Common use of Interest Credit Clause in Contracts

Interest Credit. The Settlement Account shall be maintained as a separate account, which shall bear interest at the rate negotiated from time to time between APX and the Depository and Clearing Agent. On the tenth Business Day of each month, a credit shall be made to the Settlement Account in an amount equal to the interest earned on funds deposited in the Settlement Account more than one Business Day prior to transfer of such funds out of the Settlement Account, including pursuant to Section 2.5 or Section 2.7. Not less frequently than annually, APX shall direct the Depository and Clearing Agent to distribute to the Participant, to the extent that sufficient funds remain in the Settlement Account, an amount equal to the interest credits made pursuant to Section 2.4 with respect to funds remaining on deposit in the Settlement Account for more than one Business Day.