Common use of Settlement Procedure    Time Clause in Contracts

Settlement Procedure    Time. A 5:00 p.m. on the business day following the Trade Date or 10:00 a.m. on the business day prior to the Settlement Date, whichever is earlier B 12:00 noon on the second business day immediately preceding the Settlement Date C 2:00 p.m. on the second business day immediately preceding the Settlement Date D 9:00 a.m. on the Settlement Date E-F 10:00 a.m. on the Settlement Date G-H 2:00 p.m. on the Settlement Date If the initial interest rate for a Floating Rate Book-Entry Security has not been determined at the time that Settlement Procedure “A” is completed, Settlement Procedures “B” and “C” shall be completed as soon as such rate has been determined but no later than 2:00 p.m. on the second business day immediately preceding the Settlement Date.