7 CFR Appendix Exhibit B to Subpart A of Part 1902 - Exhibit B to Subpart A of Part 1902—United States Department of Agriculture, Farmers Home Administration or Its Successor Agency Under Public Law 103–354—Interest-Bearing Deposit Agreement
BECAUSE certain funds of __________ referred to as the “Depositor,” are now on deposit with the __________, referred to as the “Financial Institution,” under a Deposit Agreement, dated ______________________, 20____, providing for supervision by the United States of America, acting through the Farmers Home Administration or its successor agency under Public Law 103–354, referred to as the “Government,” which Deposit Agreement grants to the Government security and/or other interest in the funds covered by that Deposit Agreement, and
BECAUSE certain of these funds are not now required for immediate disbursement and it is the desire of the Depositor to place these funds in interest-bearing deposits with the Financial Institution:
THEREFORE, the Depositor and the Government authorize and direct the Financial Institution to place ________ Dollars ($________) of the funds subject to that Deposit Agreement in interest-bearing deposits as follows:
________ for a period of __________ months at __________% interest.
________ for a period of __________ months at __________% interest.
________ for a period of __________ months at __________% interest.
These interest-bearing deposits and the income earned on them at all times shall be considered a part of the account covered by said Deposit Agreement except that the right of the Depositor and the Government to jointly withdraw all or a portion of the funds in the account covered by the Deposit Agreement by an order of the Depositor countersigned by a representative of the Government, and the right of the Government to make written demand for the balance or any portion of the balance, is modified by the above time deposit maturity schedule. The evidence of such time deposits shall be issued in the names of the Depositor and the Farmers Home Administration or its successor agency under Public Law 103–354.
A copy of this Agreement shall be attached to and become a part of each certificate, passbook, or other evidence of deposit that may be issued to represent such interest-bearing deposits.
Executed this ______________ day of ______________, 20____.
Accepted on the above terms and conditions this ____________ day of ________________, 20____.