ALLOCATION DATE FOR DEPOSITS Clause Samples
The "Allocation Date for Deposits" clause defines the specific date on which deposited funds are formally assigned or credited to a particular account, transaction, or party. In practice, this clause clarifies when a deposit made by one party is officially recognized for contractual or accounting purposes, which can affect the timing of obligations such as interest accrual, payment schedules, or the commencement of services. Its core function is to eliminate ambiguity regarding when deposited funds are considered effective, thereby ensuring both parties have a clear understanding of their rights and responsibilities tied to the deposit.
ALLOCATION DATE FOR DEPOSITS. We will allocate Deposits as of the Valuation Date coinciding with or next following the date We receive the Deposits together with investment instructions in Good Order.
ALLOCATION DATE FOR DEPOSITS. MassMutual will allocate Deposits to the Guaranteed Interest Account as soon as reasonably practicable but in no event later than the Valuation Date occurring [five] Business Day(s) after the later of: (i) the Effective Date; (ii) the Issue Date; or (iii) the date MassMutual receives the Deposit. Until MassMutual allocates a Deposit, MassMutual will credit the Deposit with interest at the Holding Account Interest Rate from the date MassMutual receives the Deposit up to and including the Valuation Date prior to the date on which MassMutual allocates the Deposit.