Example ContractsClausesGood Faith Deposit
Good Faith Deposit
Good Faith Deposit contract clause examples

Good Faith Deposit. Borrower has paid to Bank a deposit of Fifteen Thousand Dollars ($15,000) (the “Good Faith Deposit”) to initiate Bank’s due diligence review process. Any portion of the Good Faith Deposit not utilized to pay Bank Expenses on the Effective Date will be deposited into Borrower’s Designated Deposit Account;

Good Faith Deposit. Borrower has paid to the Lenders a good faith deposit of Seventy-Five Thousand Dollars ($75,000.00), in the aggregate, to initiate the Lenders’ due diligence review process which shall be credited against the Lenders’ legal fees accrued through the Effective Date and the initial facility fee described in Section 2.5(a) on the Effective Date.

Good Faith Deposit. Co-Borrowers have delivered to Horizon a good faith deposit in the amount of Fifty Thousand Dollars ($50,000) (the “Good Faith Deposit”). The Good Faith Deposit paid to Horizon will be credited to the Commitment Fee payable to the Lenders. If, in connection with Lenders’ due diligence or underwriting, Lenders elect not to proceed with the funding of the Loans, each Lender shall deduct its share of Lenders’ Expenses and promptly return its pro rata share of the balance of the Good Faith Deposit to the Co-Borrowers. If the Co-Borrowers elect not to proceed with the financing, Lenders shall retain the Good Faith Deposit as compensation for their time, expenses and opportunity cost.

Good Faith Deposit” is defined in Section 2.3(a).

Good Faith Deposit” is defined in Section 2.5(d).

“(g)Good Faith Deposit. Borrower has paid to Bank a good faith deposit of Ten Thousand Dollars ($10,000.00) (the “Good Faith Deposit”) to initiate Bank’s due diligence review process, which Good Faith Deposit net of Bank Expenses will be credited to the Original Final Payment by Borrower.”

Good Faith Deposit. Borrower has paid to Collateral Agent a deposit of Thirty Thousand Dollars ($30,000.00) (“Good Faith Deposit”), to initiate Collateral Agent’s and Lenders’ due diligence review and documentation process. The Good Faith Deposit will be used to pay Lenders’ Expenses due on the Effective Date; provided, however, Borrower shall be responsible for the entire amount of Lenders’ Expenses payable under Section 2.5(c) hereof.

Good Faith Deposit. An amount of Fifty Thousand Dollars ($50,000) has been received by Collateral Agent as a good faith deposit from Borrower on or about February 13, 2020, and will be applied towards Lenders’ Expenses for the documentation and negotiation of this Agreement that are payable by the Borrower pursuant to Section 2.5(d) hereof. For the purposes of clarity, Borrower shall be responsible for all Lender’s Expenses payable pursuant to Section 2.5(d) hereof.

Good Faith Deposit. Borrower has paid to Collateral Agent a good faith deposit of Fifty Thousand Dollars ($50,000.00) to initiate Lenders’ due diligence review processes, which amount shall be applied to the Lenders’ Expenses on the Effective Date; and

Good Faith Deposit” has the meaning given such term in Section 2.6(a) of this Agreement.

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