corporate banking account application package · 2017-01-06 · account application package please...

Corporate Banking

Account Application Package

Please ensure all sections are fully completed and all supporting documentation forwarded with theapplication. Incomplete application may delay the account opening process. If you have any queries,please contact us on (345) 949 7055. Please return this form in person or by mail to: Butterfield Bank(Cayman) Limited, 12 Albert Panton Street, Grand Cayman, Cayman Islands.

Internal Use Only

Date: Customer No.:

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Name of entity/organisation:

Type of entity/organisation: Company General Partnership Limited Partnership

Limited Liability Partnership Non-profit Corporation / Organisation

Other (please describe:)

Correspondence Address:

Registered Office Address:

Telephone: Fax:

Date of Incorporation/Formation: Company Registration Number (if applicable):

Country of Incorporation/Formation:

Country of Business:

Tax Identification Number: Country of Issue:

If the entity/organisation is a resident for tax purposes in any country other than the one listed above, please list each country below and the corresponding tax identification number held:

Country: Tax Identification Number:



Global Intermediary Identification Number (if registered with the IRS for FATCA reporting purposes):

Is the entity/organisation sponsored for FATCA reporting purposes? Yes No

If “Yes”, name of sponsored entity:

Global Intermediary Identification Number of sponsoring entity:

SECTION 1 - GENERAL INFORMATION

CORpORATE ACCOuNT AppLICATION FORM Corporate Banking

If entity was incorporated in the US or formed under the laws of the US, thisinformation must be supported by a completed IRS form W-9 (accessible at www.IRS.gov)

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SECTION 2 - BENEFICIAL OWNERSHIp INFORMATION


(i) Is the entity/organisation’s stock publicly traded or is it an affiliate of a publicly traded company? Yes No

If “Yes”, what is the name of the publicly traded company and on what stock exchange(s) are securities traded:

(ii) Are there any intermediary entities involved in the ownership structure of the entity/organisation? Yes No

If “Yes” please provide details of these entities below (attach additional sheets if necessary):

Name of Entity/Organisation Country of Incorporation/Formation Ownership (%)

1.

2.

3.

4.

5.

Is the share capital of any of the entities issued in the form of bearer shares? Yes No

(iii) List every person that is an ultimate beneficial owner(s) of organisation/entity with an equity interest in excess of 10%

(Please note that each of these individuals must also complete a Declaration of Tax Status Form in support of this request)

Full Name Country of Citizenship Country of Residence Date of Birth(dd/mm/yy)

Shareholding(%)

176609

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SECTION 3 - BuSINESS ACTIVITY


Please describe the principal activities/business lines of the entity/organisation:

(i) Is the entity/organisation considered to be an “Exempt Beneficial Owner” under FATCA (such as a governmental Yes No or international organisation) as described in the US Treasury Regulations sections 1.1471-6(b) through (g)?

If “Yes”, you must confirm this to Butterfield by submitting a completed IRS Form W-8BEN-E or W-8EXp (as appropriate) with your application. (These may be accessed at www.IRS.gov).

(ii) If “No”, does the entity/organisation:

a) provide banking or similar deposit-taking services? Yes No

b) hold financial assets for the account of others as a substantial portion of its business? Yes No

c) act as a portfolio manager, fund administrator or fund manager, or engage in the business of investing, reinvesting or trading securities, partnership interests, commodities or any interest in such assets (including derivatives such as forwards, futures, or options)? Yes No

d) operate as an insurance company (or holding company of an insurance company) that issues policies with cash surrender values or annuities? Yes No

e) operate as a captive insurance or reinsurance company (or is affiliated with a captive insurance or reinsurance company) that:

• sellslifeinsurancepolicies,annuities,oranyotherformofotherinsurancewhichhasa cash value greater than $50,000 or; Yes No

• holdspoliciesthatconstituteassumptionreinsurance? Yes No

(iii) If “No,” is the entity/organisation an “Investment Holding Company”, (i.e. one that derives more than 50% of its gross earnings from passive income such as interest, dividends, rental income, royalties, annuities or gains from the sale of such investments and which has deployed more than 50% of its assets (as a weighted average percentage)

for the production of passive income?) Yes No

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SECTION 4 - BuSINESS HISTORY


Total assets of entity/organisation:

Annual turnover (last 3 years, in $mil) Year: $ Year: $ Year: $

Issued share capital (if applicable): $ Have all shares in issue been registered? Yes No

Is the entity/organisation:

Establishing a banking relationship for the first time

Diversifying its existing banking arrangements

Exiting an existing banking relationship

Name and location of bank that is being exited (if applicable):

What attracted you to Butterfield?

List any other bank with which the entity/organisation maintains relationships:

Name of Financial Institution Country primary Service provided

Will any intermediary be involved in the management of this account? Yes No

If “Yes”, please complete the table below:

Name of Intermediary Relationship with account

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Type of account: Brokerage Specify currency: Savings Specify currency:

(select all that apply) Chequing/Current Specify currency: Subscription to Butterfield mutual funds Specify currency:

Custody Specify currency: Treasury Fixed, Call or Notice Deposit Specify currency:

Purpose of account: Operating account Management of third party client monies

(select all that apply) Savings/Cash management Management of personal/family wealth

Administration of security holdings Fund administration/management

Details of Initial deposit (if applicable): (Butterfield reserves the right to close the account if not funded within 30 days of opening.)

Deposit amount: $ ($2,500 minimum)

Method of delivery: Wire Bank Draft Internal Transfer Personal cheque Cash

Source of funds: Name:

City: Country:

How were the funds obtained?

Expected value of future deposits per month: $ Expected number of future deposits per month:

Principal source of future deposits: Retail Sales Insurance/Reinsurance premiums

Professional fees/commissions Client monies

Investment income Rental income

Principal counterparties from which deposits/securities will be received:

Name of counterparty place of business (if in another country)

What are the common channels through which credits to the account will be received?

International wire transfer: % Domestic transfers: % Internal transfers (inter-account): %

Cash: % Domestic cheques: % Direct deposit: %

Overseas cheques: % Bank drafts: % Other: %

Expected value of credit transactions per month: $ Average number of credit transactions per month:

SECTION 5 - ACCOuNT REQuIREMENTS


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Principal currencies in which these transactions will be made (if not account currency):

Principal counterparties to which payments will be made:

Name of counterparty place of business (if in another country)

Anticipated breakdown of channels through which payments will be processed:

International wire transfer: % Domestic transfers/Direct deposit: % Internal transfers (inter-account): %

Cash: % Domestic cheques: % Bank Drafts: %

Anticipated methods of initiating banking transactions:

Online Banking: % Fax: % Banking Centres: % Mail: %

SECTION 5 - ACCOuNT REQuIREMENTS


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Signature Name of authorised signatory Position with respect to Date (dd/mm/yyyy) entity/organisation

SECTION 6 - DECLARATION


1. I/We have been properly authorised to sign this Declaration on behalf of __________________________________________ (the entity)

pursuant to a Meeting of its directors / trustees / partners (delete as appropriate) dated __________________ 20__ ____.

2. I/We apply to open an account and agree that this and any future accounts provided by Butterfield Bank (Cayman) Limited or any of its subsidiaries

or affiliates (“Butterfield”) shall be operated in accordance with Butterfield’s General Terms & Conditions, a copy of which may be obtained from

Butterfield’s website and which may be amended at Butterfield’s sole discretion from time to time.

3. This/These account(s) is/are not being acquired in violation of any applicable law.

4. I/We confirm that the entity will comply with all present and future tax and exchange control laws, regulations and reporting requirements relating to its

account(s) maintained at Butterfield.

5. The information provided in this form is complete and accurate to the best of my/our knowledge and belief.

6. I/We shall notify Butterfield immediately of any change in this information, including (but not limited to): (i) any change in the tax status of the entity

or; (ii) any change in either the individuals that are beneficial owners of the entity or in their respective beneficial ownership interests. I/We shall cause

the entity to supply Butterfield with an updated form together with any additional documentation that Butterfield, in its sole discretion, may reasonably

request within 30 days of such changes occurring, and further understand and agree that any failure to do so shall entitle Butterfield to suspend the

services it provides to the entity, up to and including the termination of any account provided.

I/We authorise Butterfield, at its sole discretion, to provide a copy of this form and information regarding any account with Butterfield to: (i) any tax

authority or party authorised on behalf of such authority; (ii) any person that has control, receipt, or custody of income of which the entity is the owner; or

(iii) any party that can disburse or make payments of income of which the entity is owner.

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Signature Name of authorised signatory Position with respect to Date (dd/mm/yyyy) entity/organisation

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Full name:

Permanent (residential) address:

Mailing address (if different from permanent address):

Telephone: (Home): (Work): (Mobile): (Fax):

E-mail:

Date of Birth: Country of birth:

Country of residence:

Country of citizenship: Do you hold citizenship with another country? Yes No

If “Yes”, please list countries below:

Are you a resident for tax purposes of any country other than Cayman? Yes No

If “Yes”, please list country(ies) of residence for tax purposes and corresponding social insurance/similar tax payer identification number (where applicable):

Country Identification number

YOuR pERSONAL INFORMATION

DECLARATION OF TAX STATuS Corporate Banking

A separate form must be completed by every individual with an equity interest in excess of 10%.

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1 a US Person is defined in Section 7701 (a) (30) of the Internal Revenue Code as a citizen or resident of the United States. A citizen generally means a person born or naturalised in the United States. A resident of the United States generally means (i) a lawful permanent resident, which includes the holder of a Green Card; (ii) an individual who meets a test indicating “Substantial Physical Presence” for the calendar year in the United States; or (iii) an individual who makes a valid election to be treated as a resident of the United States. If you are unsure whether you are a US Person, you should consult your tax adviser.

YOuR DECLARATION

DECLARATION OF TAX STATuS Corporate Banking

To enable Butterfield to confirm and document my tax status accurately (including, but not limited to, my tax status as a U.S. Person or Non-US Person for

US federal income tax purposes), I hereby certify that:

1. The information provided in this Declaration is complete and accurate.

2. I am the beneficial owner of the account, or I am authorised to sign on behalf of the individual who is the beneficial owner of the account.

