Common use of Interest on U.S Clause in Contracts

Interest on U.S. Government securities held in any Pledge Account will be automatically credited by Bank in immediately available funds to an account designated in writing by Customer the date that such funds become due and payable. Amounts due on U.S. Government securities which mature or are redeemed will be credited to the Pledge Account or an account designated by Customer in immediately available funds on the date funds are received by Bank.

Interest on U.S. Government securities held in any Pledge Account will be automatically credited by Bank in immediately available funds to an account designated in writing by Customer the date that such funds become due and payable. Amounts due received on U.S. Government securities which mature or are redeemed will be credited to the Pledge Account or an account designated by Customer in immediately available funds on the date funds are received by Bank.