Common use of Payments on behalf of the Customer Clause in Contracts

Payments on behalf of the Customer. In any foreign currency transaction entered into by the Bank on behalf of the Customer, the Bank is not obliged to pay an amount in one currency to or to the order of the Customer on any agreed Settlement Date unless and until the Bank has received from the customer on the Settlement Date the agreed amount in such other currency as may be agreed between them.

Payments on behalf of the Customer. In any foreign currency transaction entered into by the Bank on behalf of the Customer, the Bank is not obliged to pay an amount in one currency to or to the order of the Customer on any agreed Settlement Date unless and until the Bank has received from the customer Customer on the Settlement Date the agreed amount in such other currency as may be agreed between them.