3. I will notify Butterfield immediately of any change in the personal information provided in this Declaration or in my circumstances relevant to this

Declaration, and will provide Butterfield with an updated Declaration within 30 days of such a change occurring. I further understand and agree that

any failure to do so shall entitle Butterfield, in its sole discretion, to terminate any account in which I have a beneficial interest.

4. I will comply with all tax and exchange control laws, regulations and reporting requirements imposed by any applicable jurisdiction relating to my

accounts maintained with Butterfield.

5. I am currently a US person.1 This assertion must be supported by a completed IRS form W-9 (accessible at www.IRS.gov/formspubs)

OR

I am not currently a US person,1 and I will notify Butterfield should I become one. Please note that you may be required, under certain

circumstances, to provide additional information/documentation confirming your tax status.

6. I authorise Butterfield, at its sole discretion, to provide a copy of this form and any information regarding any account with Butterfield to which I am a

party to any tax authority or party that is authorised to act on behalf of such an authority.

Signature Name (Print) Date (dd/mm/yyyy)

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NEW ACCOuNT SIGNATuRE CARD Corporate Banking

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Name of Company:

Name Signature

TO BE TYpED OR pRINTED SIGN BESIDE NAME

Name Signature

Name Signature

Name Signature

Name Signature

Name Signature

Name Signature

Name Signature

Name Signature

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RESOLuTION AuTHORISING BANK ACCOuNT, LOANS AND RELATED MATTERS Corporate Banking

I,___________________________________________, Secretary of ____________________________________ a Company duly organised and existing under the Laws of ___________________________________________ and having its principal place of business at ___________________________________________ , HEREBY CERTIFY that the following is a true copy of resolution duly adopted by the Board of Directors of said Company at a Meeting thereof duly convened and held, on ___________________________, at which a quorum was present and voting throughout and that such resolution is now in full force and effect, and is in accordance with the provisions of the charter and by-laws of said corporation.

RESOLVED:1. That this Company be and hereby is authorised to establish an account or accounts with Butterfield Bank (Cayman) Limited, Grand Cayman, for the

purposes of buying, selling, paying or collecting bills of exchange or other instruments for the payments of money (which shall be deemed to have been unqualifiedly endorsed by this company whether or not actually so endorsed); issuing letters or credit, transmitting moneys by draft, cheque, SWIFT (Wire Transfer), or otherwise; borrowing money for which the assets of this company may be pledged as collateral security, and for any purpose incidental to the foregoing.

2. That _____________________________________________________________________________________________________________________________ if officer(s), designate office(s) only, for example, President, Treasurer, etc.; If person(s) other than officer(s) insert name(s).

_________________________________________________________________________________________________________________________________ If two or more designated, indicate whether they are to sign singly, any two, jointly or otherwise

be and hereby are authorised, from time to time, for and on behalf of this Company to open a Bank account or accounts with the Bank to endorse cheques, drafts, notes acceptable and other instruments and to make and sign cheques, drafts, notes acceptance and other instruments and orders with respect to any funds at any time to the credit of this Company with the Bank and against any accounts of this Company maintained at any time with the Bank, and that the Bank be and hereby is authorised to pay and debit the same to any account of this Company then maintained with the Bank, including such as may bring about an overdraft, without inquiry as to the circumstances of their issue or the disposition of their proceeds, whether drawn or endorsed to the individual order of, or tendered in payment of the individual obligations of, any officer or person signing the same, any other officers of this Company or otherwise, and to receive, as the act of the Company, reconcilements of accounts when signed by any of the above named officers or persons, or their appointees.

3. That _____________________________________________________________________________________________________________________________ if officer(s), designate office(s) only, for example, President, Treasurer, etc.; If person(s) other than officer(s) insert name(s).

_________________________________________________________________________________________________________________________________ If two or more designated, indicate whether they are to sign singly, any two, jointly or otherwise be and hereby are authorised on behalf of this

Company;

(i) To authorise and request the Bank to purchase, exchange, sell, receive, deliver or otherwise deal in or with stocks, bonds and other securities for the account of this Company;

(ii) To discount with the Bank notes, draft or other commercial paper, whether or not negotiable;(iii) To apply for letters or other forms of credit on any terms;(iv) To borrow money and to obtain credit or other accommodation from the Bank on any terms;(v) To pledge, mortgage, hypothecate, assign or otherwise create any lien upon any property real or personal of this Company as security for any

loan, credit or accommodation from the Bank;(vi) To enter into any agreement relating to any general or specific transaction with the Bank;

and in connection with any of the foregoing, in the name and on behalf of this Company to accept, receive, withdraw or waive notices, demands, protests, vouchers, papers or property and to make, execute and deliver such notes, obligation, guarantees, instruments, assignments, receipts, waivers, acquittances, indemnities or other agreements pertaining thereto as the officers or persons acting pursuant to this authorisation may in their discretion deem advisable.

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RESOLuTION AuTHORISING BANK ACCOuNT, LOANS AND RELATED MATTERS Corporate Banking

4. That the Secretary or Assistant Secretary of this Company be and hereby is authorised and directed to certify to the Bank the names of the present officers of this Company and other persons authorise to sign for it, and the offices respectively held by them, together with specimens of their signatures, and from time to time hereafter, as changes in such personnel are made, immediately to certify such changes to the Bank, and the Bank shall be fully protected in relying on such certifications and shall be indemnified and held harmless from any claims, demands, expenses, loss or damage resulting from, or arising out of, honouring any signature so certified or refusing to honour any signature not so certified.

5. That the Secretary or Assistant Secretary of this company be and hereby is authorised and directed to certify to the Bank that this resolution has been duly adopted, is in full force and effect and is in accordance with the provision of the articles and memorandum of association of this Company.

6. That any loan heretofore effected, any notes or other obligations evidencing the same, any withdrawals of money heretofore made, and any other transactions heretofore had on behalf of this Company with the Bank be and hereby are ratified, confirmed and approved, and that the Bank be and hereby is authorised to rely upon the authority conferred by this resolution until the receipt by it of a certified copy of a resolution of this Board of Directors revoking or modifying the same.

7. That all business conducted between this Company and the Bank be subject to the General Terms and Conditions for conducting business with the Bank and that a copy of such current General Terms and Conditions has been received and agreed to by the Company.

I FuRTHER CERTIFY that the following now occupy(ies) the (respective) office(s) designated in the above-quoted resolution and that the same is (are) duly qualified as such officer(s);

NAMES TITLES OF OFFICES HELD:

IN WITNESS WHEREOF, I have hereunto set my hand as Secretary of said Company and affixed the Company seal this ________________________________

day of________________, _________. _________________________________________________________________________________________ AS SECRETARY OF THE SAID COMpANY

(Company Seal - If Used) _________________________________________________________________________________________ OTHER OFFICER _________________________________________________________________________________________ OTHER OFFICER’S TITLE

NOTE: * In case the Secretary or other recording officer is authorised to sign cheques, notes, etc. by the above resolutions this certificate must ALSO be signed by a SECOND OFFICER of the corporation. ** Please initial the bottom of each page of this agreement/certificate.

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P.O. Box 705 | Grand Cayman KY1-1107, Cayman Islandswww.butterfieldgroup.com

Butterfield Bank (Cayman) Limited.

Information Classification: Public

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Company name: E-mail address:

Type of Administrator rights

The Administrator’s role is to set up business users and assign access rights and accounts, as well as manage the Butterfield Online service on behalf of the company.Select from one of the options below whether you wish for Administrators to act independently or to have all administrator actions authorised by a second administrator:

Business Administrators act independently Business Administrators need authorisation (Sets mandatory dual authorisation)

Indicate how you wish to receive your Butterfield Online user ID and password:

I would like to visit the following Branch for local pickup:

or send by (overseas customers): Registered mail (no cost) Courier e.g. Fedex (charges apply)

Mail or courier address:

Butterfield Online Business Banking Application

Continued overleaf

Business Administrator details

1. Name: E-mail address:





I / We request Butterfield Bank (Cayman) Limited to activate the use of Butterfield Online Internet Banking Service (“The Service”) or the accounts specified in theSchedule of this application form. I/We have read, agree to and will comply with the with the terms and conditions of the service as detailed in the ButterfieldOnline Business Banking Agreement. I/We have completed the Company’s/Business’ Resolution Authorising Online banking on the Bank’s standard form herewith.

Authorised Signature Date




Resolution Authorising Online Banking

A I, __________________________________________________________ , Secretary of ____________________________________________________ Ltd./Limited),

a Company duly organised and existing under the laws of the Cayman Islands and having the principle place of business in _____________________________

________________________________________, HEREBY CERTIFY that the following is a true copy of resolution duly adopted by the Board of Directors of said

Company at a meeting thereof duly convened and held on _____________________________________________________ ,at which a quorum was present and

voting throughout and that such resolution is now in full force and effect, and is in accordance with the provisions of the Memorandum and Articles of

Association of the Company.

B I, __________________________________________________________ , authorised signatory of _________________________________________ (The Business),

having its office at _________________________________________________ , HEREBY CERTIFY that I am an authorised signatory of The Business and that the

following is a true representation to the Bank.

Business details

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Butterfield Bank (Cayman) Limited.


Resolved

Butterfield Online Business Banking Application (continued)

Accs. verified I. Enabled To branch Input by Chk'd by

FOR BANK USE ONLY

I FURTHER CERTIFY that the following now occupy(ies) the (respective) office(s) designated in the above-quoted resolution and that the same is (are) duly qualified as such officer(s);Names: Titles of Offices Held:

Names: Titles of Offices Held:



IN WITNESS WHEREOF, I have hereunto set my hand as Secretary of said Company and affixed the Company seal (if adopted).AS SECRETARY OF THE SAID COMPANY/BUSINESS*

OTHER OFFICER: OTHER OFFICER'S TITLE:

DATE: (Company Seal)

*Note: In case the Secretary or other recording officer is authorised to act as Business Administrator by the above resolutions this certificate must ALSO be signed by a SECOND OFFICER of the Company.

