Foreign exchange dealing Clause Samples
Foreign exchange dealing. 9.1 Each foreign exchange contract (“Contract”), whether spot, forward or otherwise, entered into between me (us) and the Bank will be subject to the general practices of the relevant foreign exchange market and the Bank’s applicable rules and regulations prevailing from time to time.
9.2 I (We) will deposit with the Bank such cash margin or other securities or additional cash margin or securities in such form and value as the Bank may require from time to time to secure any obligations of me (us) to the Bank in respect of each Contract.
9.3 I (We) will unconditionally and irrevocably deliver to the Bank the full amount of the currency contracted to be sold by me (us) under each Contract in immediately available funds for value on the date specified for delivery in the relevant Contract without any deduction or withholding whatsoever. I (We) will provide the Bank with such documents and/or other evidence satisfactory to the Bank as proof of my (our) ability to perform each Contract.
9.4 The Bank shall have no obligation whatsoever to enter into any particular Contract with me (us) and the Bank shall not be liable for any failure to comply with the Bank’s obligations under any Contract by reason of any present or future acts, laws or regulations of any government or other relevant bodies, market conditions or for any cause beyond the Bank’s control.
9.5 I (We) shall also pay on demand in the applicable currency(ies) all moneys advanced or paid or credit extended by the Bank to me (us) or liabilities absolute or contingent incurred by the Bank for me (us) in relation to any Contract. I (We) shall pay interest (before and after judgment) on any sum advanced or paid or demanded by the Bank at such rate as the Bank may from time to time charge until payment with all charges, commission, fees, costs (legal or otherwise) and expenses in connection with any Contract or the Bank’s enforcement, or attempted enforcement, of any rights or security in respect of any Contract. ICICI Bank Limited, Shanghai Branch – General Commercial Agreement 7
9.6 Upon the happening of any of the events referred to in Clause 14 (Events of Default) the Bank shall be entitled, without notice to me (us) and without prejudice to the Bank’s other rights or remedies, to treat such event as a repudiation by me (us) of all or any Contract(s) then outstanding and to rescind all or any such Contracts. Upon rescission of any Contract the Bank shall be discharged from all obligations thereunder an...