Clearing house funds

Clearing house funds

Funds from the Federal Reserve System, requiring three days to clear, that are passed to and from banks.

Clearing House Funds

Money that passes between Federal Reserve banks that is not available because the check by which the money is deposited has not cleared. It may take up to three days for the funds to clear and become available in the depositor's account.
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Payment will be made in New York Clearing House funds on May 1, 1992.
However, any holder that converts Convertible Debentures after June 15, 1997 must, as a condition to such conversion, submit with the Convertible Debentures being converted an amount, in New York Clearing House funds or other funds acceptable to the company, equal to the interest of $32.
Debentures surrendered for conversion after April 15, 1992, must be accompanied by payment in New York clearing house funds payable to The Pep Boys -- Manny, Moe & Jack of an amount equal to the interest payable on May 1, 1992, on the principal amount of debentures being surrendered for conversion ($30 for each $1,000 of debentures surrendered).

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