Common use of Calculation Formula Clause in Contracts

Calculation Formula. We use a formula (the “Formula”) to establish the yield you earn on amounts deposited in the Program (whether held as deposits at Program Banks or by us as free credits), based on a rate based on the net interest rate paid by the Program Banks , the “Net Interest Rate”. For all cash under the Program, regardless of how high interest rates become, we receive a portion of the interest for providing the Program. Put another way, we earn, as our fee for operating the Program, the balance of what is paid by the Banks to us that is not paid to you. The “net interest rate paid by the Banks” -- the Net Interest Rate -- is the weighted average blended rate paid by the Program Banks to us on cash held at the Program Banks, after also deducting the fees paid to any intermediary bank or other unaffiliated service provider under the Program (if such fees were not already deducted directly from the amounts we receive from Program Banks). Generally, the Net Interest Rate is determined during a month, using the weighted average blended rate as of the end of the preceding month, and is then made applicable for the next succeeding month. As an example, we will seek to determine in July, based on data as of the end of June, the rate applicable for August. We reserve the right to calculate and update the Net Interest Rate (and the resulting rates payable under the Program) more or less frequently without further notice You can email us at our customer service email address as shown on our website to obtain the then current Net Interest Rate and the frequency of calculation. The interest rates payable under the Program for any specified time frame is as stated from time to time on our website. We reserve the right, in our sole discretion, to change from time to time the Formula itself and apply a new Formula to the calculation of interest to be paid to your account as part of the Program, so long as we provide notice of a Formula change by posting the change on our website and making the change effective no sooner than thirty (30) days after the date of such notice for existing accounts, or after the date of such notice for new accounts. However, changes in the amounts calculated to be paid to you under the Formula, after it is effective, because of increases or decreases in the Net Interest Rate (e.g., due to a Fed Funds rate change, a Program Bank paying a different rate from another Program Bank leaving or joining the Program, deposits moving from one Program Bank to a different Program Bank paying a higher or lower interest rate, etc.), changes based on the amount of cash you have with us from time to time (for example, if you or an Authorized person increased the amount of cash held in Sweep)), changes made by you, for example, from a Client Directed Investment Choice to Sweep, changes in fees from unaffiliated service providers, or similar events, will be made without any notice to you.

Calculation Formula. We use a formula (the “Formula”) to establish the yield you earn on amounts deposited in the Program (whether held as deposits at Program Banks or by us as free credits), based on a rate based on the net interest rate paid by the Program Banks Banks, the “Net Interest Rate”. For all cash under the Program, regardless of how high interest rates become, whether paid by the Program Banks or collected by us from customers who have margin debits, we receive a portion of the interest for providing the ProgramProgram and offering margin lending. Put another way, we earn, as our fee for operating the ProgramProgram and offering margin lending, the balance of of: (i) what is paid by the Banks to us that is not paid to you, and (ii) what is collected by us from customer margin debits that is not paid to you. Margin rates paid by customers on their margin debits are likely to exceed the interest paid by Program Banks. The “net interest rate paid by the Banks” -- the Net Interest Rate -- is the weighted average blended rate paid by the Program Banks to us on cash held at the Program Banks, after also deducting the fees paid to any intermediary bank or other unaffiliated service provider under the Program (if such fees were not already deducted directly from the amounts we receive from Program Banks). Generally, the Net Interest Rate is determined during a month, using the weighted average blended rate as of the end of the preceding month, and is then made applicable for the next succeeding month. As an example, we will seek to determine in July, based on data as of the end of June, the rate applicable for August. We reserve the right to calculate and update the Net Interest Rate (and the resulting rates payable under the Program) more or less frequently without further notice notice. You can email us at our customer service email address as shown on our website websites to obtain the then current Net Interest Rate and the frequency of calculation. The interest rates rate payable under the Program for any specified time frame is as stated from time to time on our websitewebsites. We reserve the right, in our sole discretion, to change from time to time the Formula itself and apply a new Formula to the calculation of interest to be paid to your account as part of the Program, so long as we provide notice of a Formula change by posting the change on our website websites and making the change effective no sooner than thirty (30) days after the date of such notice for existing accounts, or after the date of such notice for new accounts. However, changes in the amounts calculated to be paid to you under the Formula, after it is effective, because of increases or decreases in the Net Interest Rate (e.g., due to a Fed Funds rate change, a Program Bank paying a different rate from another Program Bank leaving or joining the Program, deposits moving from one Program Bank to a different Program Bank paying a higher or lower interest rate, etc.), changes based on the amount of cash you have with us from time to time (for example, if you or an Authorized person increased the amount of cash held in Sweep)), changes made by you, for example, from a Client Directed Investment Choice to Sweep, changes in fees from unaffiliated service providers, or similar events, will be made without any notice to you. At our discretion and notwithstanding the Formula, we reserve the right, without providing you thirty (30) days prior notice, to increase the amount we pay you, when doing so is legally permitted.