1 That this Company/Business be and hereby is authorised to operate the Company's/ Business' account or accounts with Butterfield Bank (Cayman) Limited, Butterfield Money Market Fund Ltd. - USD, Butterfield Money Market Fund Ltd. - CAD, Butterfield Money Market Fund Ltd. - GBP, Butterfield Money Market Fund Ltd. - EURO, Butterfield Liquid Reserve Fund Ltd., Butterfield US$ Bond Fund Ltd., Butterfield Capital Appreciation Bond Fund Ltd., Butterfield International Income Fund Ltd., Butterfield Equity Fund Ltd., Butterfield Asia Fund Ltd., Butterfield Select Fund, Butterfield International Balanced Fund USD, Butterfield International Balanced Fund STG and/or Butterfield Global Blue Chip Fund, Grand Cayman, (together, the “Bank”) that are specified in the Butterfield Online Application form (each a “Service Account”) using the Bank's electronic banking service called “Butterfield Online” on the terms of the Butterfield Online Corporate/ Business Banking Agreement.

2 That _______________________________________________________________________________ (Appointing User Administrator - specify name(s)) (If officer(s), designate office(s) only, for example, President, Treasurer, etc.; If person(s) other than officer(s) insert name(s)). be and hereby are authorised, from time to time, for and on behalf of this Company/Business to act as Business Administrator in respect of the Company's/ Business'

account or accounts operated by Butterfield Online with full authority to operate any Service Account in accordance with the Butterfield Online Business Banking Agreement and the Butterfield Online Tutorial including without limitation to appoint any other User pursuant thereto and to specify the authorisation level of that User within Butterfield Online in respect of each Service Account.

3 That _______________________________________________________________________________ (Person(s) authorised to sign Online Application) (If officer(s), designate office(s) only, for example, President, Treasurer, etc.; If person(s) other than officer(s) insert name(s)). be and hereby are authorised on behalf of this Company/Business: To execute the Butterfield Online Application for and on behalf of the Company/Business and to

deliver the same to the Bank; and to execute the Butterfield Online Business Banking Agreement for and on behalf of the Company/Business and to deliver the same to the Bank; to enter into any agreement relating to any other general or specific transaction with the Bank; and in connection with any of the foregoing, in the name and on behalf of this Company/Business to accept, receive, withdraw or waive notices or demands and to make, execute and deliver such receipts, waivers, indemnities or other agreements pertaining thereto as the officers or persons acting pursuant to this authorisation may in their discretion deem advisable.

4 That the Secretary or Assistant Secretary of this Company/Business be and hereby is authorised and directed to certify to the Bank and names of User Administrator authorised to sign for it, and the offices respectively held by them, together with specimens of their signatures, and from time to time hereafter, as changes in such personnel are made, immediately to certify such changes to the Bank, and the Bank shall be fully protected in relying on such certifications and shall be indemnified and held harmless from any claims, demands, expenses, loss or damage resulting from, or arising out of, honouring any signature so certified or refusing to honour any signature not so certified.

5 That the Secretary or Assistant Secretary of this Company/Business be and hereby is authorised and directed to certify to the Bank that this resolution has been duly adopted, is in full force and effect and is in accordance with the provision on the Memorandum and articles of Association of this Company/Business.

6 That any resolution authorising the opening of any Service Account with the Bank and all agreements concerning the operation of such Service Account shall be modified only to the extent provided herein or by the Butterfield Online Business Banking Agreement, and that the Bank be and hereby is authorised to rely upon the authority conferred by this resolution until the receipt by it of a certified copy of a resolution of this Company/Business revoking or modifying the same.

7 That all business conducted between this Company/Business and the Bank be subject to the General Terms and Conditions for conducting business with the Bank subject to the Butterfield Online Business Banking Agreement and that a copy of such Terms and Conditions be duly received and agreed to by the Secretary of this Company/Business.

8. That the User Administrator be and hereby is authorised from time to time for and on behalf of ________________________________________________________ (”Company/Business”) to access and operate the account or accounts of _______________________________________________________________________ (”Client”) operated by Butterfield Online directly from the User Administrator’s own Service Account in accordance with the Butterfield Online Business Banking Agreement and the Butterfield Online User Guide.

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1. DEFINITIONS:

1.1 In this Agreement the following terms shall have the corresponding definitions:

“Agreement” means this Personal Banking Agreement as supplemented by the Schedule of Fees and the Online Tutorial.

“Application” means the Butterfield Online Personal Banking Application submitted by the Client to the Bank requesting the Service in respect of the Service Accounts.

“Authorised User ID and Password” means any User ID and password assigned by the User Administrator to each authorised User of the Service (which password may be amended by the Client from time to time) to allow access to the Service.

“Butterfield”, “Bank”, “we”, “us” and “our” means Butterfield Bank (Cayman) Limited, Butterfield Money Market Fund Ltd. – USD, Butterfield Money Market Fund Ltd. – CAD, Butterfield Money Market Fund Ltd. – GBP, Butterfield Money Market Fund Ltd. – Euro, Butterfield Liquid Reserve Fund Ltd., Butterfield US$ Bond Fund Ltd., Butterfield Capital Appreciation Bond Fund Ltd., Butterfield International Income Fund Ltd., Butterfield Equity Fund Ltd., Butterfield Asia Fund Ltd., Butterfield Select Fund, Butterfield International Balanced Fund USD, Butterfield International Balanced Fund STG and/or Butterfield Global Blue Chip Fund.

“Butterfield Online”, “the Service”, “electronic banking service” means the service which provides access to the Bank’s computer system and enables clients access to, including giving instructions on, their own accounts with the Bank.

“Client”, “Account Holder”, “you”, “user(s)” means the customer(s) applying to use Butterfield Online.

“Client User ID and Password” means the User ID and password provided by the Bank to the Client pursuant to the Application (which password may be amended by the User Administrator from time to time) to allow access to the Service.

“Service Account” means any account that may be an account of the Client with Butterfield, as specified in the Schedule to the Application (or any other document), which the Client wishes to access using the Service.

“Schedule of Fees” means the schedule published by the Bank from time to time specifying the Bank’s fees for services including Butterfield Online.

“User” means any account holder of the Service Account authorised to operate any Service Account.

“User Administrator” means the individual(s) delegated by the Client in the Application who is responsible for assigning Authorised User IDs and Passwords, as well as assigning authorisation levels to Users.

“Online Tutorial” means the Online Tutorial published by the Bank for use of Butterfield Online (as amended by the Bank from time to time).

2. AGREEMENT FOR PROVISION OF SERVICE

2.1 This Agreement provides the only and full understanding of the terms and conditions for use of the Service. No waiver, alteration or modification shall be binding unless in writing and approved by the Bank. Neither the course of conduct of the Client nor trade usage shall act to modify or alter any provision of this Agreement.

2.2 The Client may not assign this Agreement without prior written consent of the Bank. If any part of this Agreement is held invalid, the remaining parts will continue to be valid and enforceable.

2.3 This Agreement shall be for the exclusive benefit of the Bank and the Client.

2.4 Operating parameters, hours of service, and deadlines are described in the Online Tutorial. The Bank may amend the Online Tutorial at any time. The Client’s continued use of the Service subsequent to the issue of any amendments shall constitute acceptance of the amendments.

2.5 Where the Bank is a party to a dispute, the electronic records retained by the Bank shall (save in the case of fraud or manifest error) serve as the sole and accurate record of the events and shall be admissible in a court of law as such, with equal evidentiary value as a duly authorised paper document.

2.6 The Bank reserves the right to cancel this Agreement with immediate effect in the event that legal, regulatory, or other governmental decisions or developments would or might, in its sole opinion, preclude the Bank from providing the Service.

2.7 The Bank may, at its absolute discretion and with immediate effect, suspend services should the Bank, in its sole opinion, consider that activity has occurred which constitutes fraudulent use of Butterfield Online, attempts to perpetrate fraud through Butterfield Online, violates regular account operation rules and regulation, Bank policy, or Cayman Islands Law; and the Bank shall not be obliged, in any such case, to specify the precise nature of its concerns, but may simply make reference to this clause.

3. AUTHORISATION & SECURITY

3.1 The Client authorises the Bank to act upon instructions received through the Service for the transfer of funds or other Bank services in accordance with the Bank’s operating procedures, rules and guidelines (as may be amended from time to time). Any action taken by the Bank on such instructions will have the same legal effect and will bind the Client as fully and effectively as if they had been given in writing and signed by the Client.

3.2 The Bank will provide the Client with a single Client User ID and Password to obtain access to the Service. Such Client User ID and Password may be shared between account holders or one account holder may be delegated the role of User Administrator. The User Administrator may provide separate Authorised User ID and Password to any other joint-account holder for access to the Service.

3.3 The Client understands and agrees that they alone are solely responsible for the selection, use, confidentiality, and protection of passwords and identifiers. The Bank may, at its sole discretion, deny access to the system for security reasons.

3.4 No confirmation is required by the Bank from the Client on properly authorised transactions or instructions sent from the Client to the Bank using the Service.

3.5 The Client confirms that authorised Users of this Service shall be restricted to the joint-account holders of the account only. Further all account holders confirm and agree that any special signing or authorisation requirement applicable for paper based transactions and instructions will not be applicable when using the Service.

3.6 All Bank products and services accessed through the Service will continue to be operated according to their individual ordinary agreements, rules and guidelines, (including fee schedules), as amended by the Bank from time to time. However, section 3.5 overrides any existing mandates, authorities and arrangements you have with the Bank on your existing accounts.

3.7 The Client will report to the Bank in a timely manner in writing, any suspected breach in the Client’s security through access to the Service. Such notice will be effective when received by the Bank. The Bank is not liable for any loss that occurs should there be a breach in the Client’s security prior to receipt of notice of the breach by the Bank. The Client is solely responsible for advising the Bank to (a)

BuTTERFIELD ONLINE BANKING AGREEMENT Corporate Banking

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Block users from access to Butterfield Online, and (b) Add and/or remove Service Accounts. Such advice shall be in writing to the Bank and signed by all parties to the account or through the Secure Messaging option via Butterfield Online.

4. JOINT ACCOUNT HOLDER(S)

4.1 Joint account holders will be provided with one Client User ID and Password for access to the Service. One account holder may act as User Administrator as indicated in clause 3.2 above.

4.2 All account holders will sign the Butterfield Online Application Form to confirm joint agreement to use the Service as well as joint agreement to these terms and conditions herein.

