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Foreign Exchange Conversion Rate. 16.1 In the event that all or part of a deposit is withdrawn and converted into another currency, that the repayment of obligation to the Bank by setoff, etc.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.

Foreign Exchange Conversion Rate. 16.1 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 In the event that all or part of a deposit is withdrawn and converted into another currency, that the repayment of obligation to the Bank by setoff, setoff etc.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 the exchange rate determined by the Bank.