Automatic Renewals of CDs Clause Samples

Automatic Renewals of CDs. If Depositor does not withdraw the funds from the CD account within 10 calendar days after maturity, the CD account will be automatically renewed as of the maturity date for a similar term at the rate of interest we are then offering on CDs of that maturity. If the Depositor elects against automatic renewal of a CD, Depositor must give Bank instructions. The Depositor must direct Bank (1) to renew the CD for a term which Depositor specifies, and which Bank allows, (2) to deposit the funds in another account you maintain with us, or (3) to mail you a check. Bank must get your instructions within ten (10) days after maturity. When properly renewed, your new CD will begin on the maturity date. If the account is closed during the 10- day period we do not pay interest from the maturity date until the date of withdrawal. If you elect against automatic renewal but you do not give us proper instructions within 10 days after maturity, the funds in the account will be left on deposit and will not earn interest until we receive proper directions from you. If, at the time of maturity Bank no longer offers a type of CD which is similar to your CD, and you do not instruct us otherwise, the funds in the account will be left on deposit and will not earn interest until we receive proper instructions from you. If the Depositor renews a CD or a CD is automatically renewed, all interest which is on deposit at the time of renewal will become principal of the renewed CD.
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Automatic Renewals of CDs. If Depositor does not withdraw the funds from the CD account within 10 calendar days after maturity, the CD account will be automatically renewed as of the maturity date for a similar term at the rate of interest we are then offering on CDs of that maturity.
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Related to Automatic Renewals of CDs

  • Automatic Renewal Each Schedule will renew automatically at the end of the then-current Schedule Term for a Schedule Renewal Term unless terminated in accordance with this Agreement by either You or Company.

  • Automatic Renewal Limitation for TIPS Sales No TIPS Sale may incorporate an automatic renewal clause that exceeds month to month terms with which the TIPS Member must comply. All renewal terms incorporated into a TIPS Sale Supplemental Agreement shall only be valid and enforceable when Vendor received written confirmation of acceptance of the renewal term from the TIPS Member for the specific renewal term. The purpose of this clause is to avoid a TIPS Member inadvertently renewing an Agreement during a period in which the governing body of the TIPS Member has not properly appropriated and budgeted the funds to satisfy the Agreement renewal. Any TIPS Sale Supplemental Agreement containing an “Automatic Renewal” clause that conflicts with these terms is rendered void and unenforceable.

  • Automatic Extension At the end of the initial term and any subsequent ------------------- term, this Agreement shall automatically renewed for a five (5) year term unless one of the parties provides the other party with written notice of intent not to renew, not less than one hundred eighty (180) day prior to the expiration of the then current term.

  • Automatic Renewal Clauses Incorporated in Awarded Vendor Agreements with TIPS Members Resulting from the Solicitation and with the Vendor Named in this Agreement.

  • Automatic Acceleration Upon the occurrence of an Event of Default described in Section 8.01(l) or Section 8.01(m) the Facility shall be automatically terminated and the Loans and all other Obligations shall be immediately due and payable upon the occurrence of such event, without demand or notice of any kind.