Escrow Interest. The parties agree that all rent and security deposits will not bear interest for benefit of Renter, Owner. However, as required by Connecticut law, real estate brokers are required to deposit escrow funds in an interest bearing account. The interest thereon shall be paid to the Connecticut Housing Finance Authority for the purpose of providing mortgage assistance to qualified first-time home buyers with low or moderate income.
Escrow Interest. Once Escrow Funds being held by Escrow Agent reach the Escrow Total, Seller may be paid Escrow Interest earned on the Escrow Funds at times and amounts in Seller's discretion as long as the amount of the Escrow Funds does not, as a result, become less than the Escrow Total.
Escrow Interest. For federal income tax purposes (and, if applicable, comparable state and local tax purposes), the Escrow Funds shall be treated as owned by SCT and SCT shall report all interest and other income earned on the Escrow Funds ("Escrow Interest") as income of SCT. To the extent that the Escrow Interest is distributed to the Stockholders, the Escrow Interest shall be treated as an amount paid by SCT to the Stockholders of CPI as interest in respect of the obligation of SCT to pay the Escrow Amount to the Stockholders as Merger Consideration in the future; provided, however, that the Escrow Interest shall not be distributed to the Stockholders currently but shall instead be added to, and become a part of, the Escrow Funds as additional financial support for the indemnification obligations of the Stockholders. Escrow Interest shall be distributed to the Stockholders and SCT upon the last to occur of (i) the expiration of the Escrow Period, or (ii) the date on which any amounts held by the Escrow Agent pursuant to Section 4.3(b) are distributed. Escrow Interest shall be distributed to the Stockholders and SCT in the same proportion as the Escrow Funds are distributed.
Escrow Interest. Seller shall be responsible for the payment of the Escrow Interest. If, for any reason, Purchaser is required to submit payment of the Escrow Interest, directly or indirectly, to a Mortgagor, and has not already received such Escrow Interest from Seller, Seller shall reimburse Purchaser for all such amounts within five (5) Business Days following written notice from Purchaser.
Escrow Interest. At the closing, (i) the Company and TDH shall direct the collateral account agent in respect of the TDH Senior Notes to pay the principal balance of $2,000,000 in such collateral account to the Company and accrued interest and dividends to the Closing Date to TDH and (ii) the Company and ACGL shall direct the collateral account agent in respect of the ACGL Notes to pay the aggregate principal balance of $8,500,000 in such collateral accounts to the Company and accrued interest to the Closing Date to ACGL.
Escrow Interest. All Escrow Interest received by the Escrow Agent in respect of the Escrow Deposit shall be paid as provided in Section 3 above.
