Common use of Forfeit of Deposit Clause in Contracts

Forfeit of Deposit. If a Successful Bidder breaches any of its obligations under the terms of the SISP or any definitive transaction documentation, its Deposit shall be forfeited as liquidated damages and not as a penalty. The Petitioners shall apply and use any forfeited Deposit in the manner agreed upon by the Petitioners and the Monitor and as approved in writing by the Interim Lender.