Seller Deposits definition
Examples of Seller Deposits in a sentence
A list of all deposits and bonds posted by Seller with utility providers, sureties, governmental agencies or others in connection with the Property (the "Seller Deposits and Bonds").
To the extent that any funds are released as a result of the termination of any Seller Deposits for which Seller did not get a credit, such funds shall be delivered to Seller immediately upon their receipt.
Similarly, Buyer shall receive a credit at each Closing for all refundable security or other deposits paid to the Seller Parties pursuant to any applicable Assumed Contracts that were not reimbursed to Buyer as of such Closing (“Third Party Deposits” and, together with the Seller Deposits, the “Security Deposits”).
Purchaser shall replace such Seller Deposits and obtain the release of Seller (or its affiliates) from any obligations under such Seller Deposits.
At the Closing, (i) Seller shall transfer to Buyer all of the Assumed Accounts, and (ii) Buyer shall pay to Seller an amount equal to all of the Seller Deposits.
Seller shall receive a credit at Closing for all bonds, deposits, letters of credit, set aside letters or other similar items, if any, outstanding with respect to the Property, that have been provided by Seller, or any of its affiliates, to any governmental agency, public utility, or similar entity (collectively, "Seller Deposits") to the extent assignable to Buyer.
To the extent that any funds are released as a result of the termination of Seller Deposits for which Seller did not get a credit, such funds shall be delivered to Seller immediately upon their receipt.
The funds should be transferred in accordance with the following instructions: City, State: ABA #: Account #: Account Name: Ref: [Seller] Deposits only require “Bank Name” and “City, State” information to be completed.
Otherwise, Buyer shall replace all Seller Deposits and obtain the release of Seller (or its affiliates) from any obligations under the Seller Deposits.
Seller shall be entitled to a refund of all Seller Deposits, if applicable, and, where necessary, Purchaser shall arrange to make its own deposits with the parties holding such Seller Deposits on or prior to the Closing.