Investment of Deposit. If:
(1) the Deposit Holder is instructed by either the Seller or the Buyer; and
(2) it is lawful to do so; the Deposit Holder must:
(3) invest as much of the Deposit as has been paid with any Financial Institution in an interest-bearing account in the names of the parties; and
(4) provide the parties’ tax file numbers to the Financial Institution (if they have been supplied).
Investment of Deposit. Escrow Holder shall place the Deposit in an interest-bearing account with a bank or savings association, the deposits of which are federally insured (up to the amount of One Hundred Thousand and No/100ths Dollars ($100,000.00), as directed in writing by Buyer, with notice to Seller. All references in this Agreement to the Deposit shall include the interest thereon.
Investment of Deposit. (a) If either the Buyer or Seller request that the Deposit be invested then the Deposit Holder is irrevocably authorised to invest the funds in its name in an interest bearing account with a Bank nominated by the Deposit Holder.
(b) The Deposit is invested at the risk of the person eventually entitled to receive it.
(c) The Deposit Holder will not be liable to any party by reason of delay in investing the Deposit or for failure to invest the Deposit.
(d) The Deposit Holder is authorised to terminate the investment of the Deposit a reasonable time before settlement so that the Deposit and interest earned on the investment of the deposit will be available at settlement.
(e) Any interest paid on such investment must be held by the Deposit Holder in trust until either the Seller or the Buyer becomes entitled to it under this Contract or at law. The interest will not be held by the Deposit Holder by way of Deposit but under an unrelated trust and under no circumstances will the Seller or the Buyer be entitled to receive any of the interest before this Contact is settled or cancelled.
(f) The Buyer must provide its tax file number and any other information that the Deposit Holder requires for investment within five Business Days from the date on which the Seller asks for it. If the Buyer does not do so, the Buyer acknowledges that the Bank with whom the Deposit is invested may deduct tax from the interest earned on the Deposit at the highest marginal rate.
Investment of Deposit. Escrow Agent shall invest the Deposit pursuant to Purchaser’s reasonable directions in an interest bearing account at a commercial bank whose deposits are insured by the Federal Deposit Insurance Corporation. Escrow Agent shall notify Seller, no later than one (1) business day after Escrow Agent’s receipt thereof, that Escrow Agent has received the Deposit in immediately available funds, and is holding the same in accordance with the terms of this Agreement. However, Escrow Agent shall invest the Deposit only in such accounts as will allow Escrow Agent to disburse the Deposit upon no more than one (1) business day’s notice.
Investment of Deposit. Escrow Holder shall place the Earnxxx Xxxey Deposit in an interest-bearing account with a bank or savings association, the deposits of which are federally insured, as Buyer may select. All interest on the Earnxxx Xxxey Deposit shall accrue for the benefit of Buyer until the Closing. Notwithstanding the foregoing, however, in the event of any default by Buyer hereunder, all interest earned on such account shall accrue to the benefit of Seller. Seller shall not be responsible for, nor bear the risk of loss of, the Earnxxx Xxxey Deposit, and shall not be responsible for the rate of return thereon.
Investment of Deposit. (1) If:
(a) the Deposit Holder is instructed by either the Seller or the Buyer; and
(b) it is lawful to do so; the Deposit Holder must:
(c) invest as much of the Deposit as has been paid with any Financial Institution in an interest-bearing account in the names of the parties; and
(d) provide the parties’ tax file numbers to the Financial Institution (if they have been supplied).
(2) If there is income from the investment of the Deposit in respect of any financial year to which no beneficiary is presently entitled for the purpose of Division 6 of Part 111 of ITAA as at 30 June of that financial year:
(a) the parties must pay to the Deposit Holder the tax assessed to it in respect of that income (other than tax in the nature of a penalty for late lodgement (“Penalty”) which the Deposit Holder must bear itself) and all expenses of the Deposit Holder in connection with the preparation and lodgement of the tax return, payment of the tax, and furnishing to the parties the information and copy documents they reasonably require;
(b) if the tax (other than Penalty) and the Deposit Holder’s expenses are not paid to the Deposit Holder on demand, it may deduct them from the Deposit and income;
(c) if tax is not assessed on the income when the Deposit and income are due to be paid to the party entitled, the Deposit Holder may deduct and retain its estimate of the assessment; and
(d) as between the parties, the tax must be paid by the party receiving the income on which the tax is assessed and the Deposit Holder’s expenses.
Investment of Deposit. The Deposit shall be invested in accordance with the Xxxxxxx Money Escrow Agreement upon Purchaser’s delivery of the Deposit.
Investment of Deposit. Escrow Agent shall deposit the Deposit in an escrow account in the name of Escrow Agent in a commercial bank designated by Purchaser and reasonably acceptable to Seller. Escrow Agent shall invest the Deposit in an insured non-interest bearing account, or in non-interest bearing investments backed by securities issued by the U.S. federal government, as Purchaser and Seller may from time to time direct.
Investment of Deposit. If, for any reason, the Designated Aircraft to be financed hereunder on the Funding Date shall not be so financed on such date, the Deposit, and earnings thereon, will be invested and reinvested by the Security Trustee at the sole direction, for the account, and at the risk of the Borrower in an overnight investment selected by the Borrower and acceptable to the Security Trustee having consulted with the Loan Participants. Upon the Borrower’s oral (to be confirmed in writing) instructions, earnings on any such investments shall be applied to the Borrower’s payment obligations to each Loan Participant under this Section 2(b) or released to the Borrower to the extent of such earnings.
Investment of Deposit. Promptly upon receipt thereof, Escrow Agent shall acknowledge to Sellers and Buyer receipt of the Deposit. Escrow Agent shall promptly invest the Deposit in an interest-bearing money market account unless otherwise instructed in writing by Sellers and Buyer. All interest earned on the Deposit shall be paid to the party entitled to receive the Deposit pursuant to the Agreement. Each of Sellers and Buyer has contemporaneously delivered to Escrow Agent a completed Form W‑9 to be held by Escrow Agent and submitted on behalf of the applicable party to the Internal Revenue Service following disbursement of the Deposit.
