This User License Agreement (“Agreement”) is a legal agreement between Borderless Investing Inc., (“Borderless Investing”), the owner of the Borderless digital platform, a company having its registered office at 919 North market Street, Suite 950, City of Wilmington, County of New Castle, Delaware 19801, United States of America and its affiliates (“Licensor”) and you as the user (“Licensee”) who holds a valid ‘Platform Software as a Service’ (“PaaS”) user subscription with the Licensor to access the service described below (“Licensed Service”).
By downloading, installing, or accessing the Licensed Service, the Licensee acknowledges that he or she has received, read, understands and agrees to be bound by the terms of this Agreement, including any amended terms and conditions, disclosures and disclaimers published on the Licensed Service. If the Licensee does not agree to the terms of this Agreement, the Licensee should not install, copy, activate or access the Licensed Service.
This Agreement shall not become effective until accepted by the Licensor, and such acceptance may only be evidenced by internal records maintained by the Licensor. The Licensor may amend this Agreement periodically by posting a revised version in its disclosure library and updating the Effective Date. The updated version will be effective as of the updated “Effective Date.” The Licensor will provide the Licensee with reasonable notice of any material changes to the Agreement. The Licensee agrees that changes to the Agreement will bind the Licensee and the Licensee's account through any subsequent use of the Licensee's account, or if the Licensee does not close the Licensee's account, within fifteen (15) calendar days of being notified of the changes. The Licensee’s continued use of Licensed Service after the Effective Date constitutes the Licensee’s consent to any changes to the Agreement.
The Licensee hereby acknowledges and undertakes to additionally agree and abide by the terms and conditions of the Clearing Agent and the third-party partners associated with this Licensed Service. If the Licensee is accessing the platform through the Licensor's channel partners, please read the Partner Risk Disclosure document.
The Licensed Service refers to the use of the digital platform, including but not limited to, the website(s) https://www.stockal.com or https://www.borderless.world, its products, services, and/or mobile applications under the brand name Borderless (“Borderless Group”), which may be offered directly or through distribution channels. The Licensor is neither a broker-dealer nor an investment advisor. Through its affiliate, stockbroker Stockal Securities Private Limited (SEBI INZ000301236), acting as the introducing entity, it has entered into a clearing agreement with DriveWealth LLC. (“Clearing Agent”), to offer U.S. equities on the Borderless platform.
The Clearing Agent is incorporated and regulated in the United States of America (“U.S.”) and is a member of the Financial Industry Regulatory Authority (“FINRA”) and Securities Investor Protection Corporation (“SIPC”). The Clearing Agent for this Agreement is the Clearing Agent for securities transactions in the Licensee’s account and carries the Licensee’s account, whereby the Licensee agrees that Clearing Agent and its affiliates may provide clearing, execution, and brokerage-related services to the Licensee (collectively “Clearing Services”).
1. LICENSED SERVICE
1.1. The Licensed Service is licensed, not sold.
1.2. Subject to the terms and limitations of this Agreement, the Licensor hereby grants a non-exclusive, non-transferable license, without rights to sub-license or make the Licensed Service available to third parties in any form or manner for the Licensee’s commercial gain or otherwise to:
1.2.1. Download, install or attempt to access the Licensed Service in an unauthorised manner;
1.2.2. Use the documentation accompanying the Licensed Service in connection with permitted uses of the Licensed Service.
1.3. The Licensee shall be solely responsible for adherence to all aspects of this Agreement.
1.4. The Licensee shall be solely responsible for all Clearing Services initiated by the Licensee and performed by the Clearing Agent using the Licensed Service.
1.5. The Licensor reserves the right to suspend any Licensee account that has not initiated any trading activity during a consecutive twelve-month period and may levy a monthly inactivity account fee for continued safekeeping of the account.
2. FEES & REFUND
2.1. The Licensee shall be solely responsible for the Licensee's account and shall assume financial responsibility concerning all transactions in the Licensee's account, investment decisions, payments for the Licensed Service, Clearing Agent fees and securities and other assets purchased on the Licensee's account on or before due dates.