5. CONFIDENTIALITY

5.1 The Bank will take all commercially reasonable precautions to ensure the confidentiality of the Client’s files, records and data. The User will hold all information, documentation, and specifications relating to the Service as being confidential and proprietary to the Bank. The User agrees that it will at no time during the term of this agreement or after its termination disclose or otherwise transmit, directly or indirectly, any such information to any third party without the prior written consent of the Bank. These obligations of confidentiality do not apply to necessary disclosure to auditors in the course of audit, to any governmental agency under any statutory obligations, where required by law, and/or where such information is already in the public domain.

6. LIMITATIONS & LIABILITY

6.1 The Bank is not liable for acts of God, machine or system breakdown or malfunction, interruption or malfunction of telecommunications, electrical power or other third party services (including but not limited to Internet Service Providers or Internet Browser software), labour difficulties, or any other cause beyond its reasonable control. The Bank will take reasonable care in performance of its obligations under this Agreement. In no event will the Bank be liable for indirect, special or consequential damages, even if it is advised of the possibility of such damages.

6.2 Under no circumstances will the Bank authorise any of its employees to install, maintain, or otherwise modify any of the Client’s equipment, hardware or software. The Bank will under no circumstances be liable for the performance of the Client’s hardware, software, or telecommunications services.

6.3 The Bank will not be liable for the insolvency, neglect, misconduct, mistake, default or actions or inaction of any third party, including but not limited to charges imposed or other action taken by a payee or merchant resulting from a late or missed payment, such as applicable finance charges and late fees.

7. REVISIONS & IMPROVEMENTS TO THE SERVICE

7.1 The Bank reserves the right to make changes in the rules of operation, accessibility, security procedures and provisions, type and location of Service resources, administration, features and functionality.

8. EQUIPMENT & SOFTWARE

8.1 The Client alone is solely responsible for the expense, installation, upgrade and maintenance of all hardware, software, and provision of telecommunications used to access the Service.

8.2 The User acknowledges that it does not own any copyright or other intellectual property rights in the Service and is subject to the conditions of confidentiality specified in clause 5 above.

8.3 If the User accesses the Service from a country outside of the Cayman Islands, the User/Company shall be responsible for complying with the laws and regulations of that country.

9. NOTICES

9.1 Any notice or communication under or in connection with this Agreement (other than the options available electronically through Butterfield Online) shall be in writing and shall be delivered personally or shall be sent by fax or by registered post as follows:

To the Bank at: Butterfield Place 12 Albert Panton Street, P.O. Box 705

Grand Cayman KY1-1107, Cayman Islands. Fax: 345-815-7975 Attn: Electronic Banking Department

To the Client at: The address specified in the Application. Or at such other address as the parties notify to the others.

9.2 Proof of faxing, delivery or posting shall be deemed to be proof of receipt:

(a) in the case of a notice or communication faxed, on the day it is faxed if faxed before 5:00pm on a day when banks are ordinarily open for business in the Cayman Islands or otherwise on the next such day;

(b) in the case of a notice or communication personally delivered, on the date of

delivery; and

(c) in the case of a notice or communication sent by registered post, on the third day after posting.

10. TERMINATION OF SERVICE

10.1 The Service may be suspended or terminated at the discretion of the Bank.

10.2 The Client may terminate use of the Service by sending written instructions to the Bank.

11. GOVERNING LAW & JURISDICTION

11.1 The construction, validity, and performance of this Agreement will be governed by Cayman Islands Law. The Client submits to the non-exclusive jurisdiction of the Cayman Islands Courts.

(continued)BuTTERFIELD ONLINE BANKING AGREEMENT (continued) Corporate Banking

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Bank use ONLY

Authorised by:

Processed by: Scanned to Worksite by:

pApER STATEMENT CHARGE FORM

please complete and fax to:

Central Operations at facsimile 1 345 949 7004

Or complete and deliver to your Relationship Manager or one of our Banking Centres.

Customer Name:

Customer Number (CIF): 100OR Account Number(s):

Please check the appropriate box and sign below.

Please cancel printed statements (all accounts under my CIF as specified above). I will use Online Banking.

Please reinstate printed statements (all accounts under my CIF as specified above). I want paper statements. Note that this will incur a $3 fee per statement.

*Butterfield default is to suppress statements where there is no activity in the statement period.

Additional Customer Instructions:



Genreal Terms and Conditions

Please ensure all sections are fully completed and all supporting documentation forwarded with theapplication. Incomplete application may delay the account opening process. If you have any queries,please contact us on (345) 949 7055. Please return this form in person or by mail to: Butter�eld Bank(Cayman) Limited, 12 Albert Panton Street, Grand Cayman, Cayman Islands.

Internal Use Only

Date: Customer No.:

P.O. Box 705 | Grand Cayman KY1-1107, Cayman IslandsTel: (345) 949 7055 | Fax: (345) 949 7004

www.butterfieldgroup.com

Butterfield Bank (Cayman) Limited


BUTTERFIELD BANK (CAYMAN) LIMITED GENERAL TERMS AND CONDITIONS Banking Services

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INTRODUCTION AND PURPOSE OF THESE TERMS AND CONDITIONS .......................................................................................3

Different Products & Services May Have Additional Rules or Terms & Conditions ....................................................................3

Enforceability .................................................................................................................................................................................3

Amendments to Our Terms & Conditions ....................................................................................................................................3

GENERAL TERMS AND CONDITIONS ............................................................................................................................................3

Keeping Your Information Up To Date, Accurate and Complete ...............................................................................................3

Your Instructions ............................................................................................................................................................................3

Account Beneficial Ownership ......................................................................................................................................................3

Joint Accounts ................................................................................................................................................................................3

Telephone, Facsimile or Electronic Instructions ...........................................................................................................................4

Overdrafts ......................................................................................................................................................................................4

Banker’s General Right of Set-Off ................................................................................................................................................4

Charge Over Your Account ...........................................................................................................................................................4

Interest & Foreign Exchange Rates ...............................................................................................................................................4

Statements .....................................................................................................................................................................................4

Acceptance of Statements as Final and Binding ..........................................................................................................................5

Returned Mail ................................................................................................................................................................................5

Cheque Images ..............................................................................................................................................................................5

Stale-Dated and Future-Dated Cheques ......................................................................................................................................5

Electronic Records ..........................................................................................................................................................................5

Holds ...............................................................................................................................................................................................5

Stop Payments ...............................................................................................................................................................................5

Closing Your Account ....................................................................................................................................................................5

We May Refuse a Deposit or Close Your Account .......................................................................................................................6

Safeguard your Accounts from Theft and Fraud .........................................................................................................................6

Inactive and Dormant Accounts ...................................................................................................................................................6

Telephone Calls May be Recorded ................................................................................................................................................6

Confidentiality and Disclosing Information About You to Others .............................................................................................6

Fees and Charges – Where and How Communicated .................................................................................................................7

ADDITIONAL TERMS & CONDITIONS – SPECIFIC TO PRODUCT OR SERVICE ..............................................................................7

Savings Accounts ...........................................................................................................................................................................7

Call & Fixed Term Deposits ............................................................................................................................................................7

Butterfield Online Banking the Service ........................................................................................................................................8

Debit Card ......................................................................................................................................................................................9

ATM and Telephone Banking ......................................................................................................................................................10

Standing Orders ...........................................................................................................................................................................11

Wire Transfers / Wire Payments ..................................................................................................................................................11

How to Contact Us .......................................................................................................................................................................12





BUTTERFIELD BANK (CAYMAN) LIMITED GENERAL TERMS AND CONDITIONS (continued) Banking Services

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INTRODUCTION AND PURPOSE OF THE TERMS AND CONDITIONS

For the purpose of this document, you, the customer is referred to as “you” while, we, Butterfield Bank (Cayman) Limited are referred to as “we” or “us”.

The purpose of these General Terms & Conditions is to outline the terms and conditions of our relationship with you for the general operation of our accounts, products and services. Whether you open an account, use our services, or continue to operate any account with us, you agree that all such accounts, products and services used by you now or in the future, shall be operated in accordance with our Terms and Conditions (the T&C).

DIFFERENT PRODUCTS & SERVICES MAy HAVE ADDITIONAL RULES OR TERMS & CONDITIONS

We offer a wide array of products and services to meet your individual needs and preferences. Individual products may have additional T&C and/or different product rules for different rates of interest, minimum balances, allowable transactions, etc. We will explain these to you when you sign up for that account or service.

ENFORCEABILITy

If we cannot enforce any one Condition, whether in accordance with this document or any additional T&C that may be specific to any of our products and services, this will not affect our right to enforce any other Condition whether they may be in accordance with those in this document or any specific Terms & Conditions for any of our products and services.

AMENDMENTS TO OUR TERMS & CONDITIONS

Except with respect to the Online Banking Agreement, we may change, amend, or add to these T&C, or to any other terms, conditions and/or product rules be specific to any of our products and services at any time by updating this document or the specific terms, conditions and/or product rules that apply to our products and services and make them available to you on our website and at our Banking Centres one month in advance of such changes coming into effect.

Notwithstanding the aforementioned, we may, where extenuating circumstances warrant, or where we are legally required to do so, or where it is in your best interest to do so, change such T&C with less notice.

Continued use of our products and services will be considered as your acceptance to the T&C.

GENERAL TERMS AND CONDITIONS

KEEPING yOUR INFORMATION UP TO DATE, ACCURATE AND COMPLETE

You agree to ensure that the information you provide us regarding you, and your banking activities, is accurate and complete.

You further commit to inform us immediately of changes to the information you have provided to us. This may include, but is not limited to, changes in:

• your contact information: physical address, mailing address, day and evening telephone numbers and e-mail addresses

• emergency (back up) contact name and numbers for us to contact in case we are not able to reach you

• personal information relating to you and the general operation of your account

• any change in your status that could affect the operation of your accounts with us

• your employment status

• the primary purpose, use and general operation of your account

In the absence of such notice of change, mail addressed to you at the mailing address specified on the application form shall be deemed to be properly addressed and effective. Refer also to the section covering “Returned Mail” on page 5.

