Common use of Placement Procedures Clause in Contracts

Placement Procedures. 4.1. Account Type, ICS Settlement, and Statements (a) Settlement of payments to and from participating institutions in ICS through BNY Mellon that includes the type of deposits we place for you (“ICS Settlement”) will occur each day that is not a Saturday, a Sunday, or another day on which banks in New York, New York, are authorized or required by law or regulation to close (“Business Day”). (b) You may confirm through the DCP (i) the aggregate principal balance in the Deposit Accounts (“Program Balance”) and (ii) the principal balance and accrued interest of the Deposit Accounts at each Destination Institution as of the preceding Business Day or, after ICS Settlement-related processing, as of that Business Day. (c) We will provide you with a periodic statement of custodial holdings for your funds placed through ICS that will include, as of the end of the statement period, your Program Balance, your principal balance at each Destination Institution, the total interest you have earned on the Deposit Accounts during the period, and the rate of return you have earned on the daily average closing principal balance for the period (“Statement Period Yield”). (d) The account information available on the DCP as described in Section 4.1(b), and the periodic statements described in Section 4.1(c), will be the only evidence that you receive of your ownership of the funds. You should retain the account statements.