Common use of Foreign Currency Time Deposits Clause in Contracts

Foreign Currency Time Deposits. FOR FOREIGN CURRENCY TIME DEPOSIT, THE BANK MAY, UPON THE DEPOSITOR'S REQUEST, AGREE TO REPAY THE DEPOSIT IN A FOREIGN CURRENCY ACCOUNT BEFORE THE AGREED MATURITY DATE. THE INTEREST PAYABLE ON SUCH DEPOSIT SHALL BE CALCULATED AT A RATE WHICH IS 80%OF THE PREVAILING TIME DEPOSIT INTEREST RATE PRESCRIBED BY THE BANK AT THE TIME OF MAKING SUCH DEPOSIT WHICH RATE SHALL APPLY TO THE ACTUAL TENOR OF THE DEPOSIT (OR SUCH OTHER RATE AS AGREED). THE DEPOSITOR SHALL, HOWEVER, BE RESPONSIBLE FOR THE HANDLING CHARGES AND INTEREST COSTS INVOLVED IN EARLY TERMINATION OF THE RELEVANT DEPOSIT.

Foreign Currency Time Deposits. FOR FOREIGN CURRENCY TIME DEPOSIT, THE BANK MAY, UPON THE DEPOSITOR'S REQUEST, AGREE TO REPAY THE DEPOSIT IN A FOREIGN CURRENCY ACCOUNT BEFORE THE AGREED MATURITY DATE. THE INTEREST PAYABLE ON SUCH DEPOSIT SHALL BE CALCULATED AT A RATE WHICH IS 80%OF THE PREVAILING TIME DEPOSIT INTEREST RATE PRESCRIBED BY THE BANK AT THE TIME OF MAKING SUCH DEPOSIT (OR SUCH OTHER RATE AS AGREED) WHICH RATE SHALL APPLY TO THE ACTUAL TENOR OF THE DEPOSIT (OR SUCH OTHER RATE AS AGREED)DEPOSIT. THE DEPOSITOR SHALL, HOWEVER, BE RESPONSIBLE FOR THE HANDLING CHARGES AND INTEREST COSTS INVOLVED IN EARLY TERMINATION OF CANCELING THE RELEVANT DEPOSIT.