You further agree to provide us with up-to-date documents or such additional information we may request of you from time to time.

yOUR INSTRUCTIONS

Unless you specifically provide us with notice to the contrary in writing that is acknowledged and confirmed by us, you authorise us to:

• pay and honour any orders or instructions authorising payments given in accordance with your account mandate, whether such account is in credit or overdrawn but without prejudice to our right to refuse to allow any overdraft or increase of overdraft; and

• deliver up anything held by us by way of security or for safe custody, collection or any other purpose whatsoever on the account against the written receipt or instructions given in accordance with the account mandate

ACCOUNT BENEFICIAL OwNERSHIP

In the case of individual/joint accounts, you represent and warrant that you are the beneficial and legal owner(s) of the account and that you have full legal capacity to open the account and accept these T&C.

In the case of other accounts, you represent and warrant that you correctly stated the beneficial and legal owner(s) when opening the account.

JOINT ACCOUNTS

Except in the case of joint accounts where the account is specifically opened as an “and” account that requires all parties to sign together for all instructions:






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Any one of you may give all instructions to us with respect to the account. These would include, but are not limited to:

• withdrawing any portion or all of the funds in the account

• signing cheques on the account

• accepting statements, notices, confirmations, on the account

• providing notices, any instructions, or giving notice to us of errors or objections on the account

• making deposits into the account

• instructing us to make payments

• instructing us to add or remove additional joint holders

• instructing us to amend the mailing address for the account

• instructing us to hold the account as collateral for a debt in any name as instructed by any one of you

• instructing us to amend, add or remove signing authorities on the account; or

• closing the account

You agree that any liability you incur with us shall be joint as well as several which means that you will be jointly responsible such that either one of you may be fully responsible for all or a portion of the liability.

Notwithstanding the above, we may, in our sole discretion decline such instructions where it may have an impact on an outstanding debt or liability.

We agree that on the death of any one of you, any money standing to the credit of the said account and anything held by us by way of security for the safe custody, collection or any other purpose whatsoever on the account will be held to the order of the survivor(s), so that if one of you should die, the account will automatically become the property of the survivor(s). The survivor’s rights and duties under these T&C continue.

TELEPHONE, FACSIMILE OR ELECTRONIC INSTRUCTIONS

Notwithstanding the T&C, account mandates, or other agreement in the course of dealing between ourselves, we are requested and authorised, but not obliged, to rely upon and act in accordance with any notice, demand or other communication which may from time to time be given by any verbal, telephone, facsimile (fax), or electronic message without incurring liability should it be false or there be any error or ambiguity therein if believed by us to be genuine and to be presented or delivered by or on your behalf.

You further acknowledge that we shall be under no duty to verify or authenticate any of these instructions, and we may decline to accept instructions delivered by certain channels.

OVERDRAFTS

You agree that overdrafts or negative balances may not be allowed unless prior arrangements have been made. Unless such prior arrangements have been made, cheques may, at our discretion, be returned or paid. Notwithstanding, you understand that in the event that a transaction, inclusive of ATM withdrawal, causes the account to be placed in a negative or overdrawn position not previously authorised by us, we may charge unsanctioned item fees for each unauthorised transaction and an interest charge at the Bank’s unauthorised lending rate from time to time in effect, or at such other rate as may be established by us will be applied to the overdrawn balance of the account.

We may, without prejudice to our general right to close the account relationship in

accordance with the Section “Closing Your Account” on page 5, suspend your banking privileges or related services for non-payment of charges or overdrawn balances due to us by you.

For the avoidance of doubt, all approved overdrafts are considered repayable on demand.

BANKER’S GENERAL RIGHT OF SET-OFF

We can charge to any of your accounts, or set-off against any of your indebtedness or liabilities with us, even if this creates an overdraft, or increases an overdraft. You will be liable for any amount charged, plus interest and fees as may be applicable, including any legal or collection agency fees incurred by us in attempting to collect on your debt for any such outstanding amounts. We can break any fixed account with ourselves and apply the proceeds to the overdraft plus any fees, charges, or other expenses incurred and owing to us. You further agree that the full amount of any joint accounts or any portion of a joint account can be applied against any such indebtedness to us irrespective of contribution.

All collateral held as security now or subsequently held by us will also be used as security for any and all unauthorised indebtedness, without any obligation to provide notice to you, and apply such security to such indebtedness.

CHARGE OVER yOUR ACCOUNT

You may not transfer, charge or give as security any part of your account or any of your rights under any of these T&C, or any additional T&C that may be specific to any of our products and services, to anyone else, unless we specifically agree in writing.

INTEREST & FOREIGN ExCHANGE RATES

Interest, at a rate we will determine, will be computed on the daily principal balance on qualifying deposits. In the case of savings and call accounts, interest will be credited quarterly on the last business day of each quarter and unless otherwise stated in specific Agreements or in individual product T&C, interest will normally be credited monthly for all other interest bearing products.

Interest rates and foreign exchange rates are subject to market conditions and may change at any time. Applicable interest rates, lending rates and foreign exchange rates are available on our website or by contacting any of our Banking Centre staff.

STATEMENTS

If you are a Butterfield Online user you will be able to download account activity. Account activity will remain available online for a minimum of six months. Loan balance information is also available to our Butterfield Online users. Unless specifically noted under any individual product T&C, or unless specifically arranged otherwise, we will issue periodic statements/notices, for chequing, savings, call accounts and any other account that we may determine from time to time should be offered, showing debits, credits, interest and balances in the account

• You will review within 30 days of the statement date, or within 30 days of the delivery of such statement to you, notifying us in writing of any errors or omissions.

• You will notify us promptly and in writing if you have not received your statement within 30 days of the statement date.

• Refer also to Sections covering “Returned Mail” and “Inactive & Dormant Accounts” below.

• Statements and notices may be delivered electronically and/or paper, at our absolute discretion.






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ACCEPTANCE OF STATEMENTS AS FINAL AND BINDING

Unless we receive written notice from you stating otherwise, and within 30 days of receipt of statements (or within 30 days within which we have deemed you to have received statements), up to a maximum of 90 days from the statement date, you agree that details recorded in the statements are conclusive evidence of your dealings with us, are correct, complete, fully authorised and binding. You further release us from all responsibility for all account activity preceding said statements including all transactions in the account pertaining to any errors, omissions, irregularities, fraud, or unauthorised activities including negligence, but excluding any gross negligence or willful misconduct by any one of our employees.

RETURNED MAIL

If a statement or other mail is returned to us as undeliverable, we will make every attempt to contact you using information you have provided to us and if appropriate from information that is publicly available. However, if we are unable to make contact with you, we may stop sending you statements and mail and may place a block on your account.

You understand that any additional fees, expenses or charges that may be incurred as a result of placing such a block on your account or for stopping the mailing of correspondence and statements to you will automatically be charged to your account. We are waived from any liability caused as a result of your non-receipt of such mail or statements.

CHEqUE IMAGES

Cheques will not be returned but instead will be stored by us via electronic imaging and available online. Copies of the front and reverse of specified cheques are available on special request, for up to seven years from the date negotiated, on payment of our fee from time to time in effect in accordance to our published Schedule of Charges.

STALE-DATED AND FUTURE-DATED CHEqUES

Whilst we will make every effort not to accept future or stale dated cheques, you agree that, in instances where such cheques may be received and processed, you will be responsible for any out-of-pocket or additional fees or charges that may be incurred as a result of processing such cheques, including any costs and charges relating to your account being overdrawn.

Refer also to the Section covering “Overdrafts” on page 4.

ELECTRONIC RECORDS

Where we are party to a dispute, the electronic records, or scanned images of any bank documents including your instructions to us and retained by us may serve as the sole and accurate record of the events and shall be admissible in a court of law as such with equal evidentiary value as a duly authorised paper document.

We may provide scanned images or electronic records of any bank documents including any instructions as evidence in any proceeding and may be considered as a valid and enforceable document(s) in the absence of the original.

Further, if the account holder is involved in any legal proceedings, actual or threatened, in which we are not a party, or any garnishee proceedings, then you agree to pay us for our reasonable legal costs and time taken in dealing with the matter. Any amounts so due may be charged against the balance of the account.

HOLDS

You agree that all non-cash instruments deposited to your account may be credited subject to us placing a “hold” on the funds in any of your accounts, restricting your right to withdraw said amount.

In accordance with standard banking practices, we may, at our discretion, apply different “hold periods” based, among other factors, on the country of origin, issuing institution, and clearing systems used to clear the items. The hold period may represent the usual or actual period to clear the funds.

Notwithstanding the expiry of the “hold period”, the item may subsequently be returned. Should a cheque that has been deposited be returned to us after the expiration of the hold period, we retain the right to charge the amount of that item to your account together with any out of pocket expenses incurred by us.

You remain financially responsible for items deposited or cashed both before and after the hold period.

Dishonoured or returned cheques together with any additional expenses and charges will be debited to your account and you will be liable, including where relevant, for any overdrafts arising from payments made by us against those cheque deposits prior to final settlement by the drawee’s bank. If we become aware of any suspicious or fraudulent or other activity deemed to be unauthorised by us, that may give rise to a claim against us or cause any loss to us, any dishonoured cheque or returned cheque will be debited.

You understand that cheques in most major currencies will be accepted for credit to an account. These will be converted to the currency of the account at our prevailing exchange rate on the day of the conversion.

You further indemnify us for any expenses or additional costs incurred by us arising from the transactions on your accounts. We further reserve the right to wait for final clearing prior to releasing our hold on your account.

STOP PAyMENTS

If you wish to stop payment on certain payment types drawn on your account you may do so by sending us the details in writing or through our online banking channel. Such details should, inter alia, include:

a) personal cheque – cheque number, date, account number, amount and name of payee

b) standing order – name of recipient, currency, amount and frequency

c) manager’s cheques or bank drafts – in some instances it may not be possible to place a stop payment on these instruments; and in such cases, we may further require that you complete an indemnity form.

You acknowledge that if we are not able to stop any such payment, for any reason (which may include, but is not limited to payments that have already been processed and paid, instruments that are considered in the industry as “certified” such as drafts and managers cheques), you agree that we will not be liable for complying with, or failing to comply with a stop payment request.

CLOSING yOUR ACCOUNT

You may close your account at any time for any reason and we will forward any existing credit balance on your account in accordance with your written instructions.

