Common use of Conversion of Foreign Currencies Clause in Contracts

Conversion of Foreign Currencies. Payment instructions of the Cardholder in foreign currency will be converted into Euros at an exchange rate calculated by card complete (“the card complete exchange rate)” and published on its website xxx.xxxxxxxxxxxx.xxx. In calculating the rate, card complete uses the reference exchange rates for the various currencies that are published by the international Visa card organisation. The rates published by Visa on its homepage xxx.xxxxxxxxxx.xxx are calculated on the basis of the highest and lowest rates of the previous 24 hours as published by international sources such as Reuters or Bloomberg. The card complete exchange rate is calculated from the reference exchange rate and a purchase discount. The date for the conversion is the business day on which card complete is debited by the relevant Accepting Partner. A business day is defined for card complete as any date of the calendar year except Saturdays, Sundays, public holidays and the 24 th of December. If a payment instruction (debit) is received on a non- business day or after 22.30 hours (10.30. p.m. CET), the debit will be dated as if received on the next business day. This date (clearing date) will be shown on the account statement.