Deposit Protection Contract Sample Clauses

Deposit Protection Contract. If, prior to the completion of the transaction herein contemplated, the Seller has complied with all of the requirements set out in Section 19 of the Real Estate Development Marketing Act in respect of a developer’s use of deposits, as defined therein, and provided that the Seller has arranged for a deposit protection contract as contemplated by Section 19 of the Real Estate Development Marketing Act and as defined by the Insurance Act, then the Seller shall be entitled without any further authorization or consent of the Purchaser to the release to it of all or any portion of the Deposits and in such case the Purchaser does hereby irrevocably authorize and direct the Seller’s solicitors to release to the Seller so much of the Deposits as requested by the Seller and is permissible at law. Notwithstanding any other provision of the Purchase Agreement, in the event that the Seller enters into a deposit protection contract as aforesaid, the Purchaser hereby authorizes the Seller’s solicitors to release the Deposit to the Seller for use in construction and marketing of the Development. The Seller agrees to comply with all the terms and conditions of the Real Estate Development Marketing Act and regulations with respect to such deposit protection contract.
Sample 1
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Related to Deposit Protection Contract

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

  • NOW, THEREFORE the parties hereto agree as follows:

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

  • Definitions For purposes of this Agreement:

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

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