Common use of Interest on Cash Deposits Clause in Contracts

Interest on Cash Deposits. Compound interest shall accrue monthly on security provided in the form of a cash deposit. The interest rate shall be the Prime Business Rate as published on the Bank of Canada’s website less two (2) percent. The interest accrued shall be paid out at least once every 12 months, or on return or realization of the security, whichever comes first.

Interest on Cash Deposits. Interest Compound interest shall accrue monthly on security provided in the form of a cash deposit. The interest rate shall be the Prime Business Rate as published on the Bank of Canada’s website less two (2) percent. The interest accrued shall be paid out at least once every 12 months, or on return or realization of the security, whichever comes first.