Interest on Deposit. The Deposit shall be held in Escrow in accordance with the provisions of this Agreement in an interest bearing, federally insured account at a bank or other financial institution designated by the Title Company and reasonably acceptable to Buyer, and all interest accruing thereon shall be credited to the account of Buyer, except as otherwise provided herein, and shall be considered to be a part of the Deposit.
Interest on Deposit. The Deposit shall be held by the Title Company as an earnxxx xxxey deposit towards the Purchase Price. The Deposit shall be held in Escrow in accordance with the provisions of this Agreement in a federally insured interest bearing account or other investment suitable for daily investment reasonably acceptable to Seller and Buyer (and in any event with any risk of loss for the account of Buyer) with any interest accruing thereon to be paid or credited, except as otherwise provided in this Agreement, to Buyer. The term "DEPOSIT" shall include any and all interest then accrued;
Interest on Deposit. 3.2.1 The Seller will procure that the Seller’s Lawyers place the Deposit on interest bearing deposit until the Completion Date.
3.2.2 Any interest received on the Deposit prior to the Completion Date shall be deducted from the amount paid by the Buyer to the Seller on Completion in accordance with paragraph 2.2 of part 2 of schedule 4, but shall otherwise be dealt with in accordance with clause 3.9.
Interest on Deposit. As set forth in Section 2.1 hereof, any interest earned on the Deposit shall be considered a part of the Deposit; provided, however, that if Closing does not occur for any reason other than a Buyer default, all interest earned on the Deposit shall be credited to Buyer; further provided, however, that such earned interest shall be delivered to Buyer by the Escrow Agent, if at all, in accordance with the terms of Section 12.2.2 hereof.
Interest on Deposit. The parties to this Agreement acknowledge having been advised that Royal LePage Terrequity Realty ("the Brokerage") maintains an Interest Bearing Statutory Trust Account for the benefit of all parties to the transaction. The account earns interest calculated as the Prime Rate for TD Canada Trust less 2.5% calculated on a daily basis, for each full calendar day the money is deposited. In the event Prime rate falls below 2.5% no interest will be earned or paid. The Brokerage calculates and disburses all interest earned to the beneficial owner of the trust money (the "Recipient"). Unless otherwise indicated in the Agreement of Purchase & Sale, the recipient of any interest on trust monies is the Buyer in the transaction. The interest earned is paid to the recipient minus an Administrative Fee as follows: The interest earned on all deposits for a transaction is subject to one Administrative Fee of ninety five dollars ($95.00) per transaction; In the event interest earned equals or does not exceed the Administrative Fee the Administrative Fee will not be charged to the Recipient, no interest will be paid and no statement of accounting will be provided; In the event the interest exceeds the Administrative Fee, the Recipient will be paid the amount of the interest earned less the Administrative Fee and the Recipient will be provided with a statement of accounting; Where the deposit is from a private individual (not a corporation) no interest will be paid to the Recipient unless that Recipient provides the Brokerage with a Social Insurance Number and mailing address for Income Tax purposes, not less than 14 days prior to the transaction closing. This information must be delivered in writing to 000 Xxxxxxxxx Xxxx, Xxxxxxx, Xxxxxxx X0X 0X0.
Interest on Deposit. 3.1. Unless otherwise agreed by the Parties, the Interest rate, which amount is based on on the type, term, amount and currency of the Deposit and which is valid on the date of the Agreement, shall be paid for the Deposit.
3.2. The term and Interest on the Deposit shall be calculated from the date when the Deposit is paid under the Agreement as specified in clause 2.6 hereof, until the date preceding the date when the Deposit is returned pursuant to the Agreement or applicable laws. For the purpose of calculating the interest on the Deposit, the year shall be deemed to have 360 (three hundred and sixty) days and if the Deposit is in British pounds or Polish zloty, it shall be deemed to have 365 (three hundred and sixty-five) days.
3.3. Interest shall be paid in the currency of the Deposit.
3.4. The Interest rate shall be established for the entire term of the Deposit.
3.5. Interest shall be calculated and paid within the payment intervals selected by the Client by transferring them to the Account on the last day of the term of the Deposit, except for cases when, upon the maturity of the Deposit, the term is extended and Interest, upon request of the Client, is added to the Deposit. The Bank shall return the Deposit together with the accrued Interest.
3.6. If the frequency of the last accrued Interest does not coincide with the date of maturity of the Deposit, the accrued Interest shall be paid on the maturity of the Deposit term.
3.7. If the due date of the accrued Interest is not Bank’s working day, the payment date shall be made on the subsequent Bank’s working day.
3.8. In case the Deposit term is prolonged, when automatic prolongation clause is established, for the new Deposit term for which it is prolonged, the Interest rate, indicated on the Bank’s website xxx.xxxxxxx.xx for the same type as the respective Deposit and valid on the prolongation date.
3.9. The Bank shall be entitled to unilaterally change the rate of Interest paid on Demand Deposits. Such changes shall become effective on the date following the date the Interest rates have been published on the Bank’s website and the Bank’s customer units.
Interest on Deposit. The Initial Deposit and the Additional ------------------- Deposit shall be held by the Title Company (as defined below) as an xxxxxxx money deposit towards the Purchase Price. The Initial Deposit and thereafter the Additional Deposit, if made, shall be held in Escrow in a federally insured interest bearing account or other investment suitable for daily investment. The Initial Deposit shall sometimes be referred to as the "Deposit" until the Additional Deposit is delivered into Escrow, at which time the term "Deposit" shall refer to the sum of the Initial Deposit and the Additional Deposit.
Interest on Deposit. All interest accruing on the Deposit shall follow the Deposit. The parties hereto shall provide Escrow Holder with their respective tax identification numbers at the time the Deposit is tendered to Escrow Holder.
Interest on Deposit. Escrow Agent shall invest the Deposit in a ------------------- federally-insured, interest-bearing account approved by Buyer, provided that such investment shall not delay release of the Deposit to Seller as provided above. All interest earned on the Deposit prior to release to Seller shall be Buyer's. No interest for the period commencing upon release of the Deposit to Seller shall be payable to Buyer or credited against the Purchase Price.