We will, amongst other requests, ask that:






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• you return all unused cheques and cards issued on your account• you repay any money you owe to us including the amount of any cheques,

outstanding card transactions; or other payment instructions you may have made

• you inform all third parties with whom you have arranged direct debits and/or standing orders of the closure of your account

• provide us with updated contact information in order to arrange any final settlements

• you return the RSA Token provided for Online Banking, if applicable

We may require you to maintain balances in your account until we verify any of the above, and until all outstanding payments are completed.

wE MAy REFUSE A DEPOSIT OR CLOSE yOUR ACCOUNT

We may refuse a deposit, limit the amount that may be deposited, return all or any part of deposit, or close any account by giving 30 days’ notice and without specifying any reason. Notwithstanding the foregoing, we may block or close your account immediately where applicable laws, regulations or our policies say we must, or where we consider the account activity is not in accordance with the expected activity based on information you have previously provided to us. Refer to the section covering “Keeping your information up to date, accurate and complete” on page three.

We further reserve the right to terminate our relationship immediately in circumstances where you have threatened members of our staff or have exhibited abusive behaviour or otherwise acted in a manner inconsistent with these T&C.

SAFEGUARD yOUR ACCOUNTS FROM THEFT AND FRAUD

You are obliged to keep your information and bank details secure at all times. We will not normally contact you asking you to provide us with your bank details or specific information regarding you or your account. If you do receive requests for information, even if they are using our name and logo and the request appears to be genuine, you should contact us immediately via our general contact number, (345) 949 7055.

You understand that it is your responsibility to prevent fraud on your account through the safeguarding of your bank information. This includes, but is not limited to:

• ensuring that any cheques we issue on the account are correct

• that you inform us immediately by telephone, followed up in writing, should such cheques become lost, stolen, or suspected of being in the wrongful possession of another

• not allowing any person other than yourself to have access to your ATM card, debit card, credit card, PINs, passwords or any other security information or access to your Butterfield Online Banking account, etc.

• keeping your cards, cheques, and other security information secure at all times

• not writing down your passwords, PINs, or other security information

• using appropriate passwords, PINs, or other security information that are known only to you

• ensuring that all card receipts, account statements and any other information relating to your accounts are held in safekeeping and only accessible by you

• being careful and vigilant when destroying account statements and other documents that may provide information about your accounts

• maintaining and using up-to-date anti-virus software on the computers you use to access Online Banking

• reviewing and reconciling your accounts within 30 days of receipt of your bank statements

• keeping us fully and immediately informed about changes in your status and mailing address

• assist us by providing us with secure detailed information about you and/or your account that only you would know and have access to, which can then be used to assist the Bank if and when we are required to do so, or when we believe it is in either your or our best interests to further verify instructions received on your account

INACTIVE AND DORMANT ACCOUNTS

You should make every effort to keep your accounts active at all times by:

• in the case of current, savings and call accounts, making regular (at least annual) deposits or withdrawals into and/or out of your account; and

• in the case of fixed deposits, contacting us to update or confirm your instructions on a regular basis (at least every three years)

For your protection, during the existence of the account when there are periods of time within which you have not initiated deposits or withdrawals in accordance with what is deemed by us to be normal for the account or in accordance to what you have advised to us to be considered normal activity for the operation of your account (typically two years), the account’s status will be modified to “dormant” and will be subject to special dormant account, and reactivating dormant account service fees in accordance with our Schedule of Charges.

Once the account is considered “dormant”, we will apply more rigorous controls on the account and any transactions applied to the account. Once the account is dormant, statements will be discontinued.

Transactions initiated on a dormant account will only be authorised after our further due diligence. The Bank will not be liable for any additional costs or charges as a result of any delays caused validating transactions and or “reactivating” dormant accounts.

TELEPHONE CALLS MAy BE RECORDED

In accordance with standard practice in the financial services industry, telephone calls may be recorded for security, training and audit purposes.

CONFIDENTIALITy AND DISCLOSING INFORMATION ABOUT yOU TO OTHERS

We agree to keep your information and our dealings with you confidential at all times. However, notwithstanding, we may give details of you and your account with us:

• where permitted by law• where the law says we must• where we have a public duty to do so• where it is, in our opinion, necessary to protect our or your interests• where you request us to do so on your behalf

We may give information about you and how you manage your account(s) to other entities within the Butterfield Group and/or to any third party as a result of any restructure, sale or acquisition of any company within the Butterfield Group, provided that any recipient uses your information for the same purposes as it was originally supplied to us and/or used by us.

We reserve the right to transfer or retain any information in relation to you, your account, and your use of any of our products or services whether within or outside the Cayman Islands and to share that information with third party agents in such manner as, we in our absolute discretion, consider appropriate. We further reserve the right to engage such agents, whether within or outside the Cayman Islands as, in our absolute discretion, we shall consider appropriate, to fulfill our duties more efficiently or for the purpose of complying with our obligations pursuant to applicable laws and regulations.






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Accordingly, where the Bank deems it necessary in its absolute discretion, the Bank may transfer or disclose such information to counterparties, affiliates and third parties or where compelled by law or regulatory procedure, to regulators and enforcement agencies. You understand and agree that the Bank may disclose any information held by it in relation to you and our relationship, accounts, products or services whether or not confidential in nature;

(1) to the Bank’s counterparties, affiliates, professional advisers or other service providers, where the Bank considers such disclosure necessary or appropriate for business purposes or to enable it to properly and efficiently fulfill its duties; or

(2) where such disclosure is required by any applicable law or order of any court of competent jurisdiction or pursuant to any direction, request or requirement (whether or not having the force of law) of any central bank, governmental or other regulatory or taxation agency authority with appropriate jurisdiction and pursuant to due legal process.

Credit & Bankers’ References – Such information may include, but is not limited to: credit reports, income sources and such other credit, bank or personal references to credit bureaux and other financial institutions; or to assist in the recovery of debt or such information as we may be required to so provide in order to meet our legal obligations.

Market Research & Customer Service – We may further use and share relevant information in order to assist us in providing better customer service to market research, credit research, insurance, debt collection, audit and or such other third parties engaged by us to provide services on your behalf, which may include the processing of information about you. All such information will be subject to strict confidentiality agreements at all times.

Data Protection – We may use outside service providers, in other countries on the basis that anyone we pass your information to provides an adequate level of protection, for the purposes of effectively managing our electronic data, and other information both directly or as additional back up and support to ensure adequate protection for back up and business interruption planning in the event emergencies. All such information will be subject to confidentiality agreements at all times.

Laws, Regulations and Policies – We are required to act in accordance with the Cayman Islands and international laws and regulations; and within our policies and those of other financial institutions in other jurisdictions from which we operate and with which we carry out banking transactions (referred to generally herein as “laws, regulations and policies”) relating to anti-money laundering, anti-terrorism, prevention of fraud, prevention of tax evasion, prevention of other criminal activities and such other laws, regulations and policies from time to time in effect.

In carrying out our duties under these laws, regulations and policies, we may, without notice to you, intercept and carry out investigations on transactions, payment instructions or other instructions sent to us whether by you or for your benefit and make further enquiries relating to any such transaction. This may, inter alia, require us to disclose information to government or regulatory authorities, or other financial institutions without disclosure to you.

In carrying out our duties under the laws, regulations and policies, we will monitor your account activity and information relating to your accounts. We may from time to time require additional information about you, the operation of your accounts or updated account documentation and supporting government photo identification. We may require such documentation to be duly certified as true copies, and which we may, at our sole discretion require them to be notarised by a notary public. You agree to provide us with such information as requested from time to time.

Notwithstanding any part of these T&C, or such other Terms and Conditions that you may have with us or any other member of the Butterfield Group of companies, we will

not be liable for any loss (whether direct loss or consequential) (e.g., due to interest rate change, price change, etc.) or damages suffered by you or any other party, caused by any such delays or failure by us in performing any of the duties or obligations under these considered appropriate in carrying our duties in compliance with such laws, regulations or policies.

FEES AND CHARGES – wHERE AND HOw COMMUNICATED

You agree to pay any applicable service fees and or charges in accordance with our “Schedule of Charges” from time to time in effect and as posted on our website www.butterfieldgroup.com. A copy of our Schedule of Charges is also available at any Banking Centre.

We may change our fees and charges from time to time, provided that charges are posted in our Schedule of Charges at least one month prior to their effective date.

Waiver of any fees or charges, or amendments to these fees and charges from time to time by any of our staff, will not be deemed a waiver by us of our right to apply such fees at any time in the future.

In addition to regular service fees and charges, we may charge your account with any out of pocket expenses that we may incur in carrying out research and the production of documents or such other expenses in order to respond to or comply with court orders, address any governmental, regulatory or legal directives regarding your account.

Interest Rate and Foreign Exchange Rate changes – As changes in interest rates are a reflection of world market conditions, interest rates are subject to change without prior notice.

ADDITIONAL TERMS & CONDITIONS – SPECIFIC TO PRODUCT OR SERVICE

In addition to the T&C above, the following additional Terms and Conditions will apply only to specific accounts and transactions as indicated below.

SAVINGS ACCOUNTS

Any person over 10 years of age may make deposits or withdrawals in the same manner as if he or she were of age and all deposits made by minors in their own name will be fully under their control and payable to them without regard to parents or guardians in accordance with the practice established by us from time to time.

You waive the right to draw cheques or drafts against the account.

CALL & FIxED TERM DEPOSITS

Unless otherwise specifically noted under any individual product T&C:

• Interest on fixed term deposits usually will be credited to the account at maturity of the deposit.

• If you elect not to compound the interest earnings, they will be deposited to a Butterfield account that you designate.

• A fixed-term deposit must be maintained to the agreed maturity date and, in the absence of instructions to the contrary, will be rolled over automatically for a similar term at the then applicable rate of interest. We must receive your instructions to repay a deposit or vary its succeeding term no later than two business days prior to the deposit’s maturity date.

• We reserve the right to refuse an application to repay the deposit prior to the






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agreed maturity date. If we, in our absolute discretion and without prejudice to our right to refuse, agree to repay a deposit prior to the maturity date, it may be subject to breakage fees and/or interest penalties in accordance with market rates and conditions that are deemed appropriate on the day of breakage. Such fees and penalty rates will be at the sole discretion of the Bank, and will be deducted from the proceeds of the deposit to be repaid.

