Common use of Advances and Interest Rate Clause in Contracts

Advances and Interest Rate. 6.7.1 The Client is required to settle each Contract on the Value Date or on such date as ▇▇ ▇▇▇▇▇▇ may require settlement. In the event of the Client not being able or not willing to settle any Contract on the Value Date or on such date as ▇▇ ▇▇▇▇▇▇ shall require settlement, ▇▇ ▇▇▇▇▇▇ may (but without obligation to do so) make an advance to the Client by way of direct settlement of any Contract in whole or in part and the Client undertakes to repay the US dollar equivalent (at the exchange rate or rates as ▇▇ ▇▇▇▇▇▇ shall stipulate) upon demand with interest therein at the rate of 3% per annum above the prime lending rate in the United States for the time being in force, calculated on a daily basis from the date of such advance up to and including the date of repayment in full. 6.7.2 In addition to clause 6.7.1 above, interest at the said rate shall be chargeable on the following items: (a) any part of the Margin Deposit or additional Margin Deposit not paid or deposited in the form of cash; and (b) any amount due to ▇▇ ▇▇▇▇▇▇ which remains outstanding after the Value Date. 6.7.3 Anything in this Agreement shall not be construed as binding ▇▇ ▇▇▇▇▇▇ to make any advance to the Client as aforesaid nor shall prejudice any of the rights and remedies of ▇▇ ▇▇▇▇▇▇ against the Client or any other persons under this Agreement, the Contracts or otherwise conferred by law, equity or usage.