Released Funds definition
Examples of Released Funds in a sentence
The parties hereto agree that the Deposit, the Released Funds and Extension Fees reasonably represent the damages which could be anticipated to be suffered or incurred by Seller as a result of a default hereunder by the Buyer, and that proof of actual damages would be costly and inconvenient.
The Escrow Agent hereby agrees to deposit the Initial Cash Payment less the Released Funds that he receives in a segregated interest-bearing account, comprising a liquid time deposit account with Money Centre at US Investment Bank with interest to accrue for the benefit of the party to whom such funds are released pursuant to the terms and conditions of this Agreement.
At Settlement, the Deposit and the Released Funds shall be a credit against the Purchase Price and Buyer shall pay Seller the balance of the Purchase Price, subject to all adjustments as provided herein, by certified or title company check or by wire transfer of immediately available funds.
Notwithstanding anything to the contrary herein, the Released Funds portion of the Deposit shall be paid to the Seller within five (5) days following the end of the Due Diligence Period, unless the Buyer provides to the Escrow Holder written notice that it has terminated this Agreement in accordance with the provisions of Section 13(b), above.
Within five (5) business days from the date hereof, Buyer shall deliver to the Escrow Holder (as hereinafter defined), as escrow agent, a check in the amount of Three Hundred Fifty Thousand and No/100 Dollars ($350,000) to be held in escrow until Settlement (as hereinafter defined) or the earlier termination of this Agreement, or as otherwise provided in this Agreement (together with any interest thereon, and less any Released Funds, the “Deposit”).
Once the Escrow Fund has been paid by the Escrow Agent in its entirety in the form of Early Payments, Released Funds, Remaining Payments and/or Remaining Funds pursuant to the Final Notice, this Escrow Agreement shall terminate.
The Released Funds shall be nonrefundable to the Buyer, except in the event of Seller’s default which results in the inability to convey the Property to the Buyer as provided in this Agreement.
In the event that this transaction is consummated as contemplated by this Agreement, then the entire amount of the Released Funds shall be credited against the Purchase Price.
In the event that this transaction is not consummated for any reason, then the Released Funds (less the Deposit, unless the failure to close escrow is caused by a material default on the part of Seller), shall be reimbursed to Buyer upon the close of the sale of the Property to a third party purchaser.
The Released Funds Principal Payment Amount will be paid to the Noteholders, sequentially first to holders of the Class A-1 Notes until the Class A-1 Notes are paid in full, then to the holders of the Class A-2 Notes until the Class A-2 Notes are paid in full, then to the holders of the Class A-3 Notes until the Class A-3 Notes are paid in full and thereafter to the holders of the Class A-4 Notes until the Class A-4 Notes are paid in full.