Terms and Conditions for Various Services

(i) “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;

(ii) “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);

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

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

(v) “Bank” means I & M Bank (T) Limited, including but not limited to its successors in title and assigns (whether immediate or derivative);

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

(vii) “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; (viii) “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;

(ix) “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;

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

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

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

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

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

(xv) “Foreign Currency” means any currency howsoever denominated other than Tanzania Shillings;

(xvi) “Tanzania Shillings” means the lawful currency of the United Republic of Tanzania;

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

(xviii) “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;

(xix) “Specific Terms & Conditions” means the particular terms and conditions relating to a specific type of Account; and (xx) “Tax” means all taxes levies duties charges imposts or withholdings (including, without limitation to any fiscal , regulatory, statutory , municipal or other taxes) together with all penalties charges and interest relating to any of them

The Bank may, at its sole and absolute discretion, upon due application by the Customer and subject to the General Terms and Conditions as well as any Specific Terms and Conditions in respect of an Account, open an Account for a customer. The Bank shall not open an Account for any Customer whose name appears in any blacklist(s) (whether local or international) issued, circulated or otherwise available to the Bank from time to time.

The address specified by the Customer in the Application Form shall be deemed by the Bank to be the registered address of the Customer and all postal communication to the Customer shall be sent by the Bank to the said address. The Customer must notify the Bank in writing of any changes to this address.

The Account shall be operated by the Customer under the name(s) specified in the Application Form and all documents provided there under. The Bank shall have the right, at its sole and absolute discretion, to request the Customer for all necessary proof of the Customer’s name and any change thereof and the Bank shall be at liberty to decline to act on any or all of the Customer’s instructions until such request is met to the sole and absolute satisfaction of the Bank.

The Bank reserves the right, at its sole and absolute discretion, at any time during the tenure of the Account to request the Customer for any information and/or documentation that the Bank may require for the establishment and/or operation of the Account.

(i) the Bank shall only be bound to act upon the Customer’s original duly executed instructions and/or documents drawn or accepted in accordance with the Mandate until such time as the Customer shall give the Bank due written notice to the contrary; (ii) Instructions received after Banking Hours or on a non-Business Day shall be processed on the next Business Day. The Customer may cancel instructions provided that the Bank is not otherwise irrevocably bound to act upon such instructions and provided further that the Bank has confirmed in writing that such instructions have not yet been acted upon. .The Bank shall be entitled to levy a charge as per the Bank’s Tariffs for cancelling instructions;