Additional Deposits definition

Additional Deposits. Buyer shall pay to Seller five (5) additional deposits (each an “Additional Deposit”), all of which, if the Buyer should perform its obligations under the Contract and close on the purchase of the Property, shall be credited against the Purchase Price at Closing and Buyer’s required “Cash to Close” under the Amended Contract to the same extent as if said monies had been deposited or remained in escrow, as applicable, with Escrow Agent pursuant to the terms of the Existing Contract. In addition, Seller shall have an obligation to return all such Additional Deposits so made, together with the Deposit, to Buyer in the event of a termination of the Amended Contract under the same circumstances under which Escrow Agent would have been directed to return the Deposit to Buyer under the terms of the Amended Contract had such Deposit remained in escrow as originally provided. The Additional Deposits shall be paid to Seller on the following dates and in the following amounts, provided Seller is not in breach in any material respect of its obligations under the terms of the Amended Contract, and is not the subject of any so-called bankruptcy or insolvency proceeding under state or federal insolvency laws: on or before 5:00pm EDT on October 1, 2007: $5,000,000.00 on or before 5:00pm EDT on January 1, 2008: $5,000,000.00 on or before 5:00pm EDT on April 1, 2008: $5,000,000.00 on or before 5:00pm EDT on July 1, 2008: $5,000,000.00 on or before 5:00pm EDT on October 1, 2008: $5,000,000.00 Notwithstanding the foregoing, Buyer may, at its election, upon written notice (“Deferral Notice”) to Seller prior to October 1, 2007, postpone the payment of the Additional Deposit due on October 1, 2007 (the “First Additional Deposit”) to a date on or before December 1, 2007, (“Deferral Date”), which such Deferral Date shall be specified in the Deferral Notice; provided, that Buyer shall pay to Seller on the Deferral Date such First Additional Deposit together with interest thereon at a rate of 10% per annum which shall have accrued from October 1, 2007 to the Deferral Date; and provided further, that Buyer may, at any time prior to the Deferral Date specified in the Deferral Notice, upon not less than one Business Day notice to Seller, pay to Seller the First Additional Deposit together with interest thereon at a rate of 10% per annum which shall have accrued from October 1, 2007 to the date Seller makes such payment. It shall be a default of Buyer under the Amended Contract if Buyer...
Sample 1
Additional Deposits means the First Additional Deposit and the Second Additional Deposit.
Sample 1

Examples of Additional Deposits in a sentence

  • Additional Deposits may be required because of travel during peak periods, the unique nature of the facilities, or any other matter which, in PI’s sole opinion, requires an additional deposit.

  • Upon the breach of any term of this Agreement, including but not limited to failure to strictly comply with the payment terms, failure to timely make Additional Deposits, or violation of any of the rules and regulations of PI, PI may, at its option, declare the Client in default and terminate its obligation to perform further under this Agreement.

  • In either case, Buyer’s Earnest Money shall be subject to the provisions of the Earnest Money and Additional Deposits paragraph of this Contract.

  • If Buyer and Seller fail to agree to an acceptable Purchase Price within the time period stated above, either party may cancel the Contract by written notice to the other, in which event Buyer’s Earnest Money will be subject to the provisions of the Earnest Money and Additional Deposits paragraph of this Contract.

  • Upon the breach of any term of this Agreement, including but not limited to failure to strictly comply with the payment terms, failure to timely make Additional Deposits, or violation of any of the rules and regulations of WCI, WCI may, at its option, declare the Client in default and terminate its obligation to perform further under this Agreement.

  • Additional Deposits may be required because of travel during peak periods, the unique nature of the facilities, or any other matter which, in WCI’s sole opinion, requires an additional deposit.

  • If the provisions of 4.1(a) are satisfied, Escrow Agent shall, within five (5) business days after receipt of the notification and check specified in Paragraph 4.1(a), deliver the Deposit Materials and Outstanding Additional Deposits in accordance with the applicable instructions.

  • The same rules apply to Additional Deposits as those which apply to the Acceptance Deposit.

