Performance Deposit. Permittee shall deposit the Performance Deposit required under Paragraph F of this Permit with Port upon execution of this Permit, which sum (and any additions thereto required hereunder) shall be by cash or irrevocable letters of credit, each in a form and from an issuer acceptable in Port’s sole discretion. Any letter of credit provided as a Performance Deposit must be in the form of the letter of credit attached hereto as Exhibit “11”, or such successor form as Port may from time to time require by written notice to Permittee, and shall be drawn on a bank located within the continental United States acceptable to the Port’s Chief Financial Officer. The Port’s preference is for Permittee to provide a letter of credit that can be drawn at a site or counter of such a bank with a branch office located in Oakland or San Francisco, California. (Letters of credit issued through correspondent banks will not be accepted.) Unless the Port receives a written extension or replacement of the letter of credit at least ninety (90) days before the end of the term of the letter of credit, the Port without notice to Permittee, may draw on the letter of credit and retain all proceeds as a cash Performance Deposit pursuant to the terms of this Section 27. The Performance Deposit shall be retained by Port as security for the faithful performance of Permittee’s obligations hereunder and under any other agreement between Port and Permittee. From time to time, the Port shall have the right to increase the amount of the Performance Deposit to reflect any increases in the amount of the total Minimum Annual Guaranty (rounded to the nearest thousand), or to such greater amount required by Port Administrative Policy No. 509 – Collection of Delinquent Accounts, as such Policy may be amended from time to time, by giving Permittee fifteen (15) days written notice and Permittee shall be obligated to increase the Performance Deposit to such amount by the end of such fifteen (15) day period. Port shall have the right, but not the obligation, to apply said Performance Deposit to the payment of any sum due to Port which has not been paid, including, but not limited to, reimbursement of any expenses incurred by Port in curing any default of Permittee, or to the cost of restoring the Assigned Space or its furnishings, fixtures or equipment to their original condition, reasonable use and wear excepted, or to Port’s future rent damages arising out of the termination of this Permit because of P...
Performance Deposit. Within one Business Day of execution of this Agreement, Purchaser shall pay to Seller by wire transfer a deposit in the amount of Forty Million Dollars ($40,000,000.00) (“Performance Deposit”) to be held by Seller in accordance with this Agreement. In the event that the transactions contemplated by this Agreement are consummated, the Performance Deposit shall be applied to the Purchase Price as set forth in Section 2.5(b) below. In the event this Agreement is terminated, the Performance Deposit plus any interest earned thereon shall be applied in accordance with the provisions of Article X.
Performance Deposit. Permittee shall maintain with the Port a performance deposit (the “Performance Deposit”) in the initial amount set forth on Exhibit “5”, and complying with and subject to the provisions of Section 27 of Attachment ”A” to this Permit, including without limitation the provisions of Section 27 of Attachment ”A” relating to adjustments to the amount of Permittee’s Performance Deposit. The existence or amount of the Performance Deposit shall not limit Permittee’s liability or the Port’s rights in the event Permittee fails to make any payments to Port required by this Permit or to comply with any of Permittee’s other obligations under this Permit.
Performance Deposit. The Buyer shall deliver at Closing a Performance Deposit in the amount of Ten Thousand and No/100ths ($10,000.00) Dollars ("Deposit"). The Deposit shall serve as security for the performance of the obligations of the Buyer to construct as provided hereinafter. The Seller shall authorized return of the Deposit concurrently with its formal approval of the Certificate pursuant to Section 7 or shall retain the Deposit as liquidated damages in accordance with the provisions of Sections 7 and 15. No interest shall be paid on the deposit. All or part of the Deposit may be retained by the Seller if Buyer fails to complete the Project according to the time schedule provided in Section 2.
Performance Deposit. Contemporaneously with the execution of this Agreement, Buyer shall deposit with Seller cash equal to thirty percent (30%) of the unadjusted Purchase Price (“Performance Deposit”) by wire transfer to a bank account designated by Seller prior to the Signing Date; provided, however, that if the Signing Date is not a Business Day, Buyer shall deliver the Performance Deposit to Seller at its designated bank account in the United States before 12:00 p.m. CPT on the next Business Day.
