Termination Deposit definition

Termination Deposit shall have the meaning set forth in Section 7.4.1 hereof.

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Termination Deposit means that certain $50,000 deposit Tenant delivered to Landlord prior to the execution of this Lease, which funds are being held by Landlord as security for Tenant’s obligations under this Section 36. The Termination Deposit shall not accrue interest, Landlord shall not be required to keep the Termination Deposit separate from its other accounts and Landlord shall have no fiduciary responsibilities or trust obligations whatsoever with regard to the Termination Deposit. If Tenant obtains the Required Generator Approvals within one hundred twenty (120) days after the execution of this Lease or Tenant fails to timely exercise its option to terminate this Lease under this Section 36, then Landlord shall return the full amount of the Termination Deposit promptly after receiving a written request therefor from Tenant by wiring such amount in accordance with wiring instructions provided by Tenant.

Examples of Termination Deposit in a sentence

• 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 AIR fails to timely deliver the Termination Deposit, then Aimco, at Aimco’s sole option, may terminate this Termination Agreement immediately by giving AIR written notice of such termination, and thereafter, this Termination Agreement shall be of no further force or effect.

• PSC hereby grants each Seller a senior lien and security interest in the Termination Deposit to secure satisfaction of PSC's obligations set forth herein.

• The Termination Deposit shall be credited to the Termination Payment due from AIR to Aimco.

• Subject to the terms and conditions set forth herein, the parties hereto have agreed to terminate each Master Lease and Guaranty as of September 1, 2022 (the “Termination Date”) for a termination payment equal to TWO HUNDRED MILLION DOLLARS ($200,000,000.00) less the Termination Deposit and as increased or decreased by the prorations and adjustments provided herein (the “Termination Payment”), which Termination Payment shall be payable by AIR to Aimco in accordance with the terms hereof.

• Sellers shall be entitled to apply the Termination Deposit to satisfy PSC's obligations as set forth herein, which shall include, but not be limited to, the right to apply the Termination Deposit to reimburse themselves for any sums that they have paid the Landlord in respect of the Lease, whether paid pursuant to a judgment entered against either Seller, a settlement with the Landlord, or otherwise.

• Canada will use its best efforts to prevent the issuance of any such stop order and, if issued, to obtain as soon as possible the withdrawal thereof.

• If AIR shall default in its obligation to terminate each Master Lease and Guaranty by the Termination Date pursuant to the terms hereof, then Aimco shall be entitled to retain the Termination Deposit as liquidated damages.

• TERMINATION 47 19.1 Termination 47 19.2 Liabilities Upon Termination; Deposit Amount 47 20.

• If Aimco shall default in its obligation to terminate each Master Lease and Guaranty by the Termination Date pursuant to the terms hereof, then AIR shall be entitled to the return of the Termination Deposit.