Common use of Indonesia Clause in Contracts

Indonesia. 1. Where a foreign currency account is closed, the Bank is entitled to convert the balance of the account into local currency at the rate of exchange effective on the day of the account closure so that the Customer will be credited with or paid the rupiah equivalent of the credit balance in the relevant foreign currency. The Customer agrees that account liquidations such as this shall fully discharge the Bank. 2. The termination of this Agreement shall not require a court pronouncement thereto and the Bank and the Customer for this purpose each waive the provision in article 1266 Indonesian Civil Code, 2nd and 3rd sentence. 3. For the purpose of settling any affairs with the Bank, the Customer chooses general and permanent domicile at the Registrar’s office of the District Court in South Jakarta in Jakarta (▇▇▇▇▇▇ Pengadilan Negeri Jakarta Selatan di Jakarta), however, this shall not prejudice to the Bank’s rights to proceed against the Customer under these terms and conditions to any other courts of justice in the Republic of Indonesia. 4. The Customer is prohibited from fulfilling their obligation to the Bank by set off or in any other way calculating amounts due against the amounts of the claim(s) (if any) from the Customer or any third party to the Bank. The Customer hereby waives the provisions of Articles 1425 and 1426 of the Indonesian Civil Code or other prevailing provisions authorizing any such debt set off. 5. Time Deposit(s) held in an Indonesia branch of the Bank is insured as per the coverage provided by the "Lembaga Penjamin Simpanan (LPS)" or Indonesia Deposit Insurance Corporation.