Foreign Currency Time Deposit Clause Samples

A Foreign Currency Time Deposit clause governs the terms under which a depositor places funds in a time deposit account denominated in a currency other than the local currency. This clause typically outlines the applicable interest rate, maturity period, and any restrictions or penalties for early withdrawal, as well as specifying the foreign currency involved, such as US dollars or euros. Its core function is to provide clear rules for managing deposits in foreign currencies, helping both parties understand the risks and obligations associated with currency fluctuations and fixed-term commitments.
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Foreign Currency Time Deposit. (a) The Accountholder agrees to be conclusively bound by the rate of exchange quoted by the Bank to the Accountholder at the time of placement of the foreign currency time deposit as the rate for the conversion of the relevant currencies determined by the Bank to be prevailing in the relevant foreign exchange market at the relevant time. HBSP/ CVM/ WEL/ TB/ TNC101 (b) The Accountholder acknowledges and accepts that the net return on the Accountholder’s foreign currency time deposit will depend on market conditions prevailing at the time of maturity, and that the Accountholder is prepared to risk any loss as a result of a depreciation in the value of the currency paid or as a result of foreign exchange controls imposed by the country issuing the currency. The Accountholder acknowledges and accepts that such loss may offset the net return on such foreign currency time deposit and may even result in the loss of the foreign currency time deposit or a part thereof. For the purposes of this Clause 2.2(b), “market conditions” shall mean any practices in the relevant interbank market relating to the method of interest rate fixing and the calculation of interest on deposits in the relevant foreign currency, involving such factors as the day count basis, the meaning of “Business Days” and the basis of settlement. (c) Any cheque presented to the Bank for placement as a time deposit will be credited into the Accountholder’s Account subject to clearance. If any cheque or negotiable instrument is either dishonoured or returned for whatever reason, the Accountholder’s Account will be debited immediately and the Accountholder shall not be entitled to any interest thereon. Any transfer whether mail, telegraphic or electronic or negotiable instrument accepted for depositing may not be withdrawn until such proceeds have been received by the Bank. Only the net proceeds will be placed on foreign currency time deposit.
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Foreign Currency Time Deposit. 1. Conditions for Commencement of Transaction (1) The Depositor may deposit foreign currencies as permitted by SMBC Trust Bank only.
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Foreign Currency Time Deposit. For each deposit currency and period, interest shall be calculated based on the daily simple interest at the interest rate announced by the bank at the time of deposit or at the interest rate negotiated between the Undersigned and the Bank, which shall be paid on a monthly basis according to the agreement or upon maturity.
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Related to Foreign Currency Time Deposit

  • Foreign Currency The term “

  • Foreign Currency Exchange Unless the Depositor shall otherwise direct, whenever funds are received by the Trustee in foreign currency, upon the receipt thereof or, if such funds are to be received in respect of a sale of Securities, concurrently with the contract of the sale for the Security (in the latter case the foreign exchange contract to have a settlement date coincident with the relevant contract of sale for the Security), the Trustee shall enter into a foreign exchange contract for the conversion of such funds to U.S. dollars pursuant to the instruction of the Depositor. The Trustee shall have no liability for any loss or depreciation resulting from action taken pursuant to such instruction." BB. Article IV of the Standard Terms and Conditions of Trust is hereby replaced with the following:

  • Foreign Currency Transactions If the Depositor provides instructions to the Financial Institution on an Account that is denominated in a currency other than the currency of the Account, a conversion of currency may be required. In all such Transactions and at any time a conversion of currency is made, the Financial Institution may act as principal with the Depositor in converting the currency at rates established or determined by the Financial Institution, affiliated parties, or parties with whom the Financial Institution contracts. The Financial Institution, its affiliates, and contractors may earn revenue and commissions, in addition to applicable service charges, based on the difference between the applicable bid and ask rates for the currency and the rate at which the rate is offset in the market.

  • Canadian Dollars All references herein to dollar amounts are to lawful money of Canada.

  • Currency; Denominations Unless otherwise provided in or pursuant to this Indenture, the principal of, any premium and interest on and any Additional Amounts with respect to the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall be issuable in registered form without Coupons in denominations of $1,000 and any integral multiple thereof, and the Bearer Securities denominated in Dollars shall be issuable in the denomination of $5,000. Securities not denominated in Dollars shall be issuable in such denominations as are established with respect to such Securities in or pursuant to this Indenture.