Examples of Xxxxxxx Money Deposits in a sentence
If Closing occurs, the Xxxxxxx Money Deposits will be applied to the Adjusted Purchase Price.
In the event of the termination of this Agreement pursuant to either Section 12.1 (iii) or (iv) hereof, the termination shall be without penalty and the Parties shall have no further obligations to, nor rights against, one another, except that Sellers shall return the Xxxxxxx Money Deposits to Buyer, with accrued interest.
In the event Buyer terminates this Agreement pursuant to Section 12.1 (ii) hereof due to Sellers' failure to meet a condition of Closing, Buyer may pursue its rights and remedies against Sellers for Sellers' breach of this Agreement and receive back the Xxxxxxx Money Deposits, with accrued interest.
Each Xxxxxxx Money Deposit will be held by Escrow Agent for the account of the applicable Unit Purchaser, and Borrower shall instruct Escrow Agent to pay to Administrative Agent all forfeited Xxxxxxx Money Deposits which are or become payable to Borrower under any Unit Sales Contract.
The Cash Deposit and the Stock Deposit being herein collectively called the "Xxxxxxx Money Deposits".
Administrative Agent shall apply all forfeited Xxxxxxx Money Deposits in the manner specified in the Collateral Assignment.
In addition, if the Seller terminates this Agreement as provided in Section 7(a)(ii) after Buyer has paid the Xxxxxxx Money Deposit(s) to the Seller, then the Seller shall also be entitled to retain the Xxxxxxx Money Deposit(s) as liquidated damages.
The Xxxxxxx Money Deposit(s) shall be applied as a credit against the Base Price payable by Buyer at the Closing; and if Buyer fails to close timely as provided herein, the Xxxxxxx Money Deposit(s) shall be forfeited to Seller as liquidated damages (and not a penalty) to compensate Seller for holding the Acquired Assets off the market pending the sale to Buyer contemplated under this Agreement.
At Closing, the Xxxxxxx Money Deposit(s), together with interest accrued thereon shall be credited against payment of the Purchase Price.
In the event that Buyer, Seller or any other person or entity receives any part of any return earned on the Xxxxxxx Money Deposits, that person or entity shall cooperate in the filing of all reasonably necessary documents including, but not limited to, Forms W-9 and/or 1099 to the extent applicable to ensure proper reporting of such return for federal income tax purposes.