Common use of Cancellation before Maturity Date Clause in Contracts

Cancellation before Maturity Date. 5.1 The Customer may not cancel the Time Deposit before its maturity; provided, however, that the Bank may agree to the cancellation when the Bank recognises that such cancellation is unavoidable and no reason exists for the Bank to reject such cancellation. 5.2 In the event that the Bank allows the Customer to cancel the Time Deposit before its maturity date pursuant to Article 5.1, the applicable interest for the period from the deposit date (or the most recent Renewal Date) to the date of cancellation will be zero (0), and only the original amount of deposited principal (or the amount of principle renewed) will be credited to the Customer’s Savings Account or Current Account, whichever account is in the same currency as the currency of such principal.