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Deposit
Deposit contract clause examples

Deposit. Within three (3) Business Days after the Effective Date, Purchaser shall deliver to Escrow Agent the sum of THREE HUNDRED THOUSAND AND NO/100 Dollars ($300,000.00), which shall be held by the Escrow Agent as a deposit under this Agreement (the “First Deposit”). Unless this Agreement is terminated prior to the expiration of the Inspection Period, whereupon the First Deposit shall be promptly returned by Escrow Agent to the Purchaser, Purchaser shall, within three (3) Business Days following the expiration of the Inspection Period, deposit with the Title Company an additional sum equal to THREE HUNDRED THOUSAND AND NO/100 Dollars ($300,000.00) (the “Second Deposit”) in good funds either by certified bank or cashier’s check or by federal wire transfer. The First Deposit and the Second Deposit (together totaling $600,000.00), together with any interest earned thereon as provided herein, shall hereinafter be referred to collectively as the “Deposit”.

If Purchaser does not exercise the right to terminate this Agreement in accordance with Section 4.3 below, Purchaser shall, within five (5) Business Days following the Inspection Expiration Date, deposit with the Escrow Agent the additional sum of SIX MILLION THREE HUNDRED FIFTY-FIVE THOUSAND EIGHT HUNDRED THIRTY AND NO/100 DOLLARS ($6,355,830.00) (the “Second Aggregate Deposit”), in good funds, by federal wire transfer as an additional deposit under this Agreement. The First Aggregate Deposit and the Second Aggregate Deposit are herein referred to collectively as the “Aggregate Deposit.” The Aggregate Deposit has been allocated to each Company as set forth on [Schedule 2.5(b)] attached hereto and made a part hereof. The portion of the Aggregate Deposit allocated to a Company as set forth on [Schedule 2.5(b)] is referred to herein as a “Deposit.”

Section # Deposit. Within three (3) business days after this Agreement is executed by Buyer and Seller, Buyer shall deposit via wire transfer the sum of Five Hundred Thousand and NO/100 Dollars ($500,000.00) in immediately available funds as a deposit (the “Initial Deposit”) with Escrow Agent whose address is as indicated in [Section 10.5]. If Buyer does not elect to terminate this Agreement pursuant to Section 3.6 below, Buyer shall deposit an additional Five Hundred Thousand and NO/100 Dollars ($500,000.00) (the “Additional Deposit”; the Initial Deposit and the Additional Deposit, together with interest earned thereon, collectively, the “Deposit”) in immediately available funds with Escrow Agent on the date that is two (2) business days after the last day of the Due Diligence Period. The Deposit shall be non-refundable except as provided in [Sections 3.6, 4.2, 5.1 and 10.4], or as otherwise expressly set forth in this Agreement,

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