Foreign Exchange Spot Transaction. In case (i) the Customer instructs the Bank to make a foreign exchange spot transaction through the Internet pursuant hereto and (ii) the Customer shall, after being notified by the Bank of a deal number of such foreign exchange spot transaction, fail to settle such transaction with the Bank in accordance with the terms and conditions thereof, the Customer shall pay a penalty at the rate of one percent (1%) of the total amount of the currency (“Settlement Currency”) to be purchased or sold by the Customer, and the penalty shall be paid in the currency specified by the Bank calculated at the spot rate for the purchase of the Settlement Currency with such currency specified by the Bank, and such spot rate shall be the one announced by the Bank at the time of the payment of such penalty.
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Samples: Agreement for Services of Internet Banking, Fax Banking and Automated Message Notification, Agreement for Services of Internet Banking, Fax Banking and Automated Message Notification, Agreement for Services of Internet Banking, Fax Banking and Automated Message Notification
