Common use of Foreign Exchange Conversion Rate Clause in Contracts

Foreign Exchange Conversion Rate. 16.1 In the event that all or part of a deposit is withdrawn and converted into another currency, that the repayment of obligation to the Bank by setoff, etc. is made in a currency other than the one in which such obligation is denominated or that a deposit is transferred to another deposit after conversion of the currencies, the Bank shall comply with such timing, method and procedure as prescribed by the Bank, and apply an exchange rate determined by the Bank. 16.2 In the event that any deposit, transfer, or remittance, etc., is made to the Deposit Account in a currency other than a currency of such Deposit Account, the Bank shall apply an exchange rate prescribed by the Bank, similarly applying, mutatis mutandis, the provisions of Article 16.1., to convert the funds so deposited, transferred, or remitted into a currency of such Deposit Account, and then credit it to the Deposit Account.