Purchaser’s Deposit. In order to secure Purchaser's performance hereunder, including, without limitation, its obligation to pay liquidated damages as provided in Section 10.2, Purchaser has heretofore provided, or will provide immediately upon the execution and delivery of this Agreement, a cash deposit in the amount of the Liquidated Damages Amount (said deposit is herein referred to as the "Deposit") to the Escrow Agent. The Escrow Agent shall hold and disburse the Deposit pursuant to the terms of the Escrow Agreement entered into among Seller, Purchaser and Escrow Agent of even date herewith, a true copy of which is attached hereto as Schedule P (the "Escrow Agreement"). If Purchaser defaults on its obligations hereunder such that Seller becomes entitled to the Liquidated Damages Amount as provided in Section 10.2, Seller shall be immediately entitled to the entire Deposit as such liquidated damages. If Purchaser elects to terminate this Agreement pursuant to Sections 2.3 or 8.4, or if Seller elects to terminate this Agreement pursuant to the provisions of Section 3.3, Purchaser shall be entitled to the prompt return of the Deposit and the parties shall so direct the Escrow Agent to pay the Deposit to Purchaser and thereupon shall have no further obligations hereunder in respect of the Property except any obligations which expressly survive a termination of this Agreement. In the event Seller becomes entitled to the Deposit hereunder, the Escrow Agent shall promptly disburse the Deposit to Seller in the manner provided for in the Escrow Agreement. The Deposit shall be held by Escrow Agent in an interest-bearing account and Escrow Agent shall be authorized to deliver the interest accrued thereon from time to time to Purchaser. In the event that Closing is consummated hereunder, the Deposit shall be returned to Purchaser promptly following the occurrence of the Closing.
Purchaser’s Deposit. Provided that this Agreement shall not by then have been terminated in accordance with its terms by either the Seller or the Purchaser for any reason, the Purchaser shall on May 30, 2002 make a deposit (the "Purchaser's Deposit") in the form of a certified check payable to the order of Lazard Freres & Co. LLC, as agent for the Seller, or other immediately available funds, in the amount of Three Million Dollars ($3,000,000). The Purchaser's Deposit shall be held in an interest-bearing escrow account and, together with interest thereon, shall be applied at the Closing against the Unadjusted Cash Purchase Price if the Closing shall take place in accordance with this Agreement. If the Closing shall not take place for any reason other than a termination by the Seller in accordance with Section 7.1(b), the Purchaser's Deposit, together with interest earned thereon, shall be returned to the Purchaser within two days following the earlier of either: (A) June 20, 2002 (or July 20, 2002 if such date has been extended in accordance with Section 7.1(g)) if by such date (or such extended date) the Bankruptcy Court shall not have entered the Section 363/365 Order in favor of the Purchaser, (B) the date on which this Agreement is terminated for any reason by either the Seller or the Purchaser in accordance with this Agreement (other than a termination by the Seller in accordance with Section 7.1(b)), or (C) October 15, 2002, provided that the Purchaser is not then in material breach of this Agreement after the Purchaser has received not less than 30 days prior written notice from the Seller of such breach. If this Agreement shall be terminated by the Seller in accordance with Section 7.1(b), the Purchaser's Deposit, together with interest earned thereon, shall promptly be delivered to the Seller and, notwithstanding any provision of Section 7.2 to the contrary, the receipt by the Seller of the Purchaser's Deposit shall constitute the Seller's sole remedy for (and such amount shall constitute liquidated damages in respect of) any breach by the Purchaser of this Agreement (other than a breach by the Purchaser of its obligations pursuant to Section 8.8 and the Confidentiality Agreement).
Purchaser’s Deposit. (a) The Seller hereby acknowledges receipt of a good faith deposit in the amount of $600,000 representing 10% of the cash portion of the Purchase Price (the “Purchaser’s Deposit”) by electronic transfer of immediately available good funds. The Purchaser’s Deposit shall be held in escrow by the Escrow Agent in accordance with the terms of the Deposit Escrow Agreement.
Purchaser’s Deposit. 31 SECTION 11. MISCELLANEOUS...............................................32 11.1
Purchaser’s Deposit. On the date hereof, the Purchaser shall make a good faith, earnest deposit in the form of a certified check (or other form acceptxxxx xx the Sellers in their sole discretion) payable to the Escrow Agent to be held pursuant to the terms of this Agreement and the Escrow Agreement in the amount equal to $2,800,000 (the "Purchaser's Deposit").
Purchaser’s Deposit. On or about May 25, 2004 and May 26, 2004, the Purchaser made an initial good faith deposit in the form of a certified check (or other form acceptable to the Sellers in its sole discretion) payable to the Sellers in an amount equal to $50,000 (the “Purchaser’s Deposit ”).
Purchaser’s Deposit. In order to secure Purchaser's performance hereunder, including, without limitation, its obligation to pay liquidated damages as provided in Section 10.2, Purchaser has heretofore provided a Five Million Dollar ($5,000,000) deposit by delivering to MI an irrevocable and unconditional letter of credit satisfying the requirements hereof in an amount equal to $5,000,000 (said $5 Million deposit is herein referred to as the "Deposit"). The Escrow Agent shall hold and disburse that portion of the Deposit received by it pursuant to the terms of the Escrow Agreement entered into among MI, CNL and Escrow Agent of even date herewith, a true copy of which is attached hereto as Schedule P (the "Escrow Agreement").
Purchaser’s Deposit. (a) Within two (2) business days after the execution and delivery of this Agreement by Sellers and the Purchaser (time being of the essence), the Purchaser shall deliver to Sellers’ counsel, Bxxxxx Sxxxxxxxx, P.A., as escrow agent (the “Escrow Agent”), a cxxx xxxxxxx money deposit in the amount of Five Hundred Thousand Dollars ($500,000) (the “Initial Deposit”).
Purchaser’s Deposit. (a) Within two (2) Business Days of execution of this Agreement, the Purchaser shall pay to the Sellers a good faith deposit in the amount of $8.8 million (the “Purchaser’s Deposit”) by wire transfer of immediately available good funds. The Purchaser’s Deposit shall be held in escrow by the Escrow Agent in accordance with the terms of the Deposit Escrow Agreement.
Purchaser’s Deposit. (a) Prior to the execution and delivery of this Agreement by the Purchaser (time being of the essence), the Purchaser and/or Parent delivered to Bxxxxx Sxxxxxxxx, P.A., as escrow agent (the “Escrow Agent”), a cxxx xxxxxxx money deposit in the amount of Four Million Dollars ($4,000,000) (the “Deposit”) in accordance with the Bidding Procedures Order.
