Advance Deposits definition
Examples of Advance Deposits in a sentence
Advances under the Facility will be by way of either Direct Advances or Cash Advance Deposits.
Each Property Account shall be subject to a standing instruction from Borrower requiring that all funds on deposit therein (other than any Security Deposits or Advance Deposits that are being held in accordance with the terms of this Agreement, unless and until any such Security Deposits or Advance Deposits have been forfeited or applied in accordance with the terms of the applicable Lease or Advance Booking Agreement) shall be swept to the applicable Clearing Account on a weekly basis.
All Security Deposits and all Advance Deposits, shall be held in compliance with all applicable Legal Requirements and shall not be commingled with any other funds of Borrower.
The Advance Deposits which are held in cash ("Cash Advance Deposits") shall be prorated at the Closing with Seller receiving from the Advance Deposits any amounts or charges earned by Seller prior to the Closing Date and Buyer receiving the balance.
At the Closing, Seller shall turn over to Buyer all Advance Deposits pursuant to the provisions of Section 7.4 of this Agreement.