Common use of Payment of Ingoing Contribution Clause in Contracts

Payment of Ingoing Contribution. On or before the Commencement Date, the Resident must loan the Ingoing Contribution by way of an interest free loan to the Scheme Operator less any amount previously paid by the Resident to the Scheme Operator by way of deposit or reservation fee. The Trustee for the Scheme Operator must hold the Ingoing Contribution in trust until the latest of: (a) the day the conditions precedent, if any, to the creation of the right to reside to which the amount relates are fulfilled; or (b) the day the cooling-off period ends.