Common use of Fiat Currency Foreign Exchange Conversion Clause in Contracts

Fiat Currency Foreign Exchange Conversion. Certain Transaction Platforms may permit Participants to enter Transactions requiring Participants to make payment in a particular Fiat Currency when the Participant's Available Balance does not reflect a sufficient balance of a particular government's Fiat Currency required for Final Settlement, but where the Participant's Account maintains funds in another government's Fiat Currency that, if converted at prevailing exchange rates to the required Fiat Currency, would be sufficient to meet the Participant's Transaction Obligations. When a Participant enters such a Transaction, the Participant is responsible for making payment in the Fiat Currency required for Final Settlement. Participants may deposit the required foreign Fiat Currency to their Zero Hash account or use Zero Hash's Fiat Currency Foreign Exchange Conversion Services, as outlined below, prior to Final Settlement. If the Participant fails to deposit the appropriate kind and amount of Fiat Currency by the Final Settlement date, Zero Hash will convert any Fiat Currency held in the Participant's Account to the Fiat Currency required for Final Settlement. If Zero Hash is forced to convert the Fiat Currency for the Participant in accordance with the preceding sentence, the Participant will be responsible for all pass-through and Zero Hash fees related to the conversion, in addition to a penalty fee as may be published on the Zero Hash System from time to time. Fiat Currency conversion settlement is subject to Zero Hash's partner financial institution(s) service offerings and capabilities. If the Participant is unable to make payment in relation to any of its Transaction Obligations, less all fees outlined in this section, Participant will be deemed to have triggered a Default Event. Zero Hash will use its partner financial institution(s) to effect any conversions in Fiat Currency, and will pass through all fees to the Participant, plus any additional Zero Hash fee for such service. Supported Fiat Currency conversion pairs and fees will be listed by Zero Hash from time to time. Participants may request conversion rates, good for a limited time, from Zero Hash prior to any foreign exchange conversion described in this section.