Common use of Debit Balance Clause in Contracts

Debit Balance. AAI shall retain a lien upon all securities and collateral so long as there is any debit in the Account. Debit balances shall accrue interest on a daily basis at a rate per annum equal to one percent (1%) above the quoted broker's current call loan rate, such rate being subject to change, without prior notice, as the quoted broker's current call loan rate changes. A designated delivery versus payment (DVP) account shall not bear any interest charge.

Debit Balance. AAI shall retain a lien upon all securities and collateral in the Account, except for those securities under the control of AAI so long as there is any debit in the Account. Debit balances shall accrue interest on a daily basis at a rate per annum equal to one percent (1%) above the quoted broker's current call loan rate, such rate being subject to change, without prior notice, as the quoted broker's current call loan rate changes. A designated delivery versus payment (DVP) account shall not bear any interest charge.