Common use of Commission and Interest Clause in Contracts

Commission and Interest. 5.1. Interest on Loans will accrue daily at the annualised rate and on the basis agreed between the parties. Failing separate agreement, actual/360 day count convention will apply. BCS will debit the Client’s Margin Account with such accrued interest periodically without prior notice. Where the Client borrows Margin Securities interest will accrue on the market value of the Margin Securities as determined by BCS by reference to such pricing sources as BCS considers appropriate and taking into account, in its absolute discretion, any variation in the value of cash or the Margin Securities due to the availability, liquidity, solvency or market volatility or other market variable applicable to the Margin Securities. The Client understands that the interest rates are subject to change by BCS at any time without the Client’s consent. BCS will notify the Client prior to the date such change is to take effect.