DISPOSITION OF XXXXXXX MONEY DEPOSIT. Seller and Buyer hereby instruct Escrow Agent to place the Xxxxxxx Money Deposit in a federally insured interest-bearing passbook account on behalf of Seller and Buyer. The Xxxxxxx Money Deposit shall be applied as follows:
DISPOSITION OF XXXXXXX MONEY DEPOSIT. Seller and Buyer hereby instruct Escrow Agent to place the Xxxxxxx Money Deposit in a federally-insured interest-bearing account, subject to immediate withdrawal. Seller and Buyer agree that the Xxxxxxx Money Deposit shall be applied as follows and hereby instruct Escrow Agent to apply the Xxxxxxx Money Deposit as follows:
DISPOSITION OF XXXXXXX MONEY DEPOSIT. In the event the sale under this contract does not close for any reason, the escrow agent holding the xxxxxxx money deposit may elect to give Seller(s) and Xxxxx(s) written notice of the escrow agent’s intended disposition of the xxxxxxx money deposit. If neither party objects in writing to escrow agent as to the intended disposition of the xxxxxxx money deposit within seven (7) days after the date of mailing of the escrow agent’s written notice, the escrow agent may dispose of the xxxxxxx money deposit as previously indicated. The escrow agent may also dispose of the xxxxxxx money deposit in accordance with the written agreement of all parties to the sale contract or pursuant to court order. Escrow agent shall in any event receive from the escrow deposit its out-of-pocket expenses and title fees. In the event a dispute arises regarding disposition of the xxxxxxx money deposit and litigation ensues the escrow agent and its owners, agents, and employees shall be entitled to reimbursement by Xxxxxx(s) and Buyer(s), jointly and severally, of all reasonable attorney fees, court costs and expenses incurred therein, and judgments therefor may be satisfied in full or in part from the xxxxxxx money deposit. The escrow agent shall be under no duty to invest the xxxxxxx money deposit, and any interest income therefrom shall be retained by the escrow as agent for Attorneys ' Title Guaranty Fund, Inc.
DISPOSITION OF XXXXXXX MONEY DEPOSIT. In the event Escrow Agent is instructed by Buyer to return the Xxxxxxx Money Deposit to Buyer, or Escrow Agent otherwise intends to disburse or return all or any portion of the Xxxxxxx Money Deposit to Buyer based on Escrow Agent’s interpretation of this Agreement or otherwise, before making any such return or disbursement, Escrow Agent shall notify Seller of Buyer’s demand or Escrow Agent’s intention, and, unless Escrow Agent receives written objection from Seller within five (5) business days thereafter stating that there is a genuine dispute as to who is entitled to the Xxxxxxx Money Deposit and describing the basis of Seller’s objection, then Escrow Agent shall return the Xxxxxxx Money Deposit to Buyer. If Escrow Agent receives a written objection from Seller within said 5-business day period, Escrow Agent shall not return or disburse all or any portion of the Xxxxxxx Money Deposit to Buyer. In the event Escrow Agent is instructed by Seller to release the Xxxxxxx Money Deposit to Seller, or Escrow Agent otherwise intends to disburse all or any portion of the Xxxxxxx Money Deposit to Seller based on Escrow Agent’s interpretation of this Agreement or otherwise, before making any such disbursement, Escrow Agent shall notify Buyer of Seller’s demand or Escrow Agent’s intention, and, unless Escrow Agent receives written objection from Buyer within five (5) business days thereafter stating that there is a genuine dispute as to who is entitled to the Xxxxxxx Money Deposit and describing the basis of Buyer’s objection, Escrow Agent shall release and disburse the Xxxxxxx Money Deposit to Seller. If Escrow Agent receives a written objection from Buyer within said 5-business day period, Escrow Agent shall not release or disburse the Xxxxxxx Money Deposit to Seller. Except for the willful misconduct or gross negligence of Escrow Agent or Escrow Agent’s default of its obligations under this Agreement, Escrow Agent shall have no liability to either Buyer or Seller in acting or refraining from acting hereunder. In the event there is any dispute as to the proper disbursement of the Xxxxxxx Money Deposit, Escrow Agent shall be entitled to deposit the Xxxxxxx Money Deposit with a court of competent jurisdiction in Franklin County, Ohio, and to interplead each of Buyer and Seller in an appropriate interpleader action. Escrow Agent shall not release, return or disburse the Xxxxxxx Money Deposit or any portion thereof, except: (a) in strict compliance with the terms of thi...