2.2. The Licensee shall be responsible for all debits, costs, commissions and losses arising from any actions that the Licensor, its agent(s) and partner(s) must take to liquidate or close transactions in the Licensee's account, or from the Licensee’s failure to make timely good delivery of securities.
2.3. Please click here to refer to the refund policy.
2.4. Subscription Model
2.4.1. The Licensee may have the option of availing a Subscription or Non-Subscription Model.
2.4.2. If the Licensee avails the subscription model, access to the Licensed Service is subject to payment of the subscription fees by the Licensee, prevailing at that time. The Licensor reserves the right to change or modify the Subscription fee for the Services without prior notice to the Licensee.
2.4.3. Asset management fees and charges as agreed between the Licensee and the Licensor shall be collected on behalf of the Licensor by the Clearing Agent.
2.4.4. In addition to subscription fees, the Licensee may incur from time to time Clearing Services fees related to the number of times that trades are placed by the Licensee and/or the number of units of securities purchased and/or the total amount of assets being traded. Such fees, collected by the Clearing Agent, may be shared with the Licensor.
2.5. The Licensee may incur additional or separate bank/third party (“Remittance Service Providers”) charges or fees for international remittances and related services, which the Licensee should confirm with their respective Remittance Service Providers.
3. TERMS OF USE
3.1. The Licensee will not use the Licensed Service for any purpose that is unlawful or prohibited, nor will the Licensee use the Licensed Service in any manner that could damage, disable or impair the Licensed Service or interfere with any other party’s use, legal rights, or enjoyment of the Licensed Service.
3.2. The Licensee acknowledges that the software and hardware underlying the Licensed Service, as well as other internet-related software which may be required for accessing the Licensed Service, are the legal property of the Licensor or its respective third-party vendors. The permission granted by the Licensor to access the Licensed Service does not convey any proprietary or ownership rights in the software or hardware.
3.3. The Licensee understands and accepts that not all the products and services offered on this Licensed Service are available in all geographic areas, and the Licensee may not be eligible for all the products or services provided by the Licensor for the Licensed Service. The Licensor reserves the right to determine the availability and eligibility for any product or service offered for the Licensed Service.
3.4. The Licensee understands and accepts that the Licensor is not responsible for the availability of content or other services on third-party sites linked from the Licensed Service. The Licensee is aware that access to hyperlinks to other internet sites is at their own risk. The content, accuracy, opinions expressed, and other links provided by these sites are not verified, monitored or endorsed by the Licensor in any way. The Licensor does not make any warranties and expressly disclaims all warranties, express or implied, including without limitation, those of merchantability and fitness for a particular purpose, title or non-infringement concerning any information or services or products that are available or advertised or sold through these third-party platforms.
3.5. Additionally, by the continuing use of the Licensed Service, the Licensee is confirming that:
3.5.1. The Licensee is at least 18 years of age. Where the Licensee is acting as guardian on behalf of a minor, the Licensee has the necessary authority to register/sign up for the services on behalf of the minor. If the Licensor learns that personal information from a person under age 18 has been collected, the Licensor shall block and/or delete such information as quickly as possible. If the Licensee believes that a person under 18 may have provided the Licensor with personal information, please contact the Licensor at customersuccess@stockal.com;
3.5.2. The Licensee has read and understood the Privacy Policy published on the website and mobile applications of the Licensor. The Licensee warrants that all the details and information provided by the Licensee to the Licensor when registering and while using the Licensed Service (including to carry out investments) shall be correct, accurate and genuine. If the Licensee’s information is not accessible online, and the Licensee wishes to change or delete their personal information or other information that may have been provided, please contact the Licensor immediately at customersuccess@stockal.com;
3.5.3. The Licensor may contact the Licensee by: (i) telephone; (ii) electronic mail (‘e-mail’); (iii) Short Message Service (‘SMS’); (iv) or any other form of electronic communication in connection with the Licensee’s registration and transactions. The Licensee can always opt to stop receiving any or all such communications by writing to the Licensor at customersuccess@stockal.com;
3.5.4. In no event shall the Licensor or its affiliate(s) be liable to the Licensee for any loss or damage that may be caused or arise from or in relation to these terms and conditions or due to use of the Licensed Service or due to investments made using the Licensed Service;
3.5.5. The Licensee agrees to indemnify the Licensor and its affiliate(s), its directors and employees for all the liabilities (including claims, damages, suits or legal expenses in defending itself in relation to the foregoing) arising due to non-performance and/or non-observance of the duties and obligations under this Agreement or due to the Licensee acts or omissions;
3.5.6. The Licensee shall be solely responsible for any investment decision taken by the Licensee on the Licensed Service provided. The Licensor or its affiliate(s) shall not be liable for any loss or damage caused to the Licensee or other users of the Licensed Service due to such investment decisions, or any kind of reliance upon it.
