Closing Date Deposit Sample Clauses
The Closing Date Deposit clause establishes the requirement for a buyer to provide a deposit on or before the closing date of a transaction, typically as part of a real estate or business purchase agreement. This clause specifies the amount of the deposit, the method of payment, and the conditions under which the deposit must be delivered, such as to an escrow agent or directly to the seller. Its core practical function is to secure the buyer’s commitment to complete the transaction and to provide the seller with assurance that the buyer is acting in good faith, thereby reducing the risk of last-minute withdrawal or default.
Closing Date Deposit. On the Closing Date, the Servicer will deposit in the Collection Account all amounts received and applied as interest or principal on the Receivables during the period from the Cutoff Date to two Business Days before the Closing Date.