1. Definitions

(a) “Account” means any type of account held by a Customer with the Bank (including without limitation) any account in relation to any advance, deposit, contract, product, dealing or service established and operated between the Bank and the Customer;

(b) “Available Balance” means the amount in the Account which can be drawn by the Customer without any restriction by the Bank (such restricted amounts including without limitation any unconfirmed credit(s), any amount(s) credited to the Account in error and/or any amount(s) which the Bank has a right of Set-Off);

(c) “Application Form” means the Bank’s form completed by the Customer in respect to the establishment and operation of an Account;

(d) “Authorised Signatory” means the Customer and/or in relation to the Customer any person(s) authorised as specified in writing by the Customer to the Bank to operate the Account on the Customer’s behalf;

(e) “Bank” means I&M Bank Limited;

(f) “Bank’s Branches” means (including the main registered office of the Bank) all places either in or outside the Republic of Kenya where the Bank’s business is operated and conducted;

(g) “Business Day” means any day on which the Bank is open for all classes of banking business (excluding statutory and other public holidays) as the Bank may determine from time to time;

(h) “Banking Hours” means the hours for which the Bank is generally open for all classes of business as may be determined by the Bank in respect of each of the Bank’s Branches from time to time;

(i) “Bank’s Tariffs” means (including but not limited to) the schedule of the charges and fees levied by the Bank in relation to the Account;

(j) “Cheque” means the cheque forms issued by the Bank to the Customer and forming part of the Chequebook;

(k) “Chequebook” means the serially numbered Cheques bound together and issued by the Bank to the Customer;

(l) “Chequebook Terms and Conditions” means the Specific Terms and Conditions relating to the use of the Cheques and the Chequebook by the Customer;

(m) “Customer” means a holder of the Account;

(n) “Debt” means all moneys, obligations and liabilities whatsoever whether principal, interest or otherwise in Kenya Shillings or in Foreign Currency which may be due, owing or incurred by the Customer to the Bank whether present or future, actual or contingent;

(o) “Foreign Currency” means any currency howsoever denominated other than Kenya Shillings;

(p) “Kenya Shillings” means the lawful currency of the Republic of Kenya;

(q) “Mandate” means the mode of operation of the Account as specified by the Customer in the Application Form;

(r) “Security” means (including but not limited to) any agreement, mortgage, charge, pledge, lien, guarantee, indemnity, debenture and/or other security securing in whole or in part any Debt of the Customer with the Bank;

(s) “Specific Terms & Conditions” means the particular terms and conditions relating to a specific type of Account; and

(t) “Tax” means all taxes levies duties charges imposts or withholdings (including, without limitation, compensating tax, drought levy, value added tax, stamp duties, service charges, National Social Security or Hospital Insurance Fund payments) together with all penalties charges and interest relating to any of them.