4. BACKGROUND CHECKS
4.1. To satisfy statutory and regulatory obligations, the Licensee consents and authorises the Licensor and its affiliates, agents and partners to:
4.1.1. Conduct background checks concerning the Licensee to verify and confirm the veracity of information provided;
4.1.2. Share amongst themselves or any regulators, as and when required by the applicable law, such information and any other confidential information that the Licensor may have concerning the Licensee or the Licensee's account;
4.1.3. Conduct additional background checks in connection with any review, audit, renewal or extension of the Licensee account without prior notification.
5. USER ACCOUNT, CONFIDENTIALITY & SECURITY
5.1. The Clearing Agent of the Licensor shall hold the brokerage account created by the Licensee, and details of the Clearing Agent shall be provided to the Licensee when the brokerage account is created and approved by the Clearing Agent.
5.2. The Licensee shall be solely responsible for the security of their account and password, taking all necessary precautions to protect and monitor against unauthorised access. If the Licensee believes that the Licensee's account has been compromised due to a breach of cybersecurity, or in any other way the Licensee must immediately notify the Licensor in writing so that appropriate remedial action may be taken. If the Licensor reasonably believes that the Licensee's account has been compromised due to a breach of cybersecurity, the Licensor reserves the right to take immediate curative action to protect the Licensee's account and the Licensed Service.
5.3. The Licensed Service as provided to the Licensee is confidential, and the Licensee shall not copy or use the Licensed Service except as is otherwise expressly permitted herein.
6. LICENSEE REPRESENTATIONS
6.1. The Licensee represents that he or she understands the terms of Clearing Agent and third-party partners and applicable law relating to delivery of all securities and other assets, transactions denominated in a foreign currency, transfer of restricted securities, inactive and abandoned accounts/property, consent to electronic delivery of communications and regulatory Information.
6.2. The Licensee will not permit any unauthorised person to make a transaction on the Licensee's account and shall be solely liable for all such transactions.
6.3. The Licensee has the legal capacity and authority to use the Licensed Service under this Agreement and shall comply with all applicable laws, statutes, rules and regulations, including but not limited to those specified in this Agreement.
6.4. The Licensee authorises the Licensor, and among others, its agent(s) and Clearing Agent in order to protect their respective interest and to satisfy the Licensee obligations, at their discretion and without prior demand or notice, to transfer, sell or otherwise liquidate all or any part of the securities or other assets in the Licensee account, to satisfy the Licensee obligations or closing of any or all transactions in the Licensee account.
7. INTELLECTUAL PROPERTY IN THE LICENSED SERVICE & RESTRICTIONS
7.1. Intellectual Property Rights laws protect the Licensor and the Licensed Service, and the Licensee is hereby given a limited license to utilise this Licensed Service subject to the terms and conditions of this Agreement and accompanying disclosures and disclaimers.
7.2. The Licensee acknowledges that, in the course of their relationship with the Licensor and in using Licensed Service, the Licensee may obtain information relating to the Licensed Services and/or the Licensor (hereinafter “Proprietary Information”). Such Proprietary Information shall belong solely to the Licensor including without limitation, the features and mode of operation of the Licensed Service, trade secrets, know-how, inventions (whether or not patentable), techniques, processes, programs, ideas, algorithms, schematics, testing procedures, software design and architecture, computer code, internal documentation, design and function specifications, product requirements, problem reports, analysis and performance information, benchmarks, software documents, and other technical, business, product, plans and data.
