Common use of Retention of Deposit Clause in Contracts

Retention of Deposit. In the event that this Agreement is terminated by the Vendor pursuant to Section 9.1(6), the Deposit shall be forfeited by the Purchaser and retained by the Monitor on behalf of the Vendor as a genuine estimate of liquidated damages, and not as a penalty.

Retention of Deposit. In the event that this Agreement is terminated by the Vendor Vendors pursuant to Section 9.1(610.1(6), the Deposit shall be forfeited by the Purchaser and retained by the Monitor on behalf of the Vendor Vendors as a genuine estimate of liquidated damages, and not as a penalty.

Retention of Deposit. In the event that this Agreement is terminated by the Vendor Vendors pursuant to Section 9.1(69.1(7), the Deposit shall be forfeited by the Purchaser and retained by the Monitor on behalf of the Vendor Vendors as a genuine estimate of liquidated damages, and not as a penalty. In such event, the retention of the Deposit shall be the Vendors’ sole and exclusive remedy for any termination of this Agreement.

Retention of Deposit. In the event that this Agreement is terminated by the Vendor Vendors pursuant to Section 9.1(6), the Deposit shall be forfeited by the Purchaser and retained by the Monitor on behalf of the Vendor Vendors as a genuine estimate of liquidated damages, and not as a penalty, and the amount of the retained Deposit shall be set-off against the amount of Damages which may be payable by the Purchaser as a result thereof.

Retention of Deposit. In the event that this Agreement is terminated by the Vendor pursuant to Section 9.1(68.1(6) or 8.1(7), the Deposit shall be forfeited by the Purchaser and retained by the Monitor on behalf of the Vendor as a genuine estimate of liquidated damages, and not as a penalty.

Retention of Deposit. In the event that this Agreement is terminated by the Vendor pursuant to Section 9.1(6), the Deposit shall be forfeited by the Purchaser and retained by the Monitor on behalf of the Vendor as a genuine estimate of liquidated damages, and not as a penalty. The retention of the Deposit shall be the Vendor’s sole and exclusive remedy for any termination of this Agreement, unless such termination results from the gross negligence or willful breach of the terms of this Agreement by the Purchaser.

Retention of Deposit. In the event that this Agreement is terminated by the Vendor Vendors pursuant to Section 9.1(6), the Deposit shall be forfeited by the Purchaser and retained by the Monitor on behalf of the Vendor Vendors as a genuine estimate of liquidated damages, and not as a penalty.