Common use of Interim Financing Clause in Contracts

Interim Financing. In cases where an employee must purchase a residence at the new location before having realized equity from the sale of the employee's former principal residence, the Company will pay the interest on interim financing for a period not to exceed ninety (90) days. The amount of interim financing on which the Company will pay interest will be a maximum of the equity in the former principal residence that is being sold (equity being the guaranteed price less any mortgages and/or loans and less 1.5 % of the guaranteed price to cover closing adjustments)

Interim Financing. In cases where an employee must purchase a residence at the new location before having realized equity from the sale of the employee's former principal residence, the Company will pay the interest on interim financing for a period not to exceed ninety (90) days. The amount of interim financing on which the Company will pay interest will be a maximum of the equity in the former principal residence that is being sold (equity being the guaranteed price less any mortgages and/or loans and less one and one-half percent (1.5 % %) of the guaranteed price to cover closing adjustments)

Interim Financing. In cases where an employee Employee must purchase a residence at the new location before having realized equity from the sale of the employee's Employee’s former principal residence, the Company will pay the interest on interim financing for a period not to exceed ninety (90) days. The amount of interim financing on which the Company will pay interest will be a maximum of the equity in the former principal residence that is being sold (equity being the guaranteed price less any mortgages and/or loans and less 1.5 % one and one-half percent (1.5%) of the guaranteed price to cover closing adjustments).