Common use of Accounts in Foreign Currencies Clause in Contracts

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