Credit Currency. In the event that the Bank makes a TL credit facility available fully or partially as cash and/or non-cash credits in foreign exchange – also including the TL credits against foreign exchange -, and the Bank assumes debts in favor of the Client through cash credits, letters of guarantee, counter-guarantees and all other types of guarantees, personal guarantees, endorsement and acceptance credits, or other obligations in foreign currency in accordance with the applicable laws, then and in this case, the Bank may fund the required foreign exchange funds from its own resources or from the Client’s foreign exchange accounts, or buy the same from the Turkish Central Bank (TCB) or other banks and financial institutions. The Client hereby acknowledges that the foreign exchange sales and transfers of the Bank as above shall be subject to foreign exchange selling rates to be freely determined by the Bank as of the date of sales of foreign exchange, and that all liabilities are expressed in the foreign currency guaranteed or utilized by the Bank, and that all payments of the Client hereunder will be effected in the same currency, and that if the Bank accepts payments in foreign currency or currencies other than the said foreign currency, all kinds of arbitrage costs arising out of conversion of these sums to the currency the credit is extended or guaranteed hereunder shall be in the account of the Client, together with courier credit interests to be charged by correspondent bank with respect to transfers effected by use of courier credits. Furthermore, it is also acknowledged and agreed by the Client that in cash credits, if accepted so by the Bank, in the currency risk of the Client, the Client’s liabilities will be converted into TL over the foreign exchange selling rate determined and published by the Bank (or where such exchange rate is determined only by TCB, by TCB) for the currency of credit as of the date of actual payment, and that if any one of letters of guarantee, counter-guarantees or other guarantees, personal guarantees, endorsements or acceptances issued/to be issued by the Bank in favor of the Client is in any non-convertible currency, then the exchange rates and parities determined by the Bank shall be applicable.
