INTEREST YIELDED BY PRE Clause Samples
The 'Interest Yielded by PRE' clause defines how interest generated from funds held in a Project Reserve Escrow (PRE) account is managed and allocated. Typically, this clause specifies whether the interest earned on the escrowed funds is retained by the party that deposited the funds, credited to the project, or distributed in another agreed manner. For example, if a developer places funds in escrow for a construction project, the clause will clarify who benefits from any interest accrued during the holding period. Its core function is to ensure transparency and prevent disputes over the ownership and distribution of interest income generated while funds are held in escrow.
INTEREST YIELDED BY PRE. FINANCING PROVIDED BY THE AGENCY
II.21.1. In accordance with the provisions of the Financial Regulation, pre-financing granted to the coordinator on behalf of the consortium remains the property of the Agency.
II.21.2. The coordinator shall inform the Agency of the amount of any interest or equivalent benefits yielded by the pre-financing it has received from the Agency. Notification must be made annually if the interest in question represents a significant amount, and in any event when the request for interim payments and the request for payment of the balance of the grant are made.
INTEREST YIELDED BY PRE financing provided by the JU
1. Pre-financing remains the property of the JU until the final payment.
2. The JU shall recover from the coordinator, for each reporting period following the implementation of the agreement, the amount of interest generated when such pre-financing exceeds the amount fixed in the Financial Rules and its Implementing Rules.
INTEREST YIELDED BY PRE financing provided by the Commission
1. Pre-financing remains the property of the Community until the payment of the balance.
2. Interest generated by pre-financing payments shall only be due to the Community if the amount of pre-financing payments exceeds EUR 50 000 per agreement. Interests generated by pre-financing payments up to €750 000 per agreement at the end of each financial year shall be deducted from the payment of the balance of the amounts due to the beneficiary. Interests generated by pre-financing payments exceeding €750 000 per agreement at the end of each financial year shall be recovered by the Commission from each beneficiary for each reporting period following the implementation of the agreement.