Common use of Interest on Deposits Clause in Contracts

Interest on Deposits. 12.1 If the daily final balance (the amount of accepted Instruments shall be excluded from such balance until they are settled) is one (1) Yen (one (1) fractional unit in the case of a foreign currency) or more, deposit interest shall accrue for units of one (1) Yen (one (1) auxiliary currency in the case of a foreign currency) and such interest, calculated at the interest rate stipulated by the Bank, shall be credited to the Yen-denominated Current Account on a date prescribed by the Bank; provided, however, that any interest on the Current Account shall not exceed the upper limit prescribed by applicable law.

Appears in 4 contracts

Samples: www.hsbc.co.jp, www.hsbc.co.jp, www.hsbc.co.jp

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!