Foreign Instruments Clause Samples
Foreign Instruments. FSB may refuse to accept for deposit or collection a check, draft, or other item that is payable in a currency other than U.S. dollars or that is drawn on a bank or a branch of a bank located outside of the United States (a “foreign instrument”). If FSB accepts a foreign instrument for deposit or collection, you bear all the risks associated with the collection process and foreign currency fluctuation (exchange rate risk). A foreign instrument may be returned unpaid much later (sometimes several months after FSB processes the foreign instrument) than instruments that are drawn on banks located in the United States. You bear all the risks of a late return. Generally, FSB will not credit a foreign instrument to your account until FSB receives the proceeds in cleared funds from the paying bank. If FSB does provide credit, such credit is provisional and FSB may reverse the credit at any time if the foreign instrument is returned unpaid or is initially paid but then subsequently returned for fraud. You agree that FSB may use the then-current exchange rate for such reversals and FSB may charge your account for the full value of the foreign instrument, including any applicable fees, which may result in a loss to you. If you deposit an item which is later determined to be a foreign instrument, it may or may not need to be sent for collection. If FSB determines the instrument needs to be sent for collection, FSB may reverse any provisional credit given for the item at FSB’s then- current exchange rate and send the foreign instrument to you at the address on record for your account. You may then ask FSB to send the instrument for collection. You understand that foreign instruments sent for collection are sent solely for you and at your risk and that FSB is not liable for any event in the collection process which is beyond FSB’s control, including a default by any banks or agents involved in the You must correctly identify the account to which you want funds deposited. You are responsible for any claim, cost, loss, or damage caused by your failure to properly identify the account to which a deposit is made or intended to be made. FSB may credit an account based solely on the account number listed on the deposit slip or other instruction to credit an account, even if the name on the deposit slip or other instruction differs from the name on the account.
Foreign Instruments. Foreign currency transactions are recorder at the exchange rates prevailing on the date of the transactions. Assets and Liabilities are translated at the exchange rate in effect at the Balance Sheet date. Financial instruments: Financial instruments are measured initially at cost, including transaction costs. The fair value of financial instruments is based on their quoted market price at the balance sheet date without any deduction for transaction costs. If a quoted market price is not available, the fair value of the instrument is estimated using management’s best estimates, taking into account current market conditions and the credit quality of the counterparties. The fair value of derivatives that are not exchange traded is estimated at the amount that the Bank would receive or pay to terminate the contract at the balance sheet date taking into account current market conditions and the current creditworthiness of the counterparties. Cash and cash equivalents: For the purpose of the Statement of Cash Flows, cash equivalents consist of deposits held at call with banks, net of overdraft maturing within 90 days. Use of estimates: The preparation of financial statements in accordance with IPSAS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the year. Actual results could differ from those estimates. Income recognition: Income and expenses are recorded on the accrual basis of accounting. Deposit Accounts: Deposit accounts reflect term deposits, which are placed with approved financial institutions. Such deposits have maturity between three (3) months and twelve (12) months from the date of acquisition. Government grants: The trust is dependant upon annual operating grants from the Cayman Islands Government to meet its obligations CAYMAN ISLANDS GOVERNMENT 2015-16 OWNERSHIP AGREEMENTS 491 NATIONAL HOUSING DEVELOPMENT TRUST STATEMENT OF ACCOUNTING POLICIES AS AT 30TH JUNE 2015 Fixed Assets: Fixed assets are recorded at cost. Depreciation, which is based on the cost Fixed assets and low-income housing properties are stated at cost less accumulated depreciation and any recognized impairment loss. Depreciation is charged as to write off the cost or valuation of asset over their estimated useful lives, using the straight-line method, on the following base...
Foreign Instruments. Exhibit "B " of the Original Agreement, ------------------- constituting Eligibility Criteria, shall be amended with the addition of the following subparagraph:
(1) In the event the Instrument is a Foreign Instrument, such Instrument provides for consecutive monthly installments of principal and interest in U.S. funds over a term not exceeding sixty (60) months from the date of its execution, with interest accruing on the unpaid principal balance of the Foreign Instrument at a rate not less than 10.9% per annum; Borrower has received from the Purchaser issuing such Foreign Instrument a minimum cash down payment of thirty percent (30%) of the total sales price, no part of which has been advanced or loaned to such Purchaser by Borrower or Guarantor, directly or indirectly; and Borrower has the right to collect monthly payments due and owing on such Foreign Instrument by debiting such Purchaser's credit card, which credit card shall be a Visa, Master Card or other internationally recognized credit card.