Method of Interest Computation. At the close of each monthly interest period during which credit was extended to you, the interest charge is computed by multiplying the average daily adjusted debit balance by the applicable schedule rate and by the number of days during which a debit balance was outstanding and then dividing by 360. Should the applicable schedule rate change during the interest period, separate computations will be made respect to each rate of charge for the appropriate number of days at each rate during the interest period. Interest charged is calculated on a settlement date basis. Please note that a divisor of 360 days is used in determining the interest charged. The use of this divisor will affect the actual interest charged on an annualized basis and will result in a slightly higher rate on such an annualized basis than the scheduled rate described. If not paid, the interest charge for credit extended to your Account at the close of the interest period is added to the opening debit balance for the next interest period. With the exception of credit balances resulting from short sales, all other credit and debit balances will be combined daily and interest will be charged on the resulting average daily net debit balances for the interest period. If there is a debit in your cash account and you hold a margin account, interest will be calculated on the combined debit balance and charged to the margin account. Any credit balance as the result of any short positions will be disregarded because such credit collateralizes the stock borrowed for delivery against the short sale. Such credit is disregarded even if you should be long the same position in your margin account, i.e., short against the box. If the security in which you sold short (or sold against the box) appreciates in market price over the selling price, interest will be charged on the appreciation in value. Correspondingly, if the security which you sold short depreciates in market price, the interest charged will be reduced since the average debit balance will decline. This practice is commonly known as “marking-to the-market. Weekly, a closing price is used to determine any appreciation or depreciation of the security sold short. If your Account is short shares of stock on the record date of a dividend or other distribution, however such a short position occurs, on the following business day your Account will be charged the amount of the dividend or other distribution. The net debit balance in an account may be...
Method of Interest Computation. At the close of each Interest Period during which credit was extended to you, an interest charge is computed by multiplying the average daily debit balance by the applicable schedule rate and by the number of days during which a debit balance was outstanding and then dividing by 360. If there has been a change in the LPL Base Lending Rate, separate computations will be made with respect to each rate of charge for the appropriate number of days at each rate during the Interest Period. The interest charge for credit extended to your account at the close of the Interest Period is added to the opening debit balance for the next Interest Period unless paid. With the exception of credit balances in your short account, all other credit and debit balances in each portion of your account will be combined daily and interest will be charged on the resulting average daily net debit balances for the interest period. If there is a debit in the cash account (type 1) and there is a margin account (type 2), interest will be calculated on the combined debit balance and charged to the margin account. Any credit balance in the short account is disregarded because such credit collateralizes the stock borrowed for delivery against the short sale. Such credit is disregarded even if you should be long the same position in your margin account (i.e., short against the box). If the security that you sold short (or sold against the box) appreciates in market price over the selling price, interest will be charged on the appreciation in value. Correspondingly, if the security that you sold short depreciates in market price, the interest charged will be reduced since your average debit balance will decline. This practice is known as "marking-to-market". The daily closing price is used to determine any appreciation or depreciation of the security sold short. If your account is short shares of stock on the record date of a dividend or other distribution, however such short position occurs, your account will be charged the amount of dividend or other distribution on the following Business Day.
Method of Interest Computation. At the close of each interest period during which credit was extended to Client, an interest charge is computed by multiplying the average daily debit balance for that currency by the applicable schedule rate and by the number of days during which a debit balance was outstanding and then dividing by 360. If there has been a change in the rate agreed upon between Pershing and Client for that currency, separate computations will be made with respect to each rate of charge for the appropriate number of days at each rate during the interest period. If not paid, the interest charge for credit extended to Client’s account at the close of the interest period is added to the opening debit balance for that currency for the next interest period. All credit and debit balances in the same currency will be combined daily and interest will be charged on the resulting average daily net debit balances for that currency for the interest period. Credit balances in one currency will not be combined or netted with debit balances in a different currency.
Method of Interest Computation. At the close of each interest period during which credit was extended to Client, an interest charge is computed by multiplying the average daily debit balance during such interest period for that currency by the applicable schedule rate and by the number of days during which a debit balance was outstanding during such interest period and then dividing by 360. If there has been a change in the rate between Pershing and Client for that currency, separate computations will be made with respect to each rate of charge for the appropriate number of days at each rate during the interest period. If not paid, the interest charge for credit extended to Client’s account at the close of the interest period is added to the opening debit balance for that currency for the next interest period. With the exception of credit balances in Client’s short account, all credit and debit balances in the same currency will be combined daily and interest will be charged on the resulting average daily net debit balances for that currency for the interest period. Credit balances in one currency will not be combined or netted with debit balances in a different currency. Any credit balance in Client’s short account is disregarded because such credit collateralizes the stock borrowed for delivery against the short sale. Such credit is disregarded even if Client should be long the same position in Client’s Special Custody Account or Account (for instance, short sale against the box). If the security that Client sold short (or sold short against the box) appreciates in market price over the selling price, interest will be charged in U.S. dollars or any other currency on the appreciation in value. Correspondingly, if the security that Client sold short depreciates in market price, the interest charged will be reduced since Client’s average debit balance will decline. This practice is known as “marking-to-the-market.” All short positions will be “marked to market” on a daily basis. A closing price is issued and reconciled daily to determine any appreciation or deprecation in the security sold short.
Method of Interest Computation. Interest shall be assessed and charged hourly for every day during which any Margin Loan is outstanding. The amount of daily interest will be determined based on the following: • Lender will calculate for each one-hour period the maximum drawn on margin during such hour period exceeding $0.00 (“Maximum Hourly Balance”). • The amount of interest for each hour (“Hourly Interest Amount”) will be the product of (a) the Maximum Hourly Balance, multiplied by (b) the Interest Rate as stated herein divided by (c) the hours in a 365-day year (8,760). • Credit Against the Margin Account; Compounding. • Agent shall endeavor to deduct from the Margin Account and credit to the Lender the total Hourly Interest Amount to the extent that there is sufficient USD credited to the Margin Account or, if there is not sufficient USD in the Account, will be treated as a Margin Loan and added to the Outstanding Margin Loan Amount. • To the extent treated as a Margin Loan, Hourly Interest Amount will be added to the principal amount of the Margin Loan and interest will be compounded hourly. • AGREEMENT TERM • This Agreement shall be effective (“Effective Date”) as of the later of (a) the date this Agreement is executed. • You may notify Lender at least 30 days prior to any scheduled termination of this Agreement to request a renewal or extension hereof. Lender may, in its sole discretion, extend the term of this Agreement by written notice (a) confirming that the term of this Agreement is extended, and (b) the date of termination, which date shall not be more than 90 days after the date of the previously scheduled termination, and
Method of Interest Computation. At the close of each interest period during which credit was extended in a LoanAdvance account, an interest charge is computed by multiplying the average daily debit balance by the applicable schedule rate, and then by the number of days during which a debit balance was outstanding, and finally dividing by 360. If there has been a change in the LIBOR, separate computations will be made with respect to each rate of charge for the appropriate number of days at each rate during the interest period. The interest charge for credit made to a LoanAdvance account at the close of the interest period is added to the opening debit balance for the next interest period unless paid.
