United States Dollar (USD) Account Terms and Conditions

United States Dollar (USD) Account Terms and Conditions
(To be read in conjunction with the Schedule to the Agreement)
I/ We___________________________________ ID Number __________________________
hereby declare that I / we understand that my / our application for a USD credit account will
be approved on the condition that I / we have agreed to and understand the following
additional terms and conditions;
1. The account is transacted and recorded in USD only.
2. All transactions pertaining to this account; namely the deposit and instalment
payments, finance charges, penalty charges, and any other ancillary charges will be
paid in USD only.
3. This account is subject to a minimum deposit of 30% of the retail price
4. The account is to be fully paid up within the agreed time frame which must not exceed
12 months.
5. In the event that Fiscal or Monetary Policy changes affect the operation of this USD
account, Transerv will have the right, at its sole and unfettered discretion, to
convert my account to any other currency that may have been introduced in its place.
The conversion will be based on the current Transerv retail selling price of
the product, in the currency that will be used for settlement on the date of introduction
of the said Fiscal or Monetary Policy changes.
6. In the event that my account is converted to a different currency resulting from events
in clause 5 above, I understand that I shall be liable to settle the outstanding USD
balance on my loan converted into the new currency at an exchange rate determined
by Transerv from time to time.