DISPOSITION OF XXXXXXX MONEY DEPOSIT. The Xxxxxxx Money Deposit shall be applied as a credit to the Purchase Price at Closing. In the event of a termination of this Agreement by Buyer, Escrow Agent is authorized to deliver the Xxxxxxx Money Deposit to the party hereto entitled to same pursuant to the terms hereof on or before the tenth (10th) business day following receipt by Escrow Agent and the non-terminating party of written notice of such termination from the terminating party, unless the other party hereto notifies Escrow Agent that it disputes the right of the other party to receive the Xxxxxxx Money Deposit. In such event, Escrow Agent may interplead the Xxxxxxx Money Deposit into a court of competent jurisdiction in the county in which the Xxxxxxx Money Deposit has been deposited. All attorneys’ fees and costs and Escrow Agent’s costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Xxxxxxx Money Deposit, or if the Xxxxxxx Money Deposit is distributed in part to both parties, then in the inverse proportion of such distribution.
DISPOSITION OF XXXXXXX MONEY DEPOSIT. Seller and Buyer hereby instruct Escrow Agent to handle the letter of credit serving as the Xxxxxxx Money Deposit as follows:
DISPOSITION OF XXXXXXX MONEY DEPOSIT. Seller and Buyer hereby instruct Escrow Agent to place any cash deposited by Buyer pursuant to PARAGRAPH 4(a) hereof, when received by Escrow Agent, in a Federally insured interest-bearing passbook or money market account on behalf of Seller and Buyer. The cash deposit together with all interest earned and accrued thereon (hereinafter referred to as the "Xxxxxxx Money Deposit") shall be applied as follows:
DISPOSITION OF XXXXXXX MONEY DEPOSIT. In the event this transaction does not close as a result of (i) Buyer giving written notice on a timely basis of its desire not to close as a result of the failure of any one or more conditions precedent specified in Section 15, then Buyer shall be entitled to a refund of the entire Xxxxxxx Money Deposit (including all interest earned thereon). However, if (i) all conditions precedent have been met or waived in writing by Buyer and Seller has performed all of its obligations hereunder, but Buyer fails to close, or (ii) all conditions precedent have been met or waived in writing by Buyer but Buyer otherwise breaches its obligations hereunder and Seller has performed all of its obligations hereunder, then as Seller's sole and absolute remedy, Seller shall be entitled to the Xxxxxxx Money Deposit (and all interest earned thereon) as liquidated damages and not as a penalty. In the event Seller receives the Xxxxxxx Money Deposit in accordance with the immediately preceding sentence, then this Agreement shall thereafter terminate and neither party shall have any further liability to the other. Buyer and Seller shall divide equally any charges imposed by the Escrow Agent. Buyer and Seller further agree to indemnify and hold the Escrow Agent harmless from and against any loss or damage suffered or incurred by Escrow Agent in connection with the Escrow Agent's performance of services hereunder as long as the Escrow Agent abides by the terms of this Agreement. Escrow Agent shall be entitled to rely on written instructions from any party hereto and shall not be required to inquire into or investigate the authenticity of any signatures on any documents delivered to the Escrow Agent by any party hereto. If the Escrow Agent intends to distribute funds in accordance with the terms of this Agreement, it shall give written notice of same to Buyer and to Seller's Representative identified in Section 20 hereof. If Buyer or Seller's Representative objects to the proposed distribution at any time within ten (10) business days of the date written notice (delivered in the same manner as required under Section 20 above) is given, then Escrow Agent shall refrain from making the distribution until the matter can be resolved. Any such objections must be in writing and must be delivered to Escrow Agent (by telefax or otherwise) on or before the end of the tenth business day following the date such written notice is given by Escrow Agent. If no such objection is given, then Escrow Age...
DISPOSITION OF XXXXXXX MONEY DEPOSIT. If the Purchase and Sale Transaction is consummated, the Xxxxxxx Money Deposit must be paid by Escrow Agent to Seller and applied against the Purchase Price. If the Purchase and Sale Transaction is not consummated, Seller and Buyer hereby instruct Escrow Agent to apply the Xxxxxxx Money Deposit as follows:
DISPOSITION OF XXXXXXX MONEY DEPOSIT. On the Closing Date, the Ten Thousand Dollar ($10,000.00) xxxxxxx money deposit which has been placed with Baytown shall be applied to the Baytown Common Stock Consideration, thereby reducing the Baytown Common Stock Consideration by the amount of the xxxxxxx money deposit, with the effect that the aggregate Baytown Common Stock Consideration shall be $5,375,000, subject to any required adjustments to the Baytown Common Stock Consideration pursuant to Section 1.08. In the event that the transactions contemplated by this Agreement are not consummated in accordance with the terms of this Agreement, the xxxxxxx money deposit shall be treated as set forth in the remaining subsections of this Article IX. SECTION 9.02
