Treatment of Deposit. The Deposit shall be paid to Sellers upon cancellation of the Escrow as a result of a Buyer Default. The Deposit shall be returned to Buyer upon cancellation of the Escrow pursuant to Sections 6.1, 14.1, or 16.1. In all other events, the Deposit shall be applied as specified in this Agreement.
Treatment of Deposit. The Parties hereto acknowledge that the Prior Share Purchase Agreements contemplated that in the event that for any reason the acquisition of ABS contemplated by the Prior Share Purchase Agreements was not consummated, the Seller would be obligated to refund to Elegance the full amount of the Deposit. In furtherance of the foregoing, the Parties hereto do hereby agree as follows:
Treatment of Deposit. From the date of the expiration of the Waiting Period through and including the Closing Date, Seller shall be entitled to Deposit Withdrawals in the amounts set forth in Section 3(b) above, to pay for third-party expenses incurred by Seller for general design, planning, and construction of capital improvements to the Xxxxxx River Park in Community Board 4 to be funded with the Purchase Price. With respect to all demands by Seller to the Escrow Agent for Deposit Withdrawals, Seller shall have the right to an immediate disbursement by Escrow Agent from the Deposit upon the Seller’s submission to Escrow Agent of: (a) a certification by a duly authorized officer of the Seller of the expenses incurred by Seller for which the Seller seeks payment or reimbursement, and (b) copies of invoices or receipts evidencing such expenses. Seller shall provide to Purchaser a copy of Seller’s proposed certification and copies of such receipts or invoices not less than five (5) business days prior to the submission thereof to Escrow Agent. Should Purchaser request a correction (which correction shall be limited to that of mathematical error) of any demand for payment by the Seller during such five (5) business day period, the Seller shall in good faith consider such request and either (x) modify or correct its demand for payment, or (y) not modify or correct its demand for payment and instead respond to Purchaser setting forth reasons why it is not willing to modify or correct its demand for payment. The obligation of Escrow Agent to disburse funds from the Deposit for any expenses, and the protocol and procedure for effecting same, is as set forth in the Escrow Agreement.
Treatment of Deposit. The Deposit shall be fully refundable to Bosa until such time as all conditions precedent described in Section 2 have been fully satisfied. Thereafter, the Deposit shall be deemed “at risk” and, pursuant to Section 29 below, shall be the liquidated measure of damages for Bosa’s default in its obligations to purchase the Property on the terms and conditions stated herein.
Treatment of Deposit. In the event that the Contractor fails to perform this Contract without justifiable reasons, the deposit shall be confiscated to IBS. In the event that the written statement is submitted pursuant to Article 14.2, the Contractor shall pay the deposit in cash immediately upon request of IBS, which it should have paid otherwise. Where the deposit is confiscated to IBS pursuant to Articles 15.1 and 15.2, the deposit shall not be offset against the accounts payable of the Contract for the progress or delivery of the products to be supplied; provided, however, that in the event that the Contractor is exempt from paying all or part of the deposit, the deposit confiscated to IBS can be offset by such accounts payable. The deposit shall be returned to the Contractor upon completion of the contract and upon request of the Contractor.
Treatment of Deposit. Each of the Parties hereby that, upon a termination pursuant to Section 8.1, the Deposit shall be treated as follows:
Treatment of Deposit. The Deposit may be held by Escrow Agent in a non-interest bearing account, unless the Parties hereto agree and notify Escrow Agent, in writing, that same shall be held in an interest bearing account. In such event, the Deposit shall be deposited in an interest bearing account, in a federally insured bank or similar institution and any interest earned thereon shall be paid to the Party entitled to such Deposit, who shall be liable for all income taxes due or assessed thereon. In the event Buyer does not cancel or terminate this Agreement as provided herein, including pursuant to Section 2.4(c), Article III, Section 5.1(b) and Section 8.2, in the event of the occurrence of a Closing hereunder, the Deposit shall be paid to the Settlement Agent for disbursement to Seller in accordance with Section 2.3(b) as aforesaid. In the event of Buyer’s default, Escrow Agent shall pay to Seller the Deposit in accordance with Section 8.1. In the event of Seller’s default, if demanded by Buyer as one of its remedies under Section 8.2, or if this Agreement is cancelled or terminated as aforesaid, Escrow Agent shall repay and refund to Buyer the Deposit in accordance with Section 8.1.
Treatment of Deposit. If you have paid a deposit pursuant to Clause 2(c) or 2(d), the amount of the deposit will be credited without interest to the final payment of the fees or other sums due to the School on your child's leaving unless your child is removed without due notice or there are other outstanding amounts due to the School. The deposit will form part of the general funds of the School until it is so credited. you wish to withdraw your acceptance of a place before your child joins the School and what happens if you withdraw at that stage. The cancellation of a place which has been accepted can cause losses to the School, especially if it occurs after other families have taken their decisions about schooling for their children as it means we are less likely to fill the place. This is why we require the period of notice referred to here for a withdrawal, and why different consequences follow depending on whether we get that period of notice or not. PLEASE READ THIS NEXT SECTION CAREFULLY - it deals with what you need to do if
Treatment of Deposit. Buyer acknowledges that the Deposit is non-refundable to Buyer except as specifically set forth in this Section 5.1(c). The Deposit shall be paid to Seller as liquidated damages upon any cancellation of the Escrow except due to a termination pursuant to Sections 6.2(c), (d), (e), (o) and (v), Section 7.1, Section 9.2, Section 13.9, Section 15.1, or Sections 17.1(a), (c) or (d). The Deposit shall not be refundable to Buyer for any reason other than a termination by Buyer pursuant to Sections 6.2(c),(d), (e), (o) and (v), Section 7.1, Section 9.2, Section 13.9, Section 15.1, or Sections 17.1(a), (c) or (d).
Treatment of Deposit. The GE Deposit ($**) and the Loral Deposit ($**) will be held by AvData and applied in accordance with this Section E.3. If Customer makes all payments under this Agreement through September 1, 1999 in a timely manner (without regard to any applicable notice and cure period), then AvData shall apply one-half of the GE Deposit and one-half of the Loral Deposit, respectively, to Customer's account hereunder in accordance with the AvData invoices relating to the three monthly billing cycles immediately following September 1, 1999. To the extent that such amounts are not so applied, AvData shall (i) apply the GE Deposit and the Loral Deposit to Customer's account hereunder in accordance with the AvData final monthly invoices and (ii) refund the balance, if any, to the Customer upon expiration or other termination of the Satellite Capacity to which the GE Deposit and/or the Loral Deposit, respectively, pertain.