Calculation Formula. We use a formula (the “Formula”) to establish the yield you earn on amounts deposited in the Program (whether held as deposits at Program Banks or by us as free credits), based on a rate based on the net interest rate paid by the Program Banks Banks, the “Net Interest Rate”. For all cash under the Program, regardless of how high interest rates become, whether paid by the Program Banks or collected by us from customers who have margin debits, we receive a portion of the interest for providing the ProgramProgram and offering margin lending. Put another way, we earn, as our fee for operating the ProgramProgram and offering margin lending, the balance of of: (i) what is paid by the Banks to us that is not paid to you, and (ii) what is collected by us from customer margin debits that is not paid to you. Margin rates paid by customers on their margin debits are likely to exceed the interest paid by Program Banks. The “net interest rate paid by the Banks” -- the Net Interest Rate -- is the weighted average blended rate paid by the Program Banks to us on cash held at the Program Banks, after also deducting the fees paid to any intermediary bank or other unaffiliated service provider under the Program (if such fees were not already deducted directly from the amounts we receive from Program Banks). Generally, the Net Interest Rate is determined during a month, using the weighted average blended rate as of the end of the preceding month, and is then made applicable for the next succeeding month. As an example, we will seek to determine in July, based on data as of the end of June, the rate applicable for August. We reserve the right to calculate and update the Net Interest Rate (and the resulting rates payable under the Program) more or less frequently without further notice notice. You can email us at our customer service email address as shown on our website websites to obtain the then current Net Interest Rate and the frequency of calculation. The interest rates rate payable under the Program for any specified time frame is as stated from time to time on our websitewebsites. We reserve the right, in our sole discretion, to change from time to time the Formula itself and apply a new Formula to the calculation of interest to be paid to your account as part of the Program, so long as we provide notice of a Formula change by posting the notice of the change on our website websites and making the change effective no sooner than thirty (30) days after the date of such notice for existing accounts, or after the date of such notice for new accounts. However, changes in the amounts calculated to be paid to you under the Formula, after it is effective, because of increases or decreases in the Net Interest Rate (e.g., due to a Fed Funds rate change, a Program Bank paying a different rate from another Program Bank leaving or joining the Program, deposits moving from one Program Bank to a different Program Bank paying a higher or lower interest rate, etc.), changes based on the amount of cash you have with us from time to time (for example, if you or an Authorized person Person increased the amount of cash held in Sweep)), changes made by you, for example, from a Client Directed Investment Choice to Sweep, changes in fees from unaffiliated service providers, or similar events, will be made without any notice to you. At our discretion and notwithstanding the Formula, we reserve the right, without providing you thirty (30) days prior notice, to increase the amount we pay you, when doing so is legally permitted.

Calculation Formula. We use a formula (the “Formula”) to establish the yield you earn on amounts deposited in the Program (whether held as deposits at Program Banks or by us as free credits), based on a rate based on the net interest rate paid by the Program Banks Banks, the “Net Interest Rate”. For all cash under the Program, regardless of how high interest rates become, whether paid by the Program Banks or collected by us from customers who have margin debits, we receive a portion of the interest for providing the ProgramProgram and offering margin lending. Put another way, we earn, as our fee for operating the ProgramProgram and offering margin lending, the balance of of: (i) what is paid by the Banks to us that is not paid to you, and (ii) what is collected by us from customer margin debits that is not paid to you. Margin rates paid by customers on their margin debits are likely to exceed the interest paid by Program Xxxxx. The “net interest rate paid by the Banks” -- the Net Interest Rate -- is the weighted average blended rate paid by the Program Banks to us on cash held at the Program Banks, after also deducting the fees paid to any intermediary bank or other unaffiliated service provider under the Program (if such fees were not already deducted directly from the amounts we receive from Program Banks). Generally, the Net Interest Rate is determined during a month, using the weighted average blended rate as of the end of the preceding month, and is then made applicable for the next succeeding month. As an example, we will seek to determine in July, based on data as of the end of June, the rate applicable for August. We reserve the right to calculate and update the Net Interest Rate (and the resulting rates payable under the Program) more or less frequently without further notice notice. You can email us at our customer service email address as shown on our website websites to obtain the then current Net Interest Rate and the frequency of calculation. The interest rates rate payable under the Program for any specified time frame is as stated from time to time on our websitewebsites. We reserve the right, in our sole discretion, to change from time to time the Formula itself and apply a new Formula to the calculation of interest to be paid to your account as part of the Program, so long as we provide notice of a Formula change by posting the notice of the change on our website websites and making the change effective no sooner than thirty (30) days after the date of such notice for existing accounts, or after the date of such notice for new accounts. However, changes in the amounts calculated to be paid to you under the Formula, after it is effective, because of increases or decreases in the Net Interest Rate (e.g., due to a Fed Funds rate change, a Program Bank paying a different rate from another Program Bank leaving or joining the Program, deposits moving from one Program Bank to a different Program Bank paying a higher or lower interest rate, etc.), changes based on the amount of cash you have with us from time to time (for example, if you or an Authorized person Person increased the amount of cash held in Sweep)), changes made by you, for example, from a Client Directed Investment Choice to Sweep, changes in fees from unaffiliated service providers, or similar events, will be made without any notice to you. At our discretion and notwithstanding the Formula, we reserve the right, without providing you thirty (30) days prior notice, to increase the amount we pay you, when doing so is legally permitted.