Common use of Cancellation Prior to the Maturity Date Clause in Contracts

Cancellation Prior to the Maturity Date. If the deposit is cancelled prior to the maturity date for any reason that the Bank deems justifiable or for provisions set forth in Article 10, Paragraph 2 through Paragraph 4 of the “Common Customer Agreement on PowerFlex Transaction”, the Bank shall calculate the interest thereon on a simple interest basis at the Bank-designated rates depending on the deposit term, based on the number of days from the deposit date (or, in case of the renewal, the last renewal date) up to the day immediately preceding the cancellation date, and shall pay the same together with this deposit. However, if Interim Interest has been paid, the difference between Interim Interest paid (where two or more Interim Interest Payment Dates exist, the total amount of Interim Interest paid on each Date) and interest on cancellation before maturity shall be settled.

Cancellation Prior to the Maturity Date. The deposit cannot be cancelled except for cases where the Bank deems justifiable. If the deposit is cancelled prior to the maturity date for any reason that the Bank deems justifiable or for provisions set forth in Article 10, Paragraph 2 through Paragraph 4 of the “Common Customer Agreement on PowerFlex Transaction”, the Bank shall calculate the interest thereon on a simple interest basis at the Bank-designated rates depending on the deposit term, based on the number of days from the deposit date (or, in case of the renewal, the last renewal date) up to the day immediately preceding the cancellation date, and shall pay the same together with this deposit. However, if Interim Interest has been paid, the difference between Interim Interest paid (where two or more Interim Interest Payment Dates exist, the total amount of Interim Interest paid on each Date) and interest on cancellation before maturity shall be settled.