Common use of CHARGES AND INTEREST Clause in Contracts

CHARGES AND INTEREST. 6.1 The Bank will impose fees and charges for services rendered and will be entitled to debit such fees and charges to the Client’s account together any commissions, ledger fees, stamps, legal costs and other costs incidental to any transaction or arising from this agreement. All charges will be subject to Value Added Tax, if applicable. The Bank in its sole discretion may vary such fees and charges, by written notice to the Client. 6.2 The Bank may, at its discretion charge the Client interest at the prevailing prime overdraft rate charged by the Bank from time to time plus 5% (five percent), on any amounts not settled by the Client on the due date. The Bank shall be entitled, in its sole discretion, to impose a penalty interest at the maximum rate allowed by Law should any amounts due by the Client not be settled within 3 days from the due date. 6.3 Unless specifically agreed the Client will not be entitled to receive interest in respect of any amounts held by or due from the Bank unless the money is held in accordance with the Client’s instructions in an interest bearing account with the Bank. Notwithstanding anything to the contrary contained herein or any other document or agreement between the parties, the parties specifically agree that interest payable in respect of any account shall immediately cease to accrue to or be payable in respect of the account if the funds available in the account or any portion thereof are forfeited to the state or attached for any reason whatsoever or if the account is blocked or attached by the South African Reserve Bank, any other regulator, any law enforcement agency or in terms of an order of court, and the Bank shall then be entitled in its sole discretion, to close the account.