Interest Credited. Where the Lender administers a Tax Account on behalf of the Borrower it is agreed that the Lender shall allow the Borrower interest at not less than the prevailing rate published by the Royal Bank of Canada on personal savings deposits with chequing privileges, on the minimum monthly balances standing in the Tax Account from time to time to the credit of the Borrower for payment of taxes, such interest to be credited monthly to the Tax Account.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement