I the undersigned, having applied for a Bank Account with Empower Bank do hereby acknowledge and accept the following Terms and Conditions.
a) Interest on any balance on the account shall be calculated and compounded daily at the same nominal rate as that applicable to the capital amount. In the event that no such rate has been communicated to me in writing, the Bank's prevailing rate charged on unsanctioned facilities plus a prevailing premium of the nominal rate shall apply.
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b) Any interest charges debited to my account shall be immediately due for payment on the date of the debit, and where the amount is not paid, it shall accrue further interest at the same nominal rate as the capital amount.
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c) Any payments made to my account shall first be appropriated towards interest, then towards bank charges and then towards capital starting with the oldest capital debts.
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d) In the event that any interest charges remain unpaid a day after they become due for payment, I confirm that any borrowing incurred by the Bank to square its position in respect of the amount of the loan, whether such borrowing is from the market, or from the shareholders' funds, is a borrowing on my account, and that consequently, the amount of the unpaid interest remaining outstanding each day shall be a new advance by the Bank to me from such funds used by the Bank to square its position. For the purpose of convenience I hereby waive my entitlement to any loan documentation, or any communication whatsoever regarding that new loan, the mere existence of an interest charge against my account being conclusive evidence of the existence of such loan.
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e) Where the actual interest amount incurred on a daily basis is not debited to my account, I confirm that it shall be my duty to establish the extent of such interest amount on a daily basis, and I confirm that the amount of such interest not debited to my account daily shall be treated as if it had been so debited, and, in which event it shall be novated in accordance with the provisions of clause d) hereof.
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f) I agree that the Bank reserves the right to close my account compulsorily without warning if it is unsatisfactorily conducted.
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g) I hereby advise state and declare that if the Bank provides me with online banking services, I am not involved in Internet Gambling, or provide support for infrastructure to Gambling entities. I undertake to advise the Bank forthwith should the declared position and status change.
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h) I indemnify the Bank against any damage, loss, and/or consequential damage that the Bank may suffer as a result of incorrect, wrong, unauthorised and/or wrongful instructions or information given by me or any other person authorised or deemed to be authorised to act on my behalf of our corporate entity.
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i) I certify that the above statements in support of my bank account application are true and complete and understand that in the event of any information proving to be incorrect, this application may be declined.
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