Common use of Foreign Currencies Clause in Contracts

Foreign Currencies. I. In opening an account in any lawful currency, other than the Singapore Dollar, acceptable to the Bank at its discretion (each such other currency hereinafter referred to as an “acceptable currency”) or in accepting a deposit in an acceptable currency in an account, the Bank is entitled to credit the relevant account with the original currency of denomination remitted to, or deposited in, that account by the Customer and the Customer shall be responsible for any interest, difference in currency conversion and/ or other charges stipulated by the Bank. II. The Bank shall not be liable for the unavailability of funds in an acceptable currency held or deposited in an account or for any losses, delay or failure to perform any obligations or exercise any right arising from or in connection with the occurrence of any events whatsoever which restricts or controls the availability, convertibility or transfer of any funds of the customer or any other person, whether before, on or after maturity and whether in Singapore or in the country of origin of that acceptable currency of such funds or elsewhere and in the event of such unavailability of funds, the Bank may in its discretion discharge its obligations with respect to such funds by paying the Customer or to its order such funds at any time (whether before, on or after maturity), in any currency (whether in that acceptable currency or in any other currency, including Singapore Dollars), at any rate and in any manner (whether by way of draft or cash or by applying such funds towards satisfaction of any of the Customer’s obligations or the obligations of any person to the Bank), in each case as the Bank may determine in its discretion, and the Customer agrees that any such payment or application of such funds shall constitute good and valid discharge of the Bank’s obligations to the Customer with respect to such funds in such acceptable currency.

Foreign Currencies. I. In opening an account in any lawful currency, other than the Singapore Dollar, acceptable to the Bank at its discretion (each such other currency hereinafter referred to as an “acceptable currency”) or in accepting a deposit in an acceptable currency in an account, the Bank is entitled to credit the relevant account with the original currency of denomination remitted to, or deposited in, that account by the Customer and the Customer shall be responsible for any interest, difference in currency conversion and/ or other charges stipulated by the Bank. II. The Bank shall not be liable for the unavailability of funds in an acceptable currency held or deposited in an account or for any losses, delay or failure to perform any obligations or exercise any right arising from or in connection with the occurrence of any events whatsoever which restricts or controls the availability, convertibility or transfer of any funds of the customer or any other person, whether before, on or after maturity and whether in Singapore or in the country of origin of that acceptable currency of such funds or elsewhere and in the event of such unavailability of funds, the Bank may in its discretion discharge its obligations with respect to such funds by paying the Customer or to its order such funds at any time (whether before, on or after maturity), in any currency (whether in that acceptable currency or in any other currency, including Singapore Dollars), at any rate and in any manner (whether by way of draft or cash or by applying such funds towards satisfaction of any of the Customer’s obligations or CTCB−SG web use only the obligations of any person to the Bank), in each case as the Bank may determine in its discretion, and the Customer agrees that any such payment or application of such funds shall constitute good and valid discharge of the Bank’s obligations to the Customer with respect to such funds in such acceptable currency.

Foreign Currencies. I. In opening an account in any lawful currency, other than the Singapore Dollar, acceptable to the Bank at its discretion (each such other currency hereinafter referred to as an “acceptable currency”) or in accepting a deposit in an acceptable currency in an account, the Bank is entitled to credit the relevant account with the original currency of denomination remitted to, or deposited in, that account by the Customer and the Customer shall be responsible for any interest, difference in currency conversion and/ or and/or other charges stipulated by the Bank. II. The Bank shall not be liable for the unavailability of funds in an acceptable currency held or deposited in an account or for any losses, delay or failure to perform any obligations or exercise any right arising from or in connection with the occurrence of any events whatsoever which restricts or controls the availability, convertibility or transfer of any funds of the customer or any other person, whether before, on or after maturity and whether in Singapore or in the country of origin of that acceptable currency of such funds or elsewhere and in the event of such unavailability of funds, the Bank may in its discretion discharge its obligations with respect to such funds by paying the Customer or to its order such funds at any time (whether before, on or after maturity), in any currency (whether in that acceptable currency or in any other currency, including Singapore Dollars), at any rate and in any manner (whether by way of draft or cash or by applying such funds towards satisfaction of any of the Customer’s obligations or the obligations of any person to the Bank), in each case as the Bank may determine in its discretion, and the Customer agrees that any such payment or application of such funds shall constitute good and valid discharge of the Bank’s obligations to the Customer with respect to such funds in such acceptable currency.