Examples of Initial Cash Deposit in a sentence
On the Closing Date, the Seller shall deposit into the Spread Account an amount equal to the Initial Cash Deposit from the proceeds of the sale of the Notes.
If, prior to the Closing Date, all or substantially all of the Property is condemned or sold in lieu of condemnation, this Agreement shall terminate, Contributor shall return the Deposit L/C(s) and, if still held in the Deposit Escrow Account, the Initial Cash Deposit or Cash Deposit to the Partnership, and neither Contributor nor the Partnership will have any further obligation under this Agreement, except for the Termination Surviving Obligations.
The Escrow Agent will promptly acknowledge receipt of the Initial Cash Deposit in writing.
Contributor’s right to draw on and retain the Deposit L/C(s) and, if still held in the Deposit Escrow Account, the Initial Cash Deposit or Cash Deposit in an aggregate amount equal to the Liquidated Damages Amount, is not intended as a forfeiture or penalty but is intended to constitute liquidated damages to Contributor.
In all instances in which this Agreement terminates pursuant to the terms hereof, other than a termination pursuant to Section 13.3(a), the Partnership shall be entitled to receive the Deposit L/C(s) and, if still held in the Deposit Escrow Account, the Initial Cash Deposit or Cash Deposit, and Contributor shall take all actions required to effectuate such return and payment to the Partnership.