Common use of Definitions Clause in Contracts

Definitions. For use in the present STC, the Application for a Term Deposit, the Contract and all appendices thereto, the terms listed below shall have the following meanings: Application: an application (form) for closing a Contract, which is a form, filled in and signed by the Client, submitted through the Savedo Internet Platform. After approval by Privatbanka the Application becomes the Contract; Capitalization of Interest: the accrued interest is not paid out to the Client but added back to the Term Deposit funds, resulting in interest on interest effect; Statement: a document issued by Privatbanka to the Client which reflects the payment transactions and indicates the opening and closing balances of the Term Deposit as at the date of the Statement’s issuance;