Application of Deposit. In the event that Tenant is in Default hereunder and fails to cure within any applicable time permitted under this Lease, or in the event that Tenant owes any amounts to Landlord upon the expiration of this Lease, Landlord may use or apply the whole or any part of the Security Deposit for the payment of Tenant’s obligations hereunder. The use or application of the Security Deposit or any portion thereof shall not prevent Landlord from exercising any other right or remedy provided hereunder or under any Law and shall not be construed as liquidated damages.
Application of Deposit. If Tenant at any time fails to perform any of its obligations under this Lease, including its Rent or other payment obligations, its restoration obligations, or its insurance and indemnity obligations, then Landlord may, at its option, apply the Security Deposit (or any portion) to cure Tenant’s default or to pay for damages caused by Tenant’s default. If the Lease has been terminated, then Landlord may apply the Security Deposit (or any portion) against the damages incurred as a consequence of Tenant’s breach. The application of the Security Deposit shall not limit Landlord’s remedies for default under the terms of this Lease. If Landlord depletes the Security Deposit, in whole or in part, prior to the Expiration Date or any termination of this Lease, then Tenant shall restore immediately the amount so used by Landlord.
Application of Deposit. If the Closing occurs, the Deposit shall be paid to Seller and credited against the Purchase Price at Closing. If the Closing does not occur in accordance with the terms hereof, the Deposit shall be held and delivered as hereinafter provided.
Application of Deposit. The cash deposited into Escrow pursuant to Section 2(a) above, together with all interest earned thereon, shall sometimes collectively be referred to herein as the “Deposit.” If this Agreement is terminated (i) as a result of Buyer’s timely disapproval of any of the contingencies set forth in Section 3 below, (ii) by reason of the failure of any condition precedent in favor of Buyer as set forth in this Agreement, or (iii) for any other reason except for a default under this Agreement solely on the part of Buyer, then the Deposit shall be released by Escrow Holder (as hereinafter defined) to Buyer upon demand by Buyer, after which, neither Seller nor Buyer shall have any further rights or obligations hereunder except those obligations which specifically survive the termination of this Agreement. If the purchase and sale of the Property is consummated as contemplated hereunder, the Deposit shall be applied against the Purchase Price at the Close of Escrow and shall be paid to Seller or disbursed to the order of Seller at the Close of Escrow. All Deposits made by Buyer pursuant to this Section 2 or Section 5 below shall be placed in a federally insured interest-bearing account by Escrow Holder upon terms acceptable to Buyer to be held by Escrow Holder in trust for the benefit of Buyer. If the purchase and sale of the Property is not consummated because of a default under this Agreement solely on the part of Buyer, the Deposit shall be non-refundable to Buyer and shall constitute the liquidated damages due to Seller pursuant to, and subject to the exception set forth in, Section 14 below.
Application of Deposit. The Deposit shall be held and disbursed by the Escrow Company acting as escrow agent in accordance with this Agreement. The Deposit shall be invested in a federally insured interest bearing account mutually acceptable to Seller and Purchaser, provided that Escrow Company has been furnished with a completed and executed W-9 for the party entitled to said interest, and any interest earned on the Deposit shall be paid to the party to which the Deposit is paid pursuant to the provisions of this Agreement; provided, however, Purchaser shall be responsible for the payment of any and all taxes payable in connection with any interest earned on the Deposit. If the sale of the Property is consummated in accordance with the terms of this Agreement, the Deposit shall be applied to the Purchase Price to be paid by Purchaser at the Closing. In the event of a default under this Agreement by Purchaser or Seller, the Deposit shall be applied as provided in this Agreement.
Application of Deposit. 3.2.1 If the Closing occurs, then the Deposit shall be paid to Seller and applied against the Purchase Price and the accrued interest on the Deposit (“Interest”), if any, shall, at Purchaser’s election, (i) be paid to Seller and credited against the Balance of the Purchase Price or (ii) be paid to Purchaser.
3.2.2 In the event that the Closing does not occur because of a default by Purchaser under this Agreement and Seller elects to terminate this Agreement as a result thereof, the Deposit and all Interest shall be paid to and retained by Seller pursuant to Section 13.2 hereof.