BUTTERFIELD ONLINE BANKING AUTHORISED AGENTS – INDIVIDUAL(S) FROM wHOM THE BANK IS AUTHORISED TO ACCEPT INSTRUCTIONS VIA BUTTERFIELD ONLINE BANKING AGREEMENT, THE “AGREEMENT” AS DESIGNATED By THE CUSTOMER.

Either party can terminate this Service with 30 days prior notice in writing.

We reserve the right to terminate this Agreement with immediate effect in the event that legal, regulatory, or other governmental decisions or developments would or might, in our sole opinion, preclude or impede us from providing the Service.

We may, at our absolute discretion and with immediate effect, suspend services should we, in our sole opinion, consider that activity has occurred which constitutes fraudulent use of the Service, attempts to perpetrate fraud through the Service, violates law, regulations and policies or our account operation rules and regulations and we shall not be obliged, in any such case, to specify the precise nature of our concerns, but may simply make reference to this clause. Refer also to the Section covering “Closing your Account” on page five.

You agree that the Service will not be utilised by you or your Authorised Agents other than for the purpose contemplated by this Agreement including without limitation re-selling, re-copying or re-communicating in any electronic form. The information or any part thereof, obtained from the medium from which the Service is stored, shall not be disclosed to any third party (except where such third party is your parent company, subsidiary or affiliate of you or your Authorised Agents located in the Cayman Islands) unless prior written consent is obtained from us and subject to such Terms and Conditions as we may solely determine.

Butterfield may, in it absolute discretion, suspend the Service for non-payment of charges due from you to us.

Equipment & Software

You and your Authorised Agents alone are solely responsible for the expense, installation, upgrade, maintenance and security of all hardware, software, and provision of telecommunications used to access the Service.

You acknowledge that you and your Authorised Agents do not own any right of copyright or other intellectual property rights in the Service and are subject to the conditions of confidentiality as specified below.

You and your Authorised Agents will be responsible for complying with the laws and regulations of the country from which the Service is accessed if outside of the Cayman Islands.

Authorisation & Security

You authorise us to act upon instructions received through the Service for the transfer of funds or our other services in accordance with our operating procedures, rules and guidelines, which may be amended from time to time. Any action we take on such instructions will have the same legal effect and will bind you as if they had been given in writing and signed by a duly authorised signatory of the account, regardless of whether the person purporting to give such instructions was or was not an authorised signatory of the account.

We will provide you and your Authorised Agents with an initial User ID Password. Each authorised operator will have separate credentials (such additional security devices) required as we in our absolute discretion deem necessary. You understand and agree that you and your Authorised Agents alone are solely responsible for the selection, use, confidentiality and protection of subsequent passwords, identifiers and security devices. We may, at our sole discretion, deny access to the system for security reasons.

You and your Authorised Agents will report to us in a timely manner by phone and in writing, any suspected breach in your security through access to the Service. You will report to us in a timely manner by phone and in writing the loss or damage to your security token. Such notice will be effective when we receive it. We are not liable for any losses that occur should there be a breach in your security prior to our receiving notice of the breach.

Butterfield’s customers, from time to time (like most financial institutions) experience Phishing attacks. If you respond to an e-mail requesting that you visit a website to update your account information, please contact Butterfield immediately at (345) 949 7055 and login to Butterfield Online to change your password immediately. Such e-mails are fraudulent and designed to enable criminals to gain unauthorised access to your account(s). Butterfield will NEVER request any personal or account information from you via e-mail and you are advised not to respond to e-mails that request such information, open attachments, or click on links contained therein.

Butterfield will not accept liability for any financial losses that might occur if you respond to e-mails that request such information, open attachments, click on a link contained therein or the like.

Confidentiality

We will take all commercially reasonable precautions to ensure the confidentiality of your files, records and data. You and your Authorised Agents will hold all information, documentation, and specifications relating to the Service as being confidential and proprietary to us. You agree that you and your Authorised Agents will at no time during the term of this Agreement or after its termination disclose or otherwise transmit, directly or indirectly, any such information to any third party without our prior written consent. These obligations of confidentiality do not apply to necessary disclosure to auditors in the course of audit, to any governmental agency under any statutory obligations, where required by law, and/or where such information is already in the public domain.

Charges

There is no set-up or monthly fees associated with this product. However, Butterfield reserves the right to charge you a fee for using the Service. Butterfield may introduce such fee on giving you thirty (30) days written notice. A link to the standard Bank transaction charges/fees are located on the Butterfield Online Dashboard page and charges will be automatically calculated by the system and will be included in the total transaction amount.

Revisions and Improvements

We reserve the right to make changes, at any time, in the rules of operation, accessibility, security procedures and provisions, type and location of Service resources, administration, features and functions.

Limitations of Liability

We are not liable for acts of God, machine or system breakdown or malfunction, interruption or malfunction of telecommunications (including but not limited to Internet Service Provider or Internet Browser software), electrical power or other third party services, labour difficulties, or any other cause beyond our reasonable control. We will take reasonable care in the performance of our obligations under this Agreement. Under






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no circumstances will we be liable for indirect, special or consequential damages, even if we are advised of the possibility of such damages.

Under no circumstances will we authorise any of our employees to install, maintain, or otherwise modify any of your equipment, hardware or software. Under no circumstances will we be liable for the performance or security of your hardware, software, or telecommunications services. Except as otherwise provided by law, we will not be liable for any monetary claims for fraud in instances where a PC utilised by you or your Authorised Agent has been compromised.

We will not be liable for the insolvency, neglect, misconduct, mistake, default, actions or inaction of any third party, including but not limited to charges imposed or other action taken by a payee or merchant resulting from a late or missed payment.

wire Payments made via Butterfield Online Liability Disclaimer

Butterfield accepts no responsibility and/or liability for wire transfers not delivered because the customer has not accurately and completely entered all of the required information into the Butterfield Online wire payment generation system. It is the customer’s responsibility to verify that all of the required information has been entered correctly into Butterfield Online. The customer can check the wire payment history on Butterfield Online, to verify that a transfer was successfully completed. In addition, customers are responsible for taking note of notices posted on the Butterfield Online home page regarding changes to wire transfer procedures and requirements instituted from time to time by the various international banking and clearing organisations.

International Transfer Special Rules

Once an international transfer has been sent, it may not be cancelled or amended. You may request an international transfer to be recalled, and we will communicate your request to the beneficiary’s bank. If the beneficiary’s bank agrees to return the funds to us, then upon confirmation of receipt of funds in our account, we will credit your account at the current Butterfield retail buy rate for that currency set on that day. Please note that the exchange rate may be different from the original rate applicable to the outbound transfer, which may result in a loss to you. Furthermore, the beneficiary’s bank may assess charges for their services, which will be deducted from the amount returned to you. We will have no liability to you if the beneficiary’s bank or foreign beneficiary refuses your request to recall the international wire transfer.

If an international transfer is returned by the receiving bank or beneficiary’s bank for no fault of ours, we will credit your account at the current Butterfield retail buy rate for the currency set on that day (see below). Please note that the exchange rate may be different from the original rate applicable to the outbound transfer, which may result in a loss to you. Furthermore, a returning bank and/or beneficiary’s bank may assess charges for their services, which will be deducted from the amount returned to you.

The exchange rate that Butterfield will offer you or assign to your transaction is determined by Butterfield based upon market conditions. We consider many factors in setting our exchange rates including, without limitation, exchange rates charged by other parties, desired rates of return, market risk and credit risk. Exchange rates offered by other dealers, or shown at other sources (including online sources) may be different from Butterfield’s rates. We do not accept any liability if our rates are different from rates offered or reported by third parties, or offered by us at a different time, at a different location, for a different transaction amount, or involving a different payment media (banknotes, check, wire transfer, etc.)

Butterfield Online Executed Agreement

This Agreement shall be deemed valid and will be executed immediately upon the User signing the Butterfield Online Internet Banking Application.

GOVERNING LAw & JURISDICTION

This Agreement shall be governed and construed in accordance with Cayman Islands Law and the User submits to the non-exclusive jurisdiction of the Cayman Islands Courts.

DEBIT CARD

In addition to the T&C for operating accounts, the following specific terms and conditions apply only to the use of Butterfield Debit Card and associated services (the “Card” Agreement) unless otherwise indicated below. Nominated Primary Account – the chequing or savings account, (in the case of a minor this must be a savings account,) which you have designated as a main account. This account will be debited for merchant point-of-sale transactions and for any withdrawals at non-Butterfield ATMs where you do not have the option to select a specific account for such purpose.

Personal Identification Number (PIN) – A series of numbers used by our systems to verify your identity when the Card number is used to access our ATM or any ATM or network specifically authorised for use as displayed on the Card. Upon input of this number you will be given authorisation to initiate transactions on any accounts linked to the Card.

Business Debit Card

For Business Debit Card please refer to individual Terms and Conditions in the Butterfield Business Debit Card Agreement.

Using the Card

The Card is intended for use only by the party to whom it has been issued.

Immediately on receipt of any new, replacement or reissued Card, you will sign the Card.

Use of the Card or signing of the Card application constitutes acceptance of this Agreement.

You acknowledge joint and several liability for the use of any Cards issued so far as such use involves the joint account.

You shall have access to a mix of the services described on the Card carrier, depending on whether your Card displays the relevant logo(s). We reserve the right to modify or withdraw any of these services without prior notice. It should be noted that, depending on your age, account mandate and creditworthiness, not all Cards display all logos.

We will establish a daily expenditure/withdrawal limit for the Card when it is issued. There is one single limit per Card and it will encompass the sum of all cash withdrawals and merchant point of sale expenditures on all accounts accessed via the Card. This limit is subject to the availability of funds. We reserve the right to modify this limit without prior notice.

