Common use of Collection of Principal and Interest Payments Clause in Contracts

Collection of Principal and Interest Payments. XX Xxxxxx will receive payments of principal and interest due and payable on or on account of securities held by XX Xxxxxx in your account. XX Xxxxxx shall not, however, be responsible to (a) claim payments of principal and interest due and payable with respect to securities that are the subject of repurchase, reverse repurchase, buy/sell back or sell/buy back transactions with third parties or (b) enforce collection, by legal means or otherwise, of any payments of principal and/or interest not paid when due.

Collection of Principal and Interest Payments. XX Xxxxxx will receive payments of principal and interest due and payable on or on account of securities held by XX Xxxxxx in your account. XX Xxxxxx shall not, however, be responsible to (a) claim payments of principal and interest due and payable with respect to securities that are the subject of repurchase, repurchase or reverse repurchase, buy/sell back or sell/buy back repurchase transactions with third parties or (b) enforce collection, by legal means or otherwise, of any payments of principal and/or interest not paid when due.