7.3. Regarding this Proprietary Information:
7.3.1. All rights, title, and interest in and to the Licensed Service and any know-how contained therein shall remain the Licensor’s exclusive property;
7.3.2. No title to the intellectual property and its associated rights in the Licensed Service shall be transferred to the Licensee from the Licensor under this Agreement;
7.3.3. The Licensee agrees not to remove any trademark, copyright, or other proprietary notices on or in any portion of the Licensed Service as delivered and that the Licensee shall reproduce all such notices on and in all authorised copies;
7.3.4. Except for the Licensee’s own personal and non-commercial use, no information, content or material from Licensed Service may be sold, offered to be sold, copied, reproduced, entered into a database, displayed, performed, modified, licensed, create derivatives from, republished, uploaded, posted, transmitted, distributed or redistributed, transferred or in any way exploited any part of any information, content, materials, services available from or through the Licensed Service in any way without the Licensor’s written permission;
7.3.5. The Licensee shall not use (except as expressly authorised by this Agreement) or disclose Proprietary Information without the prior written consent of the Licensor unless such Proprietary Information becomes generally publicly available without the Licensee breaching the terms of this Agreement;
7.3.6. The Licensee agrees to take all necessary measures to maintain the confidential nature of the Proprietary Information and services;
7.3.7. The Licensee shall not distribute, share, rent, resell, lease, sublicense or otherwise disclose or transfer Licensed Service to any third party. Licensed Service and licensed modules contain the Licensor’s trade secrets, and to protect those trade secrets and the Licensor’s interest in the Licensed Service generally. The Licensee agrees that it shall not modify, reverse engineer, decompile, translate, or disassemble the Licensed Service or any module thereof, in whole or in part, or create any derivative product, nor permit any third party to do so, or to copy or distribute the documentation to any third party. Any failure to abide by the restrictions set forth in this Section shall expressly constitute a material breach of this Agreement and lead to termination of this Agreement at the Licensor’s sole discretion.
8. TERMINATION
8.1. The Licensor may, at its sole discretion, terminate this Agreement, with or without cause and/or if the Licensee fails to comply with any term of this Agreement or has not paid any fees that are due and payable to the Licensor or its third-party partners.
8.2. In the event of termination, the Licensee must not attempt to access or make any copies of the Licensed Service.
8.3. In the event the Licensee closes their account, closure of the account shall be subject to the terms and conditions of this Agreement.
8.4. The Licensee shall be subject to the terms and conditions of the Refund Policy in the event the Licensee closes their account or the account is terminated, and a refund is requested.
9. APPLICABLE LAWS & GOVERNMENT RESTRICTIONS
9.1. The Licensee's access to the Licensed Services shall be subject to compliance with all applicable laws, this Agreement and the Licensor’s policies and disclosures specified on the Licensed Field of Use, and the terms and conditions of the Clearing Agent.
9.2. Applicable laws shall include laws of the United States of America, the Republic of India and the jurisdiction the Licensee accesses the Licensed Service, and the rules and regulations of applicable federal, state and self-regulatory agencies, customs and usages of exchanges, markets and clearing agencies where transactions are executed, cleared and settled.
9.3. The installation, activation and use of the Licensed Service is subject to all applicable Government regulations in the jurisdiction of the Licensee. The Licensee shall be solely responsible for ensuring complete legal compliance with all relevant laws, regulations, ordinances, and associated regulations, including but not limited to export and re-export regulations arising from the installation, activation, and use of the Licensed Service.
