Common use of Foreign Exchange Deposit Accounts Clause in Contracts

Foreign Exchange Deposit Accounts. 2.6.1. The Customer hereby accepts that in the case of transfer of funds between Demand Foreign Exchange Deposit Accounts, any loss arising out of conversion of two foreign currencies will be borne and assumed by himself, and that TL amount corresponding to the said loss and to the difference between exchange rates, and the Banking and Insurance Transactions Tax levied thereon, will be debited to his TL or Demand Foreign Exchange Deposit Accounts held with the Bank. It is further acknowledged by the Customer that if and when he draws a check on a Demand Foreign Exchange Deposit Account opened with cash funds in foreign currencies with different effective and foreign exchange buying rates, the difference arising out of conversion will be paid out of his Demand Foreign Exchange Deposit Account.