Common use of Maintenance of Deposit Clause in Contracts

Maintenance of Deposit. The Deposit shall be held in a federally insured interest bearing money market account or certificate of deposit (having a maturity not greater than 30 days) with a bank having a net worth in excess of $1,000,000,000 or such other institution as may be mutually agreed to by Purchaser and Seller. All accrued earnings on the Deposit shall first be allocated to the payment of the Escrow Holder's fee, and the amount of any remainder shall be paid to Seller pursuant to the terms of this Agreement. Escrow Holder shall provide monthly statements to Purchaser and Seller of the principal and investment income accrued on the Deposit.

Maintenance of Deposit. The Deposit shall be held in a federally insured interest bearing money market account or certificate of deposit (having a maturity not greater than 30 days) with a bank having a net worth in excess of $1,000,000,000 or such other institution as may be mutually agreed to by Purchaser and Seller. All accrued earnings on the Deposit shall first be allocated to the payment of the Escrow Holder's fee, and the amount of any remainder shall be paid to Seller pursuant Pursuant to the terms of this Agreement. Escrow Holder shall provide monthly statements to Purchaser and Seller of the principal and investment income accrued on the Deposit.