  • When pressed by Secretary Rusk, Paul Nitze, Assistant Secretary of Defense for International Security Affairs (the functional equivalent of the Under Secretary of Defense for Policy in the current structure), indicated that DOD did not want a clear definition of WMD, apparently hoping to leave open the possibility that small nuclear weapons could be excluded from a definition.

  • Upon the breach of any term of this Agreement, including but not limited to failure to strictly comply with the payment terms, failure to timely make Additional Deposits, or violation of any of the rules and regulations of Pathfinders, Pathfinders may, at its option, declare the Client in default and terminate its obligation to perform further under this Agreement.

Related to Additional Deposits

  • Additional Deposit shall have the meaning set forth in Section 2.2.2.

  • Special Deposits have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England;

  • Imposition Deposits are defined in Section 7(a).

  • Special deposit claim means a claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including a claim secured by general assets.

  • Initial Deposit shall have the meaning set forth in Section 2.5(a).

  • Initial Deposit Amount means the Issuing Entity’s deposit to the Reserve Account, on or before the Closing Date, of $[•].

  • Collateral Deposit Account shall have the meaning set forth in Section 7.1(a).

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date.

  • Spread Account Initial Deposit means an amount equal to 2.0% of the aggregate Principal Balance of the Receivables on the Cutoff Date (which is equal to $21,505,439.97).

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Differential Deposit means data that reflects all transactions that were not reflected in the last previous Full or Differential Deposit, as the case may be. Each Differential Deposit will contain all database transactions since the previous Deposit was completed as of 00:00:00 UTC of each day, but Sunday. Differential Deposits must include complete Escrow Records as specified below that were not included or changed since the most recent full or Differential Deposit (i.e., newly added or modified domain names).

  • Capitalized Interest Account Initial Deposit means $1,022,277.35 deposited on the Closing Date.

  • Earnest Money Deposit (EMD) means the refundable amount to be submitted by the Bidder along with RFP documents to NMRC

  • Controlled Disbursement Account means any accounts of the Borrowers maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

  • Tax and Insurance Escrow Fund shall have the meaning set forth in Section 7.2 hereof.

  • Term deposit means a deposit received by the bank for a fixed period withdrawable only after the expiry of the fixed period and includes deposits such as Recurring / Double Benefit Deposits / Short Deposits / Fixed Deposits /Monthly Income Certificate / Quarterly Income Certificate etc.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $3,807,950.53.

  • Initial Reserve Account Deposit Amount means an amount equal to $29,411,740.05.

  • Initial Reserve Account Deposit means $3,000,000.

  • Earnest Money Deposit (EMD) means Bid Security/ monetary or financial guarantee to be furnished by a tenderer along with its tender.

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • Designated Disbursement Account means the account of the Borrower maintained with the Administrative Agent or its Affiliate and designated in writing to the Administrative Agent as the Borrower’s Designated Disbursement Account (or such other account as the Borrower and the Administrative Agent may otherwise agree).

  • Qualifying Deposit means the aggregate balance of all Deposit Accounts in the Bank of (i) an Eligible Account Holder at the close of business on the Eligibility Record Date, provided such aggregate balance is not less than $50, and (ii) a Supplemental Eligible Account Holder at the close of business on the Supplemental Eligibility Record Date, provided such aggregate balance is not less than $50.

  • Central Depository means Centrálny depozitár cenných papierov SR, a.s., with its registered seat at ul. 29. augusta 1/A, Bratislava 814 80, Slovak Republic, registered in the Commercial Register maintained by the District Court Bratislava I, Section: Sa, Insert No.: 493/B;

  • Special Payments Account means the Eligible Deposit Account created pursuant to Section 2.2 as a sub-account to the Collection Account.

  • Agent Payment Account means account no. 5000000030266 of Agent at Wachovia Bank, National Association, or such other account of Agent as Agent may from time to time designate to Administrative Borrower as the Agent Payment Account for purposes of this Agreement and the other Financing Agreements.