Common use of Accounts in Foreign Currencies Clause in Contracts

Accounts in Foreign Currencies. The Client may have one or more accounts in a given foreign currency, as required. These accounts may be opened in currencies typically traded on the market, and more specifically, in the following currencies, expressed by their ISO code: CAD, CHF, GBP, HKD, JPY, USD. The Client’s foreign currency account(s) shall be provisioned by currencies from foreign countries, transferred by another resident or non-resident, purchased on a spot basis or obtained from the liquidation of hedging or arbitrage transactions. These currencies may be allocated to foreign currency payments, transferred to other foreign currency accounts in France or abroad or sold on the foreign exchange market. In order to effect his payments abroad, the Client may request blank cheque forms denominated solely in foreign currencies for exclusive use on said accounts. For the purpose of allowing application of the clause for amalgamation of the various accounts as indicated above and the clearing of balances denominated in euros or foreign currencies, the Bank may buy back or sell the necessary currencies on the basis of the bank to client buying or selling rate, determined on the day that the transaction is carried out based on market quotes. Any debit or credit transaction recorded in an account will be converted ipso jure in the Account currency, unless otherwise agreed. The Client must meet all current obligations, in particular tax-related, concerning his/her foreign currency account(s).