10. DISCLAIMER
10.1. The Licensed Service is provided on an “as is” basis. Use of the Licensed Service is at the Licensee’s own risk. The Licensor makes no warranty that use of the Licensed Service will be continuous, uninterrupted, bug-free, error-free, virus-free, free of defects, free of technical problems, or that it will meet all of the Licensee’s needs. To the maximum extent permitted by law, the Licensor expressly disclaims all other warranties, conditions, results, guarantees, or representations concerning the Licensed Service, whether express or implied, including but not limited to the implied warranties of merchantability, merchantable or satisfactory quality, fitness for a particular purpose, non-infringement of third-party rights, or arising from the course of performance, course of dealing, or usage of trade. The Licensor does not warrant that all errors, bugs, or defects can or will be corrected.
10.2. The Licensor does not advise or act as an agent or broker for the investment opportunities.
10.3. The Licensee understands and acknowledges that the Licensor DOES NOT provide tax, legal, or investment advice of any kind, nor does the Licensor give advice or offer opinions with respect to the nature, potential value, or suitability of any securities transaction or investment strategy in the Licensee's account. The Licensee will not hold, nor seek to hold, the Licensor or any of its officers, directors, employees, agents, subsidiaries or affiliates liable for any trading or other investment losses incurred in the Licensee's account.
11. LIMITATION OF LIABILITY
11.1. LICENSOR’S RESPONSIBILITY IS LIMITED TO PROVIDING A LICENSED SERVICE TO ENABLE CLIENTS TO EXECUTE INVESTMENTS THROUGH THIRD-PARTY CLEARING AGENTS AND BY MAKING AVAILABLE ALL NECESSARY TRANSACTION REPORTS.
11.2. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE LICENSOR BE LIABLE FOR ANY LOST PROFITS OR BUSINESS OPPORTUNITIES, LOSS OF USE, BUSINESS INTERRUPTION, LOSS OF DATA, OR ANY OTHER INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES UNDER ANY THEORY OF LIABILITY, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, PRODUCT LIABILITY, OR OTHERWISE.
11.3. THE FOREGOING LIMITATIONS SHALL APPLY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, REGARDLESS OF WHETHER LICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF WHETHER ANY REMEDY FAILS OF ITS ESSENTIAL PURPOSE.
12. GOVERNING LAW, JURISDICTION AND ARBITRATION
12.1. The validity, interpretation, construction, performance, enforcement, and remedies of or relating to this Agreement, and the rights and obligations of the parties to this Agreement, or in connection with the performance or non-performance of the Licensed Service shall be governed and construed in all respects by the substantive laws of the Republic of India without regard to conflict of law principles and courts in Bangalore, Karnataka, India shall have exclusive jurisdiction.
12.2. If any dispute arises hereto during the subsistence or thereafter, in connection with or arising out of this Agreement, the dispute shall be referred to arbitration under the rules of the Indian Arbitration and Conciliation Act, 1996, and any subsequent amendments or re-enactments. Arbitration shall be held in Bangalore, Karnataka and conducted in English.
12.3. Notwithstanding the aforesaid, the Licensor shall have the right, at its sole discretion, to approach a court of competent jurisdiction to seek equitable relief or any other appropriate redress not restricted to Arbitration.
13. FORCE MAJEURE
13.1. “Force Majeure Event” means any event, due to any cause beyond the reasonable control of the Licensor, including without limitation, unavailability of any communication systems, breach, or virus in the digital processes or payment or delivery mechanism, sabotage, fire, flood, explosion, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, epidemics, pandemics, delayed labour disputes, strikes or shortages, computer hacking, unauthorised access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal or the systems being affected by any malicious, destructive or corrupting code or program, mechanical or technical errors/failures, outages (scheduled/unscheduled), internet outages, or power shut down, faults or failures in utility or telecommunication.
13.2. If performance is prevented, hindered or delayed by a Force Majeure event, the Licensor shall not be liable for any failure to perform any of its obligations under this Agreement or those applicable specifically to its services/facilities, and in such case its obligations shall be suspended for so long as the Force Majeure event continues.
13.3. The Licensed Service is subject to the inherent risks of online trading, including those related to system response and access times that may be affected by various factors, such as market conditions, Clearing Agent actions or inactions, and system performance. The Licensee understands the nature of such risks before accessing the Licensed Service and trading and shall not hold the Licensor liable as a consequence.
