Buyer’s Deposit. Within two (2) business days after the Opening of Escrow, the Buyer shall deposit Zero Dollars ($0.00) in Escrow (the “Initial Deposit”). If Buyer delivers the Approval Notice (defined below) in accordance with Section 3.5 below, then upon expiration of Buyer’s Due Diligence Contingency Period, as set forth in Section 5.2 below, Buyer shall deposit an additional Thirteen Thousand Dollars ($13,000) (the “Additional Deposit”). The Initial Deposit and Additional Deposit are sometimes collectively referred to herein as the “Deposit.”
Buyer’s Deposit. Within two (2) business days after full execution of this Agreement by the Buyer and Seller Parties, Buyer shall deliver to Escrow Agent a deposit (the “Deposit”) either, at Buyer’s election, (i) in the form of cash or immediately available federal
1. In the event that the Credit shall be due to expire prior to the Closing Date, Buyer shall, at least thirty (30) days prior to the expiration of the Credit or each subsequent Credit, substitute a replacement Credit or cause the issuer to extend the expiration date of the Credit in such intervals of up to six (6) months each from time to time as may be necessary to cause the expiration date of the Credit to be at least thirty (30) days after the reasonably anticipated date of Closing. If the Credit has not been extended or a replacement Credit substituted therefor as hereinabove required, Escrow Agent shall, upon the written direction of Seller, draw upon the Credit, in which event the funds received upon such draw shall be deemed to constitute the Deposit and shall be deposited in conformity with the provisions of Section 2.1.1.2, and otherwise shall be held and dealt with as provided in this Agreement for a cash Deposit. Whenever Seller is entitled to the Deposit as provided in this Agreement, Escrow Agent shall, upon the written direction of Seller, immediately deliver the Credit to Seller. Whenever Escrow Agent is required to draw against the Credit as provided in this Agreement, Escrow Agent shall promptly do so and hold the proceeds thereof in escrow as provided in this Agreement for a cash Deposit. If a dispute shall arise with respect to the Deposit, Escrow Agent shall continue to hold any Credit or other Deposit pursuant to the terms of this Section 2.1.1, and Buyer shall extend the maturity of the Credit for periods of up to six (6) months each as necessary from time to time to permit resolution of such dispute prior to the expiration of the Credit, and the provisions of this Section 2.1.1 permitting the Credit to be drawn shall apply in the event Buyer shall fail to extend the Credit as required at any time. The obligations of the Escrow Agent with respect to the Deposit shall be g overned by the terms and conditions set forth below in this Article 2.
Buyer’s Deposit. BUYER [ ] will deliver upon acceptance of offer [ ] has delivered at time of this offer $ in the form of to (Broker Office) escrow agent, who shall deposit same at (bank). The deposit will be refunded to BUYER if this contract is not accepted. If the contract does not close for any other reason, the escrow money may be released pursuant to a written agreement to release the funds, entered into by both parties. In the event of a dispute between the parties as to the release of the deposit(s) or to whom the deposit(s) are to be paid, the escrow agent is to retain the deposit(s) until the parties enter into a written agreement, or until a Court determines the rights to the funds. In such event, either party may commence an action to determine the validity of any claims to the deposits. The parties consent to the jurisdiction of any court in the county in which the premises are located for any such action and waive rights to a jury trial in any such action . The parties agree that a Judgment from a small claims court in favour of either party shall be sufficient to allow the release of escrow funds to that prevailing party. In the event that neither party commences such action within One Hundred Eighty (180) calendar days from the date the Purchase and Sale Contract is terminated by written notice to either party (written notice to be by the Buyer and /or their attorney or the Seller and/or their attorney)., the funds shall be released by the escrow agent to the Buyer, and the escrow agent will have no further obligation to any party with respect to the deposit(s). The escrow agent will not be liable for any amount greater than the actual amount of said deposit to any party in the event that disbursement is not made at the time or is delayed for any reason. Notwithstanding the foregoing, the funds shall be held for so long as an action is pending for the determination of claims to the deposit(s) and the plaintiff in said action has notified the escrow agent in writing of the commencement of said action. The release of the deposit(s) as set forth herein shall not prejudice the rights of either party to pursue any other actions or proceedings.