3.2.3 In the event that the Closing does not occur because of a default by Seller under this Agreement, or in the event that any of the closing conditions set forth in this Agreement are not satisfied, and Purchaser elects to terminate this Agreement as a result thereof, the Deposit and all Interest shall be paid to and retained by Purchaser pursuant to Section 13.1 hereof.
3.2.4 The party receiving the Interest shall pay any income taxes thereon. Seller and Purchaser shall each provide the other with its respective tax identification number promptly after the date of this Agreement.
3.2.5 If either party makes a demand upon the Escrow Agent for delivery of the Deposit and Interest, the Escrow Agent shall promptly give notice to the other party of such demand. If a notice of objection to the proposed payment is not received by the Escrow Agent from the other party within ten (10) calendar days of its receipt of notice from the Escrow Agent, the Escrow Agent is hereby authorized to deliver the Deposit and all Interest to the party that made the demand. If the Escrow Agent receives a notice of objection within said ten (10) calendar day period, then the Escrow Agent shall have the right, at its option, to either (A) continue to hold the Deposit and Interest and thereafter pay it to the party entitled thereto when the Escrow Agent (i) receives a written notice from the objecting party withdrawing the objection, (ii) receives a written notice signed by both parties directing disposition of the Deposit and Interest or (iii) receives a final judgment or order of a court of competent jurisdiction or (B) deposit the same with a court of competent jurisdiction in the State of New York, and Escrow Agent shall rely upon the decision of such court or a written statement executed by both Seller and Purchaser setting forth how the Deposit and Interest should be released.
Application of Deposit. If the sale of the Property pursuant to this Agreement is consummated, the Deposit and all accrued interest shall be credited against the Purchase Price. If the sale of the Property pursuant to this Agreement is not consummated as a result of (i) a default by Seller, (ii) termination of this Agreement pursuant to Section 3.2 or Section 3.4, or (iii) failure of an express condition for the benefit of Buyer, the Deposit shall be returned to Buyer.
Application of Deposit. If the transaction contemplated by this Agreement (the “Transaction”) closes, the Deposit shall be applied as a credit to the Cash Consideration at Closing and applied in accordance with Article XIV. If this Agreement is terminated prior to Closing, the Deposit shall be distributed or retained under Article XI.
Application of Deposit. (a) Escrow Agent agrees that it shall hold the Deposit (or portions thereof) as provided above and shall continue to hold and shall disburse the Deposit (or portions thereof) in accordance with the terms of the Contribution Agreement.
(b) Notwithstanding the foregoing, if Escrow Agent receives a request or direction (a “Disbursement Request”) (i) from any Party (a “Requesting Party”) or (ii) pursuant to the Contribution Agreement to disburse all or any portion of the Deposit, then Escrow Agent shall, on or before the date that is five (5) Business Days after Escrow Agent’s receipt of such Disbursement Request, deliver written notice (a “Disbursement Request Notice”) of its receipt of such Disbursement Request to each Party (other than, if applicable, the Requesting Party). If, within ten (10) Business Days after a Party’s receipt of a Disbursement Request Notice, such Party delivers written notice to Escrow Agent requesting that Escrow Agent hold and disburse the Deposit in accordance with the provisions of Section 5(c) below (a “Dispute Notice”), then Escrow Agent shall not return the Deposit (or portion thereof) requested under the Disbursement Request, but shall instead hold and disburse the Deposit in accordance with the provisions of Section 5(c) below.
(c) In the event of any dispute between and/or among any of POPLP, TIAA/SP and CPPIB regarding the disbursement of the Deposit (including without limitation, in the event of a Dispute Notice referred to in Section 5(b) hereof, then Escrow Agent shall withhold disbursement of the Deposit (or the applicable disputed portion thereof) until such dispute is resolved and is otherwise directed by joint written directions of (as applicable) POPLP, TIAA/SP and/or CPPIB, or shall interplead the Deposit (or the applicable disputed portion thereof) in a court of competent jurisdiction located in a forum of proper jurisdiction in the State of Delaware.
(d) When all monies held by Escrow Agent have been finally distributed in accordance with this Escrow Agreement, this Escrow Agreement shall terminate.
Application of Deposit. A student shall pay the housing deposit at the time of their application for housing. The University will retain it until the end of the application/contract period. If the student has properly performed their duties under the contract, including proper checkout, and if the student does not have any delinquent debts to the University at the end of the contract period,
