Common use of Interest on the Security Clause in Contracts

Interest on the Security. Subject to the following, all interest accrued on the security belongs to the Producer. However, for the application of Article 19.11, the Guild may also use the interest on the amounts held in security to effect compensation, up to the amount certain, liquid and exigible. Furthermore, in the event of a grievance, the Guild may also use the interest on the amounts held in security, pursuant to Article 19.09, to effect compensation following the Arbitrator’s decision in the Guild’s favour, in whole or in part, up to the amount determined by the Arbitrator.

Interest on the Security. ‌ Subject to the following, all interest accrued on the security belongs to the Producer. However, for the application of Article 19.11, the Guild may also use the interest on the amounts held in security to effect compensation, up to the amount certain, liquid and exigible. Furthermore, in the event of a grievance, the Guild may also use the interest on the amounts held in security, pursuant to Article 19.09, to effect compensation following the Arbitrator’s decision in the Guild’s favour, in whole or in part, up to the amount determined by the Arbitrator.