Common use of Interest Earnings Clause in Contracts

Interest Earnings. All interest earned on the escrow funds deposited in the Accounts hereunder ----------------- shall be added to and held in the Accounts. Upon each closing, pursuant to Written Instructions, within five (5) business days of the crediting of such interest the Escrow Agent shall issue interest payments in check form to each Potential Investor based on his individual balance in the Investment Account along with a cover letter and to the Adviser based upon its balance in the Adviser's Account along with a cover letter. The Escrow Agent will prepare and send notifications on Form 1099 for each calendar year to all persons who have received distributions of earnings reflecting their respective shares of such earnings. [

Appears in 2 contracts

Sources: Escrow Agreement (Oppenheimer Tremont Opportunity Fund LLC), Escrow Agreement (Oppenheimer Tremont Market Neutral Fund LLC)

Interest Earnings. All interest earned on the escrow funds deposited in the Accounts Subscription Account hereunder ----------------- shall be added to and held in the Accounts. Upon each closing, pursuant to Written Instructions, within five (5) 5 business days of the crediting of such interest Interest the Escrow Agent Administrator shall issue interest payments in check form to each Potential Investor based on his individual balance in the Investment Subscription Account along with a cover letter and to the Adviser U.S. Trust Company based upon its balance in the Adviser's ’s Account along with a cover letter. The Escrow Agent Administrator will prepare and send notifications on Form 1099 for each calendar year to all persons who have received distributions of earnings reflecting their respective shares of such earnings. [.

Appears in 1 contract

Sources: Escrow Agreement (Excelsior Buyout Investors LLC)