Method of Computing Interest. Interest will be computed and charged separately for each Margin Account maintained at Baird, as described below. Interest is charged on a daily basis for those days on which a Margin Account carries a net debit balance. The daily interest charge is equal to the net debit balance on that day multiplied by the applicable interest rate and divided by 360. Daily interest charges are accumulated into a monthly total, and the monthly total is charged to the Margin Account on the third to last business day of each calendar month. Xxxxx’x margin interest period runs from the second to last business day of the prior month’s statement period through the third to last business day of the current month’s statement period. The daily net debit balance includes any credit and debit balances in Client’s cash and Margin Accounts during the period. The total interest for a Margin Account during a particular interest period is computed by totaling the daily interest charges for that period. Client’s account statements will show the average daily net debit balances, the number of days in which those balances were outstanding, the interest rates charged during the period and the amount of interest charged.
Appears in 5 contracts
Samples: Client Margin Agreement Supplement, Client Margin Agreement Supplement, Client Margin Agreement Supplement
