Common use of Second Deposit Clause in Contracts

Second Deposit. In the event Buyer timely delivers to Seller Buyer’s Election Not to Terminate pursuant to Section 4.3 hereof, within two (2) Business Days after the date of delivery to Seller of Buyer’s Election Not to Terminate pursuant to Section 4.3 hereof, Buyer shall deposit with Escrow Holder, in the form of Cash, an additional deposit in the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) (the “Second Deposit”). Buyer may direct Escrow Agent to invest the Second Deposit in one or more interest bearing accounts with a federally insured state or national bank located in California, designated by Buyer and approved by Escrow Agent. Subject to the applicable termination and default provisions contained in this Agreement: (x) the Second Deposit shall remain in Escrow prior to the Closing; (y) upon the Closing, the Second Deposit shall be applied as a credit towards the payment of the Purchase Price; and (z) all interest that accrues on the Second Deposit while in Escrow Agent’s control shall belong to Buyer. The Initial Deposit and Second Deposit are collectively referred to herein as the “Deposit.” All references in this Agreement to the “Deposit” shall mean the Deposit any and all interest that accrues thereon while in Escrow Agent’s control.

Second Deposit. In the event Buyer timely delivers to Seller Buyer’s Election Not to Terminate