Common use of Investment of Deposit Clause in Contracts

Investment of Deposit. Escrow Holder shall place the Earnxxx Xxxey Deposit in an interest-bearing account with a bank or savings association, the deposits of which are federally insured, as Buyer may select. All interest on the Earnxxx Xxxey Deposit shall accrue for the benefit of Buyer until the Closing. Notwithstanding the foregoing, however, in the event of any default by Buyer hereunder, all interest earned on such account shall accrue to the benefit of Seller. Seller shall not be responsible for, nor bear the risk of loss of, the Earnxxx Xxxey Deposit, and shall not be responsible for the rate of return thereon.

Investment of Deposit. Escrow Holder shall place the Earnxxx Xxxey Xxxxxxx Money Deposit in an interest-bearing account with a bank or savings association, the deposits of which are federally insured, as Buyer may select. All interest on the Earnxxx Xxxey Xxxxxxx Money Deposit shall accrue for the benefit of Buyer until the Closing. Notwithstanding the foregoing, however, in the event of any default by Buyer hereunder, all interest earned on such account shall accrue to the benefit of Seller. Seller shall not be responsible for, nor bear the risk of loss of, the Earnxxx Xxxey Xxxxxxx Money Deposit, and shall not be responsible for the rate of return thereon.