LOI Deposit definition
Examples of LOI Deposit in a sentence
USS acknowledges receipt of Fifty Thousand Dollars ($50,000.00) from BARD provided as Deposit from expired Agreement for the Sale and Purchase of Real Estate dated 1 March 2008 between the USS and BARD (hereinafter " LOI Deposit"); and (b) the balance payable by certified or cashier's check or via wire transfer upon the Closing of this transaction.
In the event the transaction contemplated by this Agreement fails to close for any reason, the Preliminary Fee and LOI Deposit shall be considered a fee earned by MPT and MPT shall not be required to refund any portion of the Preliminary Fee or the LOI Deposit.
It is understood and agreed among the parties that the LOI Deposit Amount (to the extent not forfeited under the Letter of Intent) shall be subtracted from the amount of the Cash Consideration that the Purchaser is obligated to wire to the Seller hereunder.
The questionnaire is purposefully very concise (6 questions are posed) and focuses solely on the learning outcomes of the courses.
If this LOI is not so executed and returned to us and the LOI Deposit is not delivered by November 22, 2010, time being of the essence, then the proposals set forth herein will be deemed withdrawn and this letter will be of no further force and effect.
If the Contract is fully executed prior to December 15, 2010, the Contract shall provide for such Due Diligence Period but in no event shall the LOI Deposit become refundable after 5:00 p.m. Eastern Standard Time on December 15, 2010 unless pursuant to the “LOI Deposit” paragraph above.
Unless Buyer shall have sooner terminated this Agreement, then on or before the second (2nd) business day after the expiration of the Inspection Period (hereinafter defined), Buyer shall deposit by good check in the amount of __________________________ Dollars ($__________________________) (the “Additional Deposit”, together with the LOI Deposit and the Signing Deposit, the “Deposit”) into the escrow account of the Escrow Agent.
EXCLUSIVITY After signing of this LOI and payment of the LOI Deposit, Purchaser shall have the exclusive right to negotiate to buy the Property until December 15, 2010.
Furthermore, in the event of any such negotiations, the Purchaser will similarly have the right to terminate this Agreement in its entirety, provided that in the event of any such termination by the Purchaser, the Company will be entitled to retain the LOI Deposit.
Subject to Article 1 above, on or prior to the second (2nd) business day after the completion of the audit of RxAir, UVFLU shall pay an additional fifteen thousand ($15,000) dollars as a non-refundable deposit to Red Oak (the “Due Diligence Deposit;” the LOI Deposit and the Due Diligence Deposit are hereinafter jointly referred to as the “Non-refundable Deposit”).