Common use of Term and Termination Clause in Contracts

Term and Termination. This Schedule B –Conditions for Multitude Bank Term Deposit Account is being entered into for a definite period of time until the maturity as specified at the time of creation of the Multitude Bank Term Deposit Account. Ordinary termination of the Multitude Term Deposit Account before the end of the fixed interest period is excluded. Subject to a prolongation in accordance with paragraph 9 of this Schedule B, the Multitude Term Deposit Account ends after the agreed fixed interest rate period. The Multitude Term Deposit Account can be terminated by You and the Bank for reasonable cause. Any other legal termination rights available to you under statutory law shall not be affected. In the event of closure of a Multitude Term Deposit Account under this clause the Bank will transfer the principal amount to the Savings Account , without any breakage fee being applicable and any interest being awarded. If You terminate the Multitude Term Deposit Account before the maturity date, in breach of this Schedule B, You shall lose the right to receive the interest accrued until the date that the Term Deposit is Terminated and in the case that interest has already been paid to you, you may be required to return that interest.. If your Savings Account has been closed, the Bank reserves the right to terminate the Multitude Term Deposit Account in accordance with point 13 of its General Terms and Conditions. In this case, it will transfer the balance in the Multitude Term Deposit Account together with accrued interest to another account to be specified by You at the end of the time deposit period. In the event that the Bank incurs special costs for an international transfer, it reserves the right to invoice these costs to You.