Buyer’s Deposit. Upon execution of this Agreement by Buyer and Company and the Escrow Agreement by Buyer, Company and Escrow Agent, Buyer shall deposit the sum of $2,000,000.00 with the Escrow Agent ("Buyer's Deposit"), which sum shall be held by the Escrow Agent pursuant to the terms of the Escrow Agreement.
Buyer’s Deposit. Buyer shall make the Deposit in an account specified by the Company (the "Deposit Account") on the first Business Day following the date of the execution of this Agreement. The Company agrees that the Deposit shall remain in the Deposit Account and shall not be used or withdrawn from such account except as provided in Sections 11.1(b) and (c). Simultaneously with the Closing (and following the satisfaction or waiver of the conditions set forth in Article VII and Article VIII), the Company shall transfer the Deposit to the account designated by the Selling Shareholders pursuant to Section 2.3(a)(i).
Buyer’s Deposit. Buyer shall deliver an xxxxxxx money deposit of $12,500,000 (the “Buyer’s Deposit”), unless a different sum is required by order of the Bankruptcy Court, to a third party escrow agent (the “Escrow Agent”) to be agreed upon by Buyer and Seller within three Business Days of the entry of the Bidding Procedures Order. The Buyer’s Deposit shall be held in escrow in an interest bearing account, with accrued interest added to the Buyer’s Deposit, in accordance with the terms of the Bidding Procedures Order.
Buyer’s Deposit. Buyer will be required, within five (5) days of executing and returning the Purchase Agreement and Escrow Instructions, to submit $1.00 of Buyer’s equity investment (“Buyers Deposit”). Upon Opening of Escrow, Buyer’s Deposit shall be placed by Escrow Agent in a non-interest bearing account. However, Buyer’s Deposit may be retained by the Manager (together with interest accrued thereon) as liquidated damages in accordance with Section 6.1. Buyer shall not receive any interest on Buyer’s Deposit unless and until Seller accepts Buyer’s offer and the Opening of Escrow occurs.
Buyer’s Deposit with the opening of the Escrow Buyer shall deliver a check into Escrow in the amount of Ten Thousand Dollars ($10,000) (hereinafter the "Deposit"
Buyer’s Deposit. Within ten (10) business days after the Opening of Escrow, the Buyer shall deposit the sum of Twenty Thousand Dollars ($20,000) in Escrow (“Deposit”).
Buyer’s Deposit. (a) As required by Section 3.2, the Buyer shall deposit cash or other immediately-available funds in the amount of One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) into Escrow (the “Deposit”). If Buyer terminates this Agreement on or before the expiration of the Study Period (as defined in Section 4.4), pursuant to the provisions of Section 4.5 of this Agreement, the Deposit shall be refunded by Escrow Holder to Buyer without any additional instructions from Buyer or Seller. The Deposit is applicable to the Purchase Price at Closing (as defined in Section 6.1).
(b) Notwithstanding anything herein to the contrary, unless Buyer otherwise terminates this Agreement pursuant to Section 4.5, in the event Buyer does not make commercially reasonable good faith efforts to obtain the Approvals (as defined in Section 5.2), and as long as the balance of the conditions to the Close of Escrow have been satisfied, One Hundred Thousand and 00/100 Dollars ($100,000.00) of the Deposit shall be deemed non- refundable upon Buyer’s receipt of the Approvals.
(c) Within three (3) business days following Buyer’s deposit of the Deposit, the Escrow Holder shall deliver to Seller One Hundred and No/100 Dollars ($100.00) of the Deposit as independent consideration (the “Independent Consideration”) for Buyer’s right to purchase the Property and Seller’s execution, delivery, and performance of this Agreement. Notwithstanding anything to the contrary contained herein, Seller shall, in all events, retain the Independent Consideration, but the Independent Consideration shall be applied as a credit against the Purchase Price at the Closing. Buyer and Seller hereby acknowledge and agree that the Independent Consideration constitutes adequate and sufficient consideration for Buyer’s right to purchase the Property and Seller’s execution, delivery, and performance of the Agreement, and that the loss of Buyer’s ability to use the funds constituting the Deposit as provided in this Agreement constitutes further consideration therefor.
