Common use of Calculation of Retention Amount Clause in Contracts

Calculation of Retention Amount. (a) The Retention Amount will be the aggregate of all of the Rent Shortfall Payments payable during the Rent Shortfall Guarantee Period. (Retention Amount). (b) The Vendor and the Purchaser irrevocably authorise the Vendor’s Solicitors to release the Retention Amount (or any part thereof) from its trust account and to: (1) pay any Rent Shortfall Payment claimed by the Purchaser and approved by the Vendor (or deemed to be approved) under clause 25.1 from the Retention Amount; and (2) refund to the Vendor: (A) any residual part of the Retention Amount in respect to any Rental Shortfall Vacant Tenancy following a tenant being secured to enter into a lease for that Rental Shortfall Vacant Tenancy under clauses 25.2 or 25.3; and (B) any residual amount remaining at the end of the Rent Shortfall Guarantee Period after all Purchaser claims have been determined and paid.

Calculation of Retention Amount. (a) The Retention Amount will be the aggregate of all of the Rent Shortfall Payments payable during the Rent Shortfall Guarantee Period. (Retention Amount). (b) The Vendor and the Purchaser irrevocably authorise the Vendor’s Solicitors to release the Retention Amount (or any part thereof) from its trust account and to: (1) pay any Rent Shortfall Payment claimed by the Purchaser and approved by the Vendor (or deemed to be approved) under clause 25.1 28.1 from the Retention Amount; and (2) refund to the Vendor: (A) any residual part of the Retention Amount in respect to any Rental Shortfall Vacant Tenancy following a tenant being secured to enter into a lease for that Rental Shortfall Vacant Tenancy under clauses 25.2 27.2 or 25.327.3; and (B) any residual amount remaining at the end of the Rent Shortfall Guarantee Period after all Purchaser claims have been determined and paid.