Interest on Contract Deposit Sample Clauses

Interest on Contract Deposit. Purchaser understands and agrees that Purchaser will receive interest on Purchaser’s Initial Deposit, Second Deposit and/or Third Deposit (collectively, "Contract Deposit") in the form of a credit to Purchaser’s escrow account upon Closing; provided that should Closing not occur, Purchaser shall not receive any interest accrued on Purchaser’s Contract Deposit held in Escrow or a credit, unless otherwise provided herein. The amount of interest calculated under this Section E.5 shall begin to accrue (i) as to the Initial Deposit, on the date this Purchase Agreement is executed by Seller and upon expiration of any rescission period or deemed waiver thereof, and upon Xxxxxx’s deposit of the same into an interest bearing account; and (ii) as to the Second Deposit and the Third Deposit, on the date Escrow deposits the same into an interest bearing account. No interest shall be paid on such deposits (a) prior to Seller’s execution of this Purchase Agreement; (b) during any rescission period given pursuant to the Public Report, unless waived; (c) prior to Xxxxxx’s deposit of the same into an interest bearing account; (d) on funds held by Xxxxxx during the sixty (60) calendar days immediately preceding the scheduled Closing Date to accommodate a bulk closing of units by Seller; or (e) as may be used by Seller to pay for construction costs and other expenses as provided in Section 514B‐92 of the Hawaii Revised Statutes, as amended, upon the disbursement of said funds by Xxxxxx. Escrow shall establish a separate account for Purchaser and Purchaser shall provide Escrow with Purchaser’s social security number or federal tax identification number. Purchaser shall pay Escrow a fee of Fifty and No/100 Dollars ($50.00) for each separate account created.
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Related to Interest on Contract Deposit

  • Interest on Deposits Any interest earned on cash deposits will be credited to CLEC in the amount actually earned or at the rate set forth in Section 8.7 below, whichever is lower, except as otherwise required by law, provided that, for elimination of doubt, the Parties agree that such deposits are not subject to state laws or regulations relating to consumer or End User Customer cash deposits. Cash deposits and accrued interest, if applicable, will be credited to CLEC's account or refunded, as appropriate, upon the earlier of the expiration of the term of this Agreement or the establishment of satisfactory credit with Qwest, which will generally be one full year of consecutive timely payments of undisputed amounts in full by CLEC. Upon a material change in financial standing, CLEC may request, and Qwest will consider, a recalculation of the deposit. The fact that a deposit has been made does not relieve CLEC from any requirements of this Agreement.

  • Interest on Overdue Payments (a) If, for any reason, a Party does not pay an amount payable under or in connection with this Agreement on or before the due date for payment, it must pay interest to the other Party (who is entitled to receive the payment).

  • Interest on Deposit Liabilities The Assuming Institution agrees that, from and after Bank Closing, it will accrue and pay interest on Deposit liabilities assumed pursuant to Section 2.1 at a rate(s) it shall determine; provided, that for non-transaction Deposit liabilities such rate(s) shall not be less than the lowest rate offered by the Assuming Institution to its depositors for non-transaction deposit accounts. The Assuming Institution shall permit each depositor to withdraw, without penalty for early withdrawal, all or any portion of such depositor's Deposit, whether or not the Assuming Institution elects to pay interest in accordance with any deposit agreement formerly existing between the Failed Bank and such depositor; and further provided, that if such Deposit has been pledged to secure an obligation of the depositor or other party, any withdrawal thereof shall be subject to the terms of the agreement governing such pledge. The Assuming Institution shall give notice to such depositors as provided in Section 5.3 of the rate(s) of interest which it has determined to pay and of such withdrawal rights.

  • Interest on Late Payments a. State Agencies The payment of interest on certain payments due and owed by Agency may be made in accordance with Article 11-A of the State Finance Law (SFL §179-d et. Seq.) and Title 2 of the New York Code of Rules and Regulations, Part 18 (Implementation of Prompt Payment Legislation -2 NYCRR §18.1 et seq.).

  • INTEREST ON ARREARS Any interest instalment unpaid on maturity shall yield interest, of right and without formal notice, at the same rate as applicable to the portion of the loan whose interest is unpaid on maturity, such interest being payable to the Lender on request.

  • Interest on Delinquent Payments Without waiving any other right or action available to Authority, in the event of default of Company's payment of Rents or other charges hereunder, and in the event Company is delinquent in paying to Authority any Rents or other charges for a period of five (5) days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the Rents or other charges became due to the date of payment at one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Law.

  • Interest on Unpaid Balances Interest on any unpaid amount (including amounts placed in escrow) shall be calculated in accordance with the method specified for interest on refunds in the Commission’s regulations at 18 C.F.R. § 35.19a (a)(2)(iii). Interest on unpaid amounts shall be calculated from the due date of the xxxx to the date of payment. Invoices shall be considered as having been paid on the date of receipt of payment.

  • Interest on security deposits Where you have paid a security deposit, we must pay you interest on the security deposit at a rate and on terms required by the Rules.

  • Interest on late payment Subject to clause 9.7, the Trader or the Distributor (as the case may be) must pay any Tax Invoice issued under this clause 9. If any part of a Tax Invoice that is properly due in accordance with this Agreement is not paid by the due date, Default Interest may be charged on the outstanding amount for the period that the Tax Invoice remains unpaid.

  • Interest on Loans (a) Except as otherwise set forth herein, each Class of Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows:

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