INTEREST ON THE COLLATERAL ACCOUNT Sample Clauses

INTEREST ON THE COLLATERAL ACCOUNT. (a) All moneys on deposit from time to time in the Collateral Account shall bear interest during each Interest Period from and including the first day thereof to but excluding the last day thereof at a rate per annum equal to the London Interbank Bid Rate for such Interest Period. For purposes of this Section 3.3, the term LONDON INTERBANK BID RATE shall mean, for each Interest Period, the average bid rate, as determined by the Bank, by major banks in London, England for deposits in U.S. dollars for a period equal to such Interest Period as of 11:00 a.m. New York time on the first day of such Interest Period. INTEREST PERIOD means each successive period of one month (or (b) If any amount on deposit in the Collateral Account is withdrawn therefrom on any day other than the last day of an Interest Period, the Bank shall reduce the interest payable by it for such Interest Period by an amount equal to the cost to it of obtaining funds equal to the amount of such withdrawal for the period from the date of such withdrawal to the last day of such Interest Period, provided that the Bank shall have delivered to the Company a certificate setting forth in reasonable detail the amount of such cost, which certificate shall be conclusive in the absence of manifest error.