Common use of Foreign Currency Time Deposit Clause in Contracts

Foreign Currency Time Deposit. (a) The Accountholder agrees to be conclusively bound by the rate of exchange quoted by the Bank to the Accountholder at the time of placement of the foreign currency time deposit as the rate for the conversion of the relevant currencies determined by the Bank to be prevailing in the relevant foreign exchange market at the relevant time. (b) The Accountholder acknowledges and accepts that the net return on the Accountholder’s foreign currency time deposit will depend on market conditions prevailing at the time of maturity, and that the Accountholder is prepared to risk any loss as a result of a depreciation in the value of the currency paid or as a result of foreign exchange controls imposed by the country issuing the currency. The Accountholder acknowledges and accepts that such loss may offset the net return on such foreign currency time deposit and may even result in the loss of the foreign currency time deposit or a part thereof. For the purposes of this Clause 2.2(b), “market conditions” shall mean any practices in the relevant interbank market relating to the method of interest rate fixing and the calculation of interest on deposits in the relevant foreign currency, involving such factors as the day count basis, the meaning of “Business Days” and the basis of settlement. (c) Any cheque presented to the Bank for placement as a time deposit will be credited into the Accountholder’s Account subject to clearance. If any cheque or negotiable instrument is either dishonoured or returned for whatever reason, the Accountholder’s Account will be debited immediately and the Accountholder shall not be entitled to any interest thereon. Any transfer whether mail, telegraphic or electronic or negotiable instrument accepted for depositing may not be withdrawn until such proceeds have been received by the Bank. Only the net proceeds will be placed on foreign currency time deposit.

Foreign Currency Time Deposit. (a) The Accountholder agrees to be conclusively bound by the rate of exchange quoted by the Bank to the Accountholder at the time of placement of the foreign currency time deposit as the rate for the conversion of the relevant currencies determined by the Bank to be prevailing in the relevant foreign exchange market at the relevant time.. HBSP/ CVM/ WEL/ TB/ TNC101 (b) The Accountholder acknowledges and accepts that the net return on the Accountholder’s foreign currency time deposit will depend on market conditions prevailing at the time of maturity, and that the Accountholder is prepared to risk any loss as a result of a depreciation in the value of the currency paid or as a result of foreign exchange controls imposed by the country issuing the currency. The Accountholder acknowledges and accepts that such loss may offset the net return on such foreign currency time deposit and may even result in the loss of the foreign currency time deposit or a part thereof. For the purposes of this Clause 2.2(b), “market conditions” shall mean any practices in the relevant interbank market relating to the method of interest rate fixing and the calculation of interest on deposits in the relevant foreign currency, involving such factors as the day count basis, the meaning of “Business Days” and the basis of settlement. (c) Any cheque presented to the Bank for placement as a time deposit will be credited into the Accountholder’s Account subject to clearance. If any cheque or negotiable instrument is either dishonoured or returned for whatever reason, the Accountholder’s Account will be debited immediately and the Accountholder shall not be entitled to any interest thereon. Any transfer whether mail, telegraphic or electronic or negotiable instrument accepted for depositing may not be withdrawn until such proceeds have been received by the Bank. Only the net proceeds will be placed on foreign currency time deposit.