any balance on
such account or accounts may then be denominated. The
Customer waives the right to interpose any counter-claim or
set-off of any nature or description in any litigation between
the Bank and the Customer.
5. Events of Default
“Event of Default” includes, but is not limited to, the following.
(a) the Customer’s failure to make any payment to the Bank in
accordance with Clause 4; or
(b) the Customer’s failure to perform any obligation due to the
Bank; or
(c) if the Customer is an individual, the Customer’s death; or
(d) the initiation by the Customer or any third party of
proceedings for the Customer’s bankruptcy or liquidation
or if the Customer makes an arrangement or composition
with Customer’s creditors or any other similar or analogues
procedure is commenced in respect of the Customer; or
(e) the Customer is or becomes unable to pay his debts as and
when they fall due; or
(f) a Material Adverse Change occurs.