Buyer Default Termination definition

Buyer Default Termination has the meaning set forth in Section 2.2.
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Buyer Default Termination has the meaning given to such term in Section 3.2.
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Buyer Default Termination has the meaning set forth in Section 4.1(b).
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Examples of Buyer Default Termination in a sentence

  • In the event the Deposit becomes payable to the Seller by reason of a Buyer Default Termination, the Escrow Agent shall, within two (2) Business Days after receiving notice of such Buyer Default Termination from Seller, disburse the Deposit to an account designated by the Seller by wire transfer of immediately available funds to be retained by the Seller for its own account.

  • In the event this Agreement terminates as a result of a Buyer Default Termination, Seller's sole and exclusive remedy shall be strictly limited to (x) the retention of the Property and of the Deposit (together with the interest earned thereon) as liquidated damages, and (y) any actual damages the Seller has sustained, after application of the Deposit (together with any interest thereon), up to $1,500,000.

  • In the event the Deposit becomes non-refundable by reason of a Buyer Default Termination, Deposit Escrow Holder shall immediately disburse the Deposit and all interest accrued thereon to Seller to be retained by Seller for its own account.

  • If this Agreement is terminated pursuant to Section 8.4 by reason of a Buyer Default Termination, then neither the Sellers nor any of their respective Affiliates or representatives shall have any Liability hereunder to the Buyer, and the sole and exclusive remedy of either Seller and any of its Affiliates shall be strictly limited to retention of the Acquired Assets and the Buyer’s forfeiture of any right to payment of cash in an amount equal to the Deposit.

  • If Seller concludes after such discussion period that a Buyer Default Termination did occur, then Seller may deliver a notice of such Buyer Default Termination to the Escrow Agent (with a copy thereof to the Buyer) instructing the Escrow Agent to disburse the Deposit to an account designated by Seller by wire transfer of immediately available funds to be retained by Seller for its own account pursuant to the Escrow Agreement.

  • In no event shall Buyer have any liability to Seller hereunder in excess of the aggregate of the Deposit (together with any interest thereon) plus $1,500,000 in the event this Agreement terminates as a result of a Buyer Default Termination, and any claim, right, cause of action or liability by Seller against Buyer in excess of the Deposit (together with any interest thereon) plus $1,500,000 is hereby fully released and forever discharged.

  • Buyer and Sellers hereby agree that it is impossible to determine accurately the amount of damages that Sellers would suffer if the Contemplated Transactions were not consummated as a result of a Buyer Default Termination.

  • In the event the Deposit becomes non-refundable by reason of a Buyer Default Termination and Seller is not then in Default of this Agreement, Escrow Holder shall immediately disburse the Deposit to Seller to be retained by Seller for Seller’s own account as part of damages resulting to Seller from such Buyer Default Termination.

  • In the event the Deposit becomes payable to Seller by reason of a Buyer Default Termination pursuant to Section 9.1(f), Seller may at any time deliver a notice of such Buyer Default Termination to the Escrow Agent (with a copy thereof to Buyer) instructing the Escrow Agent to disburse the Deposit to an account designated by Seller by wire transfer of immediately available funds to be retained by Seller for its own account pursuant to the Escrow Agreement.

  • As a result, notwithstanding anything in this Agreement to the contrary, the parties hereby agree that (a) in the event of a Buyer Default Termination, Buyer shall be obligated to pay liquidated damages in the amount of the Deposit (and any interest accrued thereon) and (b) such liquidated damages shall be the sole and exclusive remedy of Sellers against Buyer by reason of such breach and such termination.

Related to Buyer Default Termination

  • Buyer Default refers to nonpayment of the Xxxxxxx Money in accordance with the provisions of this Agreement (including nonpayment or dishonor of any check delivered for the Xxxxxxx Money) and/or the failure of this transaction to close due to nonperformance, breach and/or default with respect to the Buyer’s obligation(s) under this Agreement. In the event of a Buyer Default, the following provisions shall apply:

  • Seller Default has the meaning set forth in Section 12.1.

  • Employer default means having an outstanding balance or liability to the old fund or to the uninsured employers' fund or being in policy default, as defined in W. Va. Code § 23-2c-2, failure to maintain mandatory workers' compensation coverage, or failure to fully meet its obligations as a workers' compensation self-insured employer. An employer is not in employer default if it has entered into a repayment agreement with the Insurance Commissioner and remains in compliance with the obligations under the repayment agreement.

  • Purchaser Default has the meaning set forth in Section 11.2(a).

  • Forbearance Termination Event has the meaning set forth in Section 3(a) hereto.

  • Company Termination Event has the meaning set forth in Section 10 hereof.

  • Potential Termination Event means an event which, with the passage of time or the giving of notice, or both, would constitute a Termination Event.

  • Commitment Termination Event means the earlier of (a) automatically and without notice or further action, the occurrence of any Event of Default described in Section 7.01(i) (Bankruptcy, Insolvency, etc.) with respect to the Borrower and (b) the occurrence and continuation of any other Event of Default under this Agreement pursuant to which either a Commitment Termination Event has been expressly declared or a declaration of the Loan to be due and payable has been given, in each case pursuant to Section 7.03 (Action if other Event of Default).

  • Event of Termination has the meaning specified in Section 7.01.

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Terminating Event means any of the following events:

  • Event Termination Date See Section 2(e) hereof.

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • Swap Termination Event means any event defined as a “Swap Termination Event” in the Interest Rate Swap Agreement.

  • Early Termination Event has the meaning specified in Section 9.2.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Event of Servicer Termination With respect to the Servicing Agreement, a Servicing Default as defined in Section 6.01 of the Servicing Agreement.

  • Anticipatory Termination means a termination of employment where PNC terminates your employment with PNC (other than for Misconduct or Disability) prior to the date on which a Change of Control occurs, and you reasonably demonstrated that such termination of employment (i) was at the request of a third party that has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or in anticipation of a Change of Control.

  • Automatic Termination shall have the meaning set forth in Section 2.3.2.

  • Event of Servicing Termination means an event specified in Section 8.1 of the Sale and Servicing Agreement.

  • Customer Default has the meaning set out in clause 8.3.

  • Company Termination Fee has the meaning set forth in Section 7.3(a).

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.