Interest, Late Settlements Clause Samples

Interest, Late Settlements. 14.1. The Client will be charged interest on any debit balance in any of its accounts and on any and all monies owed by the Client to BCS and on any Client’s failure to pay any amount when due and payable to BCS. The Client understands that a debit balance of its account in one currency cannot be offset against a credit balance in another currency on any of its accounts. 14.2. BCS reserve the right to charge interest at a rate of LIBOR +7% per annum or at the effective cost to BCS of borrowing the due amount in the relevant money markets as determined in BCS absolute discretion whichever is higher. Interest accrues daily and is calculated on a compounded basis and is payable as a separate debt. 14.3. In the event of a late delivery of securities to BCS in respect of a Transaction the Client shall pay to BCS interest on an amount equal to the fair market value of securities which were required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery at a rate of LIBOR +7% per annum or at the effective cost to BCS of borrowing the securities as determined in BCS absolute discretion whichever is higher. The fair market value referred to above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures. The Client shall be also liable according to the standard settlement practices of the relevant home market and/or Market Rules applicable to the Transaction. 14.4. Interest charges will be debited from Client’s account on a daily basis, unless otherwise agreed.