Common use of Payment of Transaction Fees Clause in Contracts

Payment of Transaction Fees. 3.1 In consideration of the supply of the Services by Vitesse, the Client shall pay Vitesse the Transaction Fees in accordance with the terms of the Agreement. 3.2 Where applicable, an additional FX (foreign exchange) adjustment will apply to any payment transaction requiring a foreign exchange rate to be calculated and held over the weekends and bank holidays in the UK. This is required to cover the increased risk of foreign exchange rate movements when unable to access foreign exchange markets. If the Client requires the ability to execute the payment transactions with a foreign exchange requirement during this period, it shall duly inform Vitesse of this requirement. 3.3 The Transaction Fees shall be deducted from the Relevant Funds, before the Relevant Funds are paid out upon the Client’s Authorised Instruction (i.e. net settlement). Vitesse shall make available to the Client in the Online Interface the information in respect of the Transaction Fees which have been deducted for the Services provided by Vitesse under this Agreement. If for whatever reason the Transaction Fees were not deducted from the Relevant Funds, Vitesse shall at the end of the month raise an invoice payable immediately by the Client for the amount due to Vitesse. Without prejudice to any other remedy Vitesse may have, if any invoice remains unpaid in full or in part for more than thirty (30) days after its due date for payment, Vitesse shall be entitled to charge interest on the outstanding amount due at 2% above the prevailing Bank of England base interest rate as from the due date until payment in full is received by Vitesse and shall be entitled to withhold its provision of the Services until the relevant invoice is paid in full. 3.4 Unless specifically stated otherwise all Transaction Fees are exclusive of Value Added Tax. 3.5 Vitesse reserves its right to vary the Transaction Fees by giving the Client thirty (30) days written notice of its intention to do so, and in such circumstances Vitesse’s variation of the Transaction Fees shall be effective on the expiry of such notice period unless the Client raises an objection before the proposed date of entry into force of the change. Notwithstanding the foregoing, Vitesse’s Transaction Fees may be varied by Vitesse by written notice with immediate effect where a Bank used by Vitesse for the provision of the Services suddenly increases its fees charged to Vitesse. In the event of the non-payment or late payment of Transaction Fees by the Client, Vitesse shall be entitled to debit the sum of any unpaid Transaction Fees from any Payment Account held with Vitesse by the Client, and to apply such sum in settlement of the unpaid Transaction Fees and interest payable thereon. In the event of any deduction made under this Clause 3.5, the sum of the Cleared Funds will be adjusted accordingly.