We are irrevocably authorised to:

a) debit your Nominated Primary Account with all amounts withdrawn through any machine or any amounts paid to any merchant by means of any Card issued to you, in priority to all other drawings or debits

b) act on instructions related to the transfer of funds given by means of any Card issued to you

c) debit your account with the amount of all Card transactions and any applicable fees or charges or taxes arising by means of the use of any Card issued to you under the terms of this Agreement, in priority to all other drawings or debits






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The issuing of this Card does not entitle you to:

a) overdraw any account if no overdraft arrangements have previously been made

b) overdraw any account in excess of any overdraft limit we have previously agreed to

Debits as the result of transactions initiated with the Card will be processed as follows:

a) Withdrawals made via any of our ATM or our other network devices will be debited from the selected nominated account as designated by you at the time of withdrawal.

b) Merchant point-of-sale transactions will be debited to the Card’s Nominated Primary Account.

c) Withdrawals made via any non-Butterfield ATM or network specifically authorised for use as displayed on the Card will be debited from the Nominated Primary Account or in the event that you are allowed to select a specific account, from either the Nominated Primary Chequing or the Nominated Primary Savings Account.

For signature-based transactions, you must sign a sale or cash voucher when produced every time the Card is used for direct payment to merchants, but failure to sign does not relieve you from any responsibility for payment.

Dealing with transactions in a foreign currency

The amount of any purchase(s) in any currency other than Cayman Islands dollars will be charged to your account in US dollars (USD). Conversion from any other foreign currency to USD will be made by the Bank at a rate of exchange determined by the Bank on the date notification of your purchase is received and the relevant amount is charged to your Account. The currency conversion rate used on the processing date may differ from the rate in effect on the transaction date or posting date. Transactions made outside of Cayman may also be assessed a cross border fee by MasterCard® regardless of the currency of the transaction, including transactions done in the United States.

You acknowledge that once you have confirmed the details of a payment on a transaction, you may not revoke or stop the payment or transaction.

We shall not be responsible for the failure of any merchant or bank to honour the Card.

The Card may only be used for legal and genuine transactions. You agree to notify us immediately of any change of residential status as it relates to such Regulations.

ATM AND TELEPHONE BANKING

The Card may be used to make payments to our authorised utility companies and other suppliers listing available through our ATMs. Transactions must be performed prior to Our cut off time to be processed for the same day. You are responsible for notifying us of any changes of address and account relationships with such suppliers. We must receive changes of address or account relationship with suppliers five business days prior to the changes being effected in our records. We do not accept liability for errors that are caused by incorrect information received from you or the suppliers.

Deposits can only be made at our ATMs configured for this purpose. All such deposits are subject to our independent verification.

We shall incur no liability for failure of any ATM or point-of-sale machine to function due to electrical or mechanical failure, improper use by you or any other cause.

Dealing with Transactions in a Foreign Currency

You agree that any transaction initiated with the Card may be subject to fees, foreign exchange fees and applicable taxes and that the total cost of the transaction will be converted to the base currency of the account at the time of settlement of the transaction, and debiting from your account will complete the transaction.

Keeping your Personal Identification Number (PIN) Confidential

You will select a PIN code for the services provided via the Card. You may apply to us to amend this PIN at your own discretion.

Refer also to Section on “Safeguard Your Accounts From Fraud and Theft” on page 6.

Reporting Loss, Theft or Unauthorised Use

You must report immediately, in writing and by telephone, the loss, theft, or any unauthorised use of the Card or loss of the PIN. Your liability for use of the Card will cease only when we receive such notice. In the instance of unauthorised use as outlined immediately below, you will be liable for all debts incurred using the Card until the Card is surrendered to us.

You are liable for all debts, withdrawals and account activity resulting from:

a) use of the Card by persons to whom you have made the Card and/or PIN available

b) use of the Card and/or PIN, where you have made available for use the Card and PIN (e.g., written down, or a poorly disguised record, or by keeping them together or in such a manner as to make them available for use)

c) selection of a PIN that is similar to an obvious number combination such as your date of birth, bank account numbers, telephone numbers, etc.

d) you otherwise reveal your PIN, resulting in the subsequent unauthorised use of your Card and PIN together

You will not be liable for losses in circumstances beyond your control. Such circumstances include:

a) technical problems and system malfunctions

b) transactions authorised once the Card has been reported lost or stolen, the Card has been cancelled or has expired, or you have reported that the PIN is known to another person

Cancelling this Agreement

You can cancel this Agreement by advising us in writing at any time and by returning the Card to us. We can also cancel the Card Agreement by advising you in writing. We can also cancel the Card immediately without prior notice, but will seek to notify you as soon as possible.

The Card is always our property and you are required to return it to us, or someone acting on our behalf, when requested. If either of us cancels this Card Agreement, you still have to pay for any charges incurred with the Card in full.

Settling Disputes

You must retain the receipts issued by the ATM or point of sale merchant in respect to all transactions until such time as the account has been reconciled. All transactions and receipts are subject to review and verification.

If a dispute arises about a transaction for which you used the Card, you must settle it






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directly with the merchant or business concerned. You agree to indemnify us in respect of all claims arising from any such dispute with or by the merchant or any third party.

Accepting our Records

You agree to accept our records of a transaction as accurate unless you can provide contrary evidence that is satisfactory to us.

Third Party Services

We accept no responsibility whatsoever for, or in connection with, the provision of any insurance coverage or other benefits, services or products which may be provided by third parties to you or your family.

STANDING ORDERS

Instructions must be received in writing using the “New Standing Order Form” or the “Standing Order Amendment or Cancellation Form” which can be obtained at any of our Banking Centres.

You are required to have the funds in your account at least one business day prior to the standing order due date. All payments will be remitted for good value on the payment date, or the next business day if the payment falls on a weekend or holiday.

Once mandated, unless an expiry date is specified, a standing order instruction will remain in effect until cancelled in writing by the authorised signatory(ies) of the account as outlined in the most recent account mandate on file with the Bank as outlined below. Standing Orders may be cancelled in the event the Bank is unable to process the standing order more than three times due to insufficient funds being available in your account.

Standing orders will be processed on the date scheduled. After the initial attempt, two further attempts will be made to process standing orders where there are insufficient funds in your account, at a cost listed in the schedule of fees which is posted on our website from time to time. The exception to this rule is if the due date of the standing order falls on a non-business day, in which case it will be processed on the next business day.

Local bank standing orders will be processed on the date scheduled. After the initial attempt, no further attempts will be made to process local bank standing orders where there are insufficient funds in your account.

Notification of cancellation, amendments and set-up, of standing orders must be received one (1) business day prior to the due date before the Bank’s cut off time.

In cases where standing order credits are sent by International Money Transfer (IMT), the Bank only guarantees that the payment will be remitted for good value on the payment date, or the next business day if the payment falls on a weekend or holiday. The value date of the credit to the beneficiary’s account overseas cannot be guaranteed. In cases where the standing order debits are being sent by draft or manager’s cheque, the Bank will issue and post the drafts no later than the payment date. The Bank cannot guarantee when the draft will be received by the beneficiary or his/her bankers, nor when the draft will be credited to the beneficiary’s account.

Standing orders will remain in force unless written notification is received indicating otherwise. Incomplete standing order instructions will not be accepted.

All standing orders will be subject to a fee per the Bank’s existing Schedule of Fees. We reserve the right to amend such fees from time to time or with 30 days written notice.

wIRE TRANSFERS / wIRE PAyMENTS

In addition to the T&C for operating accounts, the following additional T&C apply only to wire payments, unless otherwise indicated below.

We shall not be liable for any loss or damage consequential or otherwise caused by delays, interruptions, misinterpretations or errors in transmission or payment which are not directly due to the willful negligence or default of our own employees.

Our liability shall only be for a delay in funds being credited to a beneficiary’s institution or being received by the beneficiary to the extent that we have been willfully negligent, in which case, we shall only be liable to compensate you for the loss of interest for the period during which the payment was delayed.

Your instructions to us will be in such format as may be prescribed by us from time to time and as available on our website www.ky.butterfieldgroup.com. Such forms will also be available upon request in any of our Banking Centres.

We are not responsible for checking details (including details of the beneficiary or the beneficiary’s institution) that you provide.

We reserve the right to reject or otherwise delay any payment instruction that is not in the prescribed format, is ambiguous, is not legible, or is otherwise deemed by us to be incomplete. Incomplete and/or ambiguous instructions may cause delays or prevent the processing of the payment instruction.

We will not be responsible for any claim or loss caused by such circumstances.

Rejected payments will be credited back to your originating account automatically.

Rejected payments may also incur additional charges from us and our correspondent banks and, in cases where there is a foreign currency exchange involved, such rejected payments may incur additional losses due to delays and changes in foreign currency rates.

The Bank is not responsible for any foreign bank charges associated with a payment initiated through Butterfield.

We accept instructions on the basis of sufficient funds being held in the account being debited to meet the payment instructed amount. If funds are not available, we are not responsible for loss, delay or cancellation or additional fees incurred as a result of any such affected instructions.

From time to time, there may be instances where the Bank may need to seek further verification, authentication, and/or additional information before executing wire instruction requests. In such instances, we reserve the right to withhold processing of the wire request until telephone or such additional satisfactory confirmation with the customer has been made.

We will use any bank of our own or any intermediary bank’s choice, in the country whose national currency is being remitted and/or the country where the beneficiary resides, without responsibility for such paying bank.

You shall be bound by and agree to hold us harmless against all obligations and responsibilities imposed by foreign laws.

You indemnify the Bank against any claim for accepting and acting on faxed payment instructions. Customers who choose to send confirmations should clearly mark the payment CONFIRMATION ONLY, otherwise the Bank will not be held responsible should duplications occur.






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HOw TO CONTACT US

Products & Services

If you have any questions about any of our products or services, please contact our Call Centre on (345) 949 7055

Complaints

If you wish to lodge a complaint, please write to us Ref: Customer Service. You can do this by sending us an e-mail via [email protected] or writing to us via Butterfield Online; or by sending us a letter by mail or delivering by hand to any of our welcome areas at any of our Banking Centres on the island. You may also use our Complaint Form on our website.

Your feedback is very important to us and we will treat your complaint seriously. Whilst we will make every effort to respond to you as quickly as possible, we will acknowledge your complaint within two business days and provide you with a response within 30 days. If you are not satisfied, please write to us again and the matter will be escalated to the next, more senior manager within the Bank.

corporate banking account application package · 2017-01-06 · account application package please...

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