14. GENERAL
14.1. This Agreement is the entire agreement between the Licensor and the Licensee. It supersedes the terms of any purchase orders and all other communications or advertisements regarding the Licensed Service.
14.2. If any portion of this Agreement is held invalid or unenforceable by any applicable law outlined in this Agreement, the remainder shall remain in full force and effect and be deemed enforceable.
14.3. Waiver, Assignment and Modification. Except as specifically permitted in this Agreement, no provision of this Agreement will be deemed waived, altered, modified or amended unless agreed to in writing by the Licensor. The Licensor’s failure to insist on strict compliance with this Agreement or any other course of conduct on the Licensor’s part will not be deemed a waiver of the Licensor’s rights under this Agreement. The Licensee may not assign this Agreement to any third party without the written consent of the Licensor. Any assignment in violation of this Agreement shall be voidable at the instance of the Licensor. The Licensor may assign any of its rights and obligations in this Agreement to its Affiliates and successors, and amongst others, its agents, partners or any third-party it deems appropriate, without giving notice to the Licensee.
15. CONTACT INFORMATION
Notice and correspondence regarding this Agreement, its implementation, and usage can be directed to customersuccess@stockal.com.
Borderless Investing Privacy Policy & Refund Policy:
Please read the Privacy Policy & Refund Policy
16. EXTENDED HOURS TRADING DISCLOSURES:
Please read the Clearing Agent’s Extended Hours Trading Disclosures, which form a part of this Agreement, should the Licensee wish to participate in Extended Hours Trading. Extended Hours Trading Disclosures — DriveWealth Legal Hub
17. FULLY PAID SECURITIES LENDING (FPSL)
Please read the Clearing Agent’s Master Securities Lending Agreement and Fully Paid Securities Lending Disclosure, which form a part of this Agreement. Links to these documents are also available on our platform. By clicking ‘I Accept’, the Licensee will be enrolled on the FPSL program. Should the Licensee wish to opt out, the Licensee can do so by logging into their account and changing the ‘Securities Lending’ settings in the ‘Investing Profile section.
18. LICENSEE ACCOUNT AND BUSINESS CONTINUITY
18.1. The Licensee is requested to refer to the Customer Brokerage Account Agreement with DriveWealth, LLC and other disclosures (at the link as provided herein below) in the event of Clearing Agent dissolution.
18.2. In the event of the Licensor's dissolution:
18.2.1. Clearing Agent, at its discretion, shall migrate the Licensee account directly onto the Clearing
Agent platform, or
18.2.2. Clearing Agent, at its discretion, shall facilitate the movement of the Licensee's account to an
alternative provider offering the same or similar products or services as the Licensor; or
18.2.3 The Licensor will set the Licensee account to “liquidate only”, whereby the Licensee assets shall be repatriated to the Licensee.
19. OVER-THE-COUNTER (OTC) SECURITIES
If the Licensee wishes to trade in Over-the-counter (‘OTC’) securities, please review the following important disclosures https://legal.drivewealth.com/disclosures-disclaimers and https://legal.drivewealth.com/investment-products, which accordingly form an applicable part of this Agreement and to which the Licensee expressly consents. Please note that OTC securities may be associated with additional risks. By clicking ‘I Accept’, the Licensee acknowledges reading and understanding the relevant disclosures and disclaimers here before trading in OTC securities and gives express consent to the Licensor to proceed.
20. BANK SWEEP DEPOSIT PROGRAM
20.1. The Licensee acknowledges and understands, by enrolling in the Bank Sweep Deposit Program, the Licensee is instructing the Clearing Agent, DriveWealth LLC, to direct cash pending investment in the Licensee’s brokerage account to be automatically enrolled in the Program offered by the Clearing Agent, and its partner banks, in accordance with applicable laws and regulations., and that the Licensor’s role is limited to making the Licensed Service available and does not include providing banking, deposit, custodial, brokerage, investment, or advisory services in connection with the Program.
