USD Auto Conversion Sample Clauses

USD Auto Conversion. The following section is applicable to Non- Consumer transactions only. If Company requests that United States Dollars (USD) be sent to a foreign country by initiating an international wire transfer in USD through F&M BANK, F&M BANK may (but is under no obligation to do so) automatically convert, or arrange with any of its designated correspondent banks to automatically convert, the Company’s USD wire transfer to the foreign currency of the beneficiary’s account (“AutoConvert”). In the alternative, the beneficiary’s bank (or its correspondent) may upon receipt convert the payment into the relevant foreign currency. Neither alternative requires any action or processing change on the Company’s part. In the event that the Company’s wire is automatically converted by F&M BANK or its designated correspondent bank under AutoConvert, and the foreign beneficiary requires the payment to be received in USD, the wire will be re-converted by our designated correspondent bank and settled in USD. If the Company’s transfer is returned for any reason, the Company agrees to accept the refund in USD. The refund will be calculated based on the buying rate of exchange of the foreign currency on the date of the refund. The exchange rate will include a commission to F&M BANK for making the exchange. The Company agrees to accept this amount as a full refund, even if it is less than the original amount F&M BANK transferred. The Company also agree to pay F&M BANK all other charges and expenses F&M BANK incurs either as a result of a USD or foreign currency funds transfer. Transactions processed in foreign currency denominations are subject to daily (or more frequent) changes in exchange rates. When F&M BANK or our specified correspondent bank converts a transaction under AutoConvert, F&M BANK may determine at its discretion the currency exchange rate and then assign that currency exchange rate to the Company’s transaction. The Company agrees to this procedure and agrees to accept the resulting determination of the currency exchange rate. F&M BANK and its designated correspondent banks may consider many factors in setting currency exchange rates for these purposes. These factors include exchange rates set by others, its desired rates of return, market risk, and credit risk. Neither F&M BANK nor any of its correspondent banks shall be responsible for any liability the Company may incur if its currency exchange rates are different from rates (1) offered or reported by third parties; ...