Common use of Interest on the Deposit Account Clause in Contracts

Interest on the Deposit Account. Deposit Taker will have no obligation to pay any interest on the Deposit Account except as follows: on each Payment Date accrued interest on each Deposit Account maintained by Deposit taker will be paid by wire transfer to the LRC for the period (the “Interest Period”) since the preceding Payment Date (or if there was no preceding Payment Date, since the Base Term Commencement Date) equal to the product of: • the Deposited Funds on deposit with the Deposit Taker on the first day of such Interest Period, times • LIBOR Rate less 0.125% (but in no event less than zero) for such Interest Period, times • the number of days in such Interest Period, divided by; • three hundred sixty. As used in this Section 3, capitalized terms defined in the Participation Agreement are intended to have the respective meanings assigned to them in the Participation Agreement. All payments of interest by Deposit Taker hereunder to LRC hereunder shall be paid or delivered in immediately available funds by wire transfer to: Bank Name: Bank Address: ABA # (Domestic): SWIFT ID (Inn): Account Name: Account Number: Bank Contact: Reference or at such other place and in such other manner as LRC may designate in a notice sent to the Deposit Taker. Time is of the essence as to all such payments by Deposit Taker to LRC.