Disposition of the Deposit Clause Samples
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Disposition of the Deposit. 2.1 Escrowee shall hold the Deposit in an interest bearing savings account which rate of interest need not be maximized. Escrowee shall not commingle the Deposit with any other funds.
2.2 Escrowee shall pay the Deposit to Sellers or otherwise in accordance with the terms of the Contract. If prior to the Closing, either party makes a demand upon Escrowee for delivery of the Deposit, Escrowee shall give notice to the other party of such demand. If a notice of objection to the proposed payment is not received from the other party within seven (7) Business Days after the giving of notice by Escrowee, Escrowee is hereby authorized to deliver the Deposit to the party who made the demand. If Escrowee receives a notice of objection within said period, then Escrowee shall continue to hold the Deposit and thereafter pay it to the party entitled when Escrowee receives (a) notice from the objecting party withdrawing the objection, or (b) a notice signed by both parties directing disposition of the Deposit, or (c) a judgment or order of a court of competent jurisdiction.
2.3 Nothing in this Section 2 shall have any effect whatsoever upon Escrowee’s rights, duties, and obligations under Section 3.
Disposition of the Deposit. In the event the transaction contemplated by this Agreement shall close, the Deposit shall be applied as payment of the Purchase Price being paid at the Closing.
Disposition of the Deposit. The Deposit shall be applied as follows:
(a) If Closing is held, the Deposit then held by Escrow Agent shall be paid to the Seller and shall be credited towards the Purchase Price.
(b) If Closing is not held by reason of Buyer's default, the Deposit then held by Escrow Agent shall be paid to the Seller as Seller's sole and exclusive remedy, as liquidated damages in satisfaction of all remedies against Buyer which Seller would otherwise have available at law or in equity.
(c) If this Agreement is terminated due to a default hereunder by Seller or if this Agreement is terminated by Buyer pursuant to any right to so terminate, the Deposit then held by Escrow Agent shall be paid to Buyer.
Disposition of the Deposit. At the Closing, the Deposit and all interest accrued thereon shall be applied and credited toward the payment of the Purchase Price. Upon exercise of the Option and delivery of the Deposit into Escrow, the Deposit shall become non-refundable in accordance with the provisions of Section 19.1 subject to return to Buyer only as expressly provided in this Agreement.
Disposition of the Deposit. The Deposit shall be credited towards the Purchase Price at the Sub-Escrow Closing. Immediately upon Buyer's written demand to Seller, Seller shall authorize Escrow Holder to return the Deposit to Buyer if this Agreement is terminated:
(i) as provided in Section 9.1, in which event one-half of the fees, costs and expenses of the Sub- Escrow and Escrow Holder shall be deducted by Escrow Holder from the Deposit; or (ii) for any reason (other than a breach of Buyer), including as a result of the failure of the parties under the Master Purchase Agreement to consummate the Additional Discretionary Sale and close the Master Escrow (for reasons other than a breach by Buyer under this Agreement), in which event Seller shall be solely responsible, under this Agreement, for the fees, costs and expenses of the Sub-Escrow and Escrow Holder. Seller may pursue reimbursement of the same from MMB as provided under the terms of the Master Purchase Agreement. Otherwise, the Deposit is not refundable to Buyer, and Buyer shall be obligated to pay the Deposit to Seller as liquidated damages in the event of a breach of this Agreement by Buyer, as provided in Section 10.1.
Disposition of the Deposit. In the event that the Deposit has been delivered to the Escrow Agent:
Disposition of the Deposit. 2.1 Escrowee shall hold the Deposit in insured money market accounts, certificates of deposit, United States Treasury Bills or such other interest-bearing accounts as Purchaser may instruct from time to time. Escrowee shall not commingle the Deposit with any other funds.
2.2 Purchaser may, at any time on or before the expiration of the Due Diligence Period, demand a return of the Deposit and Escrowee immediately shall return the Deposit to Purchaser, without the necessity of providing any notice to Sellers and without waiting 7 Business Days as provided in Section 2.3 below.
2.3 If the Deposit has not been released earlier in accordance with Section 2.2, Escrowee shall pay the Deposit in accordance with the terms of the Contract. If prior to the Closing, either party makes a demand upon Escrowee for delivery of the Deposit, Escrowee shall give notice to the other party of such demand. If a notice of objection to the proposed payment is not received from the other party within seven (7) Business Days after the giving of notice by Escrowee, Escrowee is hereby authorized to deliver the Deposit to the party who made the demand. If Escrowee receives a notice of objection within said period, then Escrowee shall continue to hold the Deposit and thereafter pay it to the party entitled when Escrowee receives (a) notice from the objecting party withdrawing the objection, or (b) a notice signed by both parties directing disposition of the Deposit, or (c) a judgment or order of a court or arbitrator of competent jurisdiction.
2.4 Nothing in this Section 2 shall have any effect whatsoever upon Escrowee’s rights, duties, and obligations under Section 3.
Disposition of the Deposit. Notwithstanding Section 8.2 of this Purchase Agreement, upon termination of this Purchase Agreement by either party for any reason (except as set forth below), Fibreboard shall retain the Deposit; PROVIDED, HOWEVER, that in the event Buyer terminates this Purchase Agreement under Section 8.1(ii) above as a result of a breach by Fibreboard or an Acquired Corporation of its covenants under this Purchase Agreement or if the Closing does not occur solely because Fibreboard failed to obtain the consent of Bank of America NT & SA with regard to that certain financing facility described in APPENDIX 2 or the Lender fails to deliver its pay-off letter and the Old Certificates, then, and in such event, Fibreboard shall deliver to Buyer the Deposit, together with interest thereon at the rate specified in Section 2.2 of this Purchase Agreement (for the period beginning on the Deposit Date and ending on the date paid).
Disposition of the Deposit. BUYER acknowledges and agrees that any Deposits are being made for the purpose of reimbursing SELLER for excess expenses incurred by SELLER in connection with the development of the Property and such Deposits shall not be refundable to BUYER, except in the event this Agreement is terminated on account of SELLER's default or except as otherwise provided in this Agreement. In the event this Agreement is terminated on account of BUYER's default and BUYER takes possession of the Property in accordance with the requirements of the Lease, the Deposits shall be deemed to have been applied to pay costs of tenant improvements payable by the BUYER as the Lessee under the Lease. If this Agreement is terminated for BUYER's default and BUYER does not take possession of the Property pursuant to the Lease, then SELLER shall have the right to continue to retain possession of the Deposit and apply any Deposits to reimburse SELLER for losses, damages, costs and expenses (including reasonable attorneys' fees) incurred by SELLER on account of BUYER's default and under no circumstance whatsoever shall SELLER's retention of such Deposits be construed to be SELLER's acceptance of liquidated damages nor shall the retention and application of such funds otherwise waive, prejudice or otherwise affect any rights or remedies that SELLER may have on account of such losses, damages, costs and expenses to the extent not satisfied from the Deposits.
Disposition of the Deposit. In the event any transaction contemplated by this Agreement shall close, the Allocated Deposit (plus interest accrued thereon) with respect the applicable Property shall be applied as payment of a portion of the Allocated Transaction Value being paid at the Closing in accordance with Section 1.2 hereof. In the event of a termination of this Agreement in its entirety by PRLP or Landmark (except pursuant to Section 11.1(a) as a result of a default by PRLP as contemplated by Section 11.3(b)), Escrow Agent shall (and the Parties hereto shall promptly direct the Escrow Agent to) return to PRLP the Deposit then-held by Escrow Agent.