20.2. The Licensee expressly confirms that they have received, read, and understood the Program Disclosure Statement made available by DriveWealth LLC, the following link, which forms an integral part of this Agreement: https://legal.drivewealth.com/cash-management-program-disclosure-statement-bank-sweep (the “Program Disclosure”) . The Licensee acknowledges that the Program Disclosure is provided by the Clearing Agent (not the Licensor), and the Licensor is not responsible for the Program Disclosure’s accuracy, completeness, or ongoing availability.
20.3. The Licensee acknowledges that:
(a) cash balances may be swept into one or more deposit accounts at participating banks or other eligible instruments as determined by the Clearing Agent in its sole discretion;
(b) such cash balances may not be held directly by the Licensor and are not obligations of, and are not guaranteed by, the Licensor;
(c) interest rates, program features, participating banks, and applicable protections (including Federal Deposit Insurance Corporation (“FDIC”) coverage, where applicable) are governed solely by the terms of the Clearing Agent’s disclosure, and the Licensee is solely responsible for reviewing the Program Disclosure and monitoring any updates to it; and
(d) the Licensor does not control, guarantee, or make any representation regarding returns, interest rates, or protections applicable to such swept cash balances, including whether, the extent to which, or the manner in which FDIC insurance or any other protections apply.
20.4. By clicking ‘I Accept’ or by continuing to access or use the Licensed Service, the Licensee provides explicit consent to participation in the Bank Sweep Program in accordance with the Clearing Agent’s disclosure and agrees to be bound by its terms, as amended from time to time. The Licensee further acknowledges and agrees that (i) the Licensor is not a party to the Program Disclosure, (ii) the Clearing Agent and its partner banks are third-party service providers, and (iii) any elections, instructions, disputes, or claims relating to the Program must be directed to the Clearing Agent in accordance with the Program Disclosure.
20.5. The Licensor shall not be liable for any loss, delay, failure, or change arising from or relating to the operation of the Cash Management Program or Bank Sweep Deposit Program, including but not limited to changes in interest rates, bank participation, regulatory treatment, or insurance coverage, which shall be the sole responsibility of the Clearing Agent and its partner institutions; and the Licensee releases and agrees to defend, indemnify, and hold harmless the Licensor and its Affiliates, and each of their respective officers, directors, employees, and agents, from and against any and all claims, losses, liabilities, damages, penalties, costs, and expenses (including reasonable attorneys’ fees) arising out of or relating to (i) the Program and any swept cash balances, (ii) the Licensee’s participation in, or inability to access, the Program, (iii) any act or omission of the Clearing Agent or any participating bank, or (iv) the Licensee’s failure to review or comply with the Program Disclosure, except to the extent finally determined by a court of competent jurisdiction to have resulted directly from the Licensor’s gross negligence or wilful misconduct . The Clearing Agent and participating banks are intended third-party beneficiaries of Clauses 20.3 to 20.5.
21. BORDERLESS MONEY (MULTI-CURRENCY ACCOUNT)
21.1. The Licensees participating in or utilising the Borderless Money facility and associated services are requested to review the following terms and conditions as provided by the Licensor’s facilitation partner, Airwallex:
21.2. https://www.airwallex.com/sg/terms/stockal
21.3. By applying for, or using this facility and associated services, the Licensee expressly and unconditionally agrees to the terms and conditions set forth herein.
21.4. In the event of a conflict in the provisions of this section 20 and the other provisions set forth in this Agreement, the provisions of this section 20 and collateral terms referenced at clauses 21.1., 21.2., 21.3., 21.4. and 21.5. shall govern as it pertains solely to the Borderless Money facility and associated services unless expressed in writing by the Licensor to the contrary.
21.5. The Licensee expressly consents to the generation of additional income on their funds, whereby the Licensor shall be entitled to automatically invest the Licensee’s holdings (at the Licensor’s sole determination) in low-volatility exchange-traded funds and similar investments as notified to the Licensee.
21.6. To effectuate the services, and because the Licensor’s facilitation partner is based in Singapore, the Licensee acknowledges that the designated source of funds for all investment accounts used in connection with the Multi-Currency Account shall be reflected as Singapore.