Performance Deposit. The Buyer shall deliver at Closing a Performance Deposit in the amount of Two Thousand Five Hundred and No/100ths ($2,500.00) Dollars ("Deposit"). The Deposit shall serve as security for the performance of the obligations of the Buyer to complete the Project as provided herein. DCD shall authorize return of the Deposit concurrently with its formal approval of the Certificate of Completion pursuant to Section 7 or shall retain the Deposit as liquidated damages in accordance with the provisions of Sections 7 and 15. No interest shall be paid on the deposit. All or part of the Deposit may be retained by the City if Xxxxx fails to complete the Project according to the time schedule provided in Section 2.
Performance Deposit. 20 3.4.1 Deposit..............................................20 3.4.2 Letter of Credit.....................................20 ARTICLE IV
Performance Deposit. (a) Concurrently with the execution and delivery hereof, Buyer shall pay to Seller by wire transfer of immediately available funds the sum of Nine Million Seven Hundred Fifty Thousand Dollars ($9,750,000), an amount equal to five percent (5%) of the Base Purchase Price (the "Deposit"), to be held by Seller against payment of the Purchase Price and as security for the performance by Buyer of its obligations under this Agreement.
(b) Buyer may elect to deliver the Deposit to Seller in cash or in the form of an irrevocable, clean, standby letter of credit for the same amount (the "Deposit L/C"). The Deposit L/C shall (i) be in a form reasonably acceptable to Seller, (ii) be issued in favor of Seller under this Agreement and (iii) be issued by a bank that has a long-term unsecured debt rating of at least A+ by Standard & Poor's Rating Services and that is otherwise reasonably satisfactory to Seller. The Deposit L/C (and any replacement thereof furnished in accordance with this Section 3.4(b) shall have an expiration date no earlier than the first anniversary of the date of issuance thereof and shall be automatically renewed from year to year unless stated not to be so renewed by the issuer thereof in a written notice given to the Seller not less than 30 days prior to the expiration thereof. In the event of the termination of the Deposit L/C (and any replacement thereof furnished in accordance with the provisions of this Section 3.4(b)), Buyer shall deliver to Seller a replacement letter or letters of credit in lieu thereof no later than 30 days prior to the expiration of the preceding letter of credit. If Buyer shall fail to obtain any replacement of the Deposit L/C (and/or any replacement thereof furnished in accordance with the provisions of this Section 3.4(b)), then Seller shall draw down the full amount of the existing letter of credit and retain the same as security for the covenants, agreements and obligations of Buyer under this Agreement. Any replacement of any Deposit L/C shall be in a form reasonably acceptable to Seller. Buyer acknowledges that Seller has agreed to accept the Deposit L/C in lieu of a cash down payment against the Purchase Price solely as an accommodation to Buyer.
(c) If the transfer of the Purchased Property as contemplated hereunder is consummated, then the Deposit shall be paid to Seller at the Closing and credited against the Base Purchase Price. If Buyer elects to deliver the Deposit L/C in lieu of cash, Seller shall draw down...
Performance Deposit. The BUYER agrees to deposit with the OWNER the sum of $2,000.00. Said deposit is not a credit for timber cut, but shall be used as a security deposit for proper completion of the terms and conditions of this Agreement by the BUYER. Payment for all timber removed must be made, and terms and conditions of this Agreement fulfilled, before the security deposit is returned. No sum of money may be withheld by the BUYER from stumpage payments with the intent of reclaiming the deposit. The deposit will be returned to the BUYER within 30 days after satisfactory completion of the logging operation as judged by OWNER, acting by and through FORESTER.
Performance Deposit. On or before 4:00 o'clock p.m., local time, August 20, 1996, BUYER shall tender to SELLER, by wire transfer, a performance deposit in the amount of Forty Four Thousand Four Hundred Forty Four and 40/100 Dollars ($44,444.40). The performance deposit is received solely to assure the performance of BUYER pursuant to the terms and conditions hereof. The performance deposit will be returned to BUYER at Closing upon consummation of the transaction, or at BUYER'S election, may be credited to the Purchase Price. No interest shall be paid or credited to the performance deposit. If BUYER fails, refuses, or is unable to close the sale in accordance with the terms herein, SELLER, except as otherwise herein specifically provided, may, at its option, retain the performance deposit as agreed liquidated damages and not as a penalty. If SELLER, through no fault of BUYER, refuses to close the sale in accordance with the terms herein, the performance deposit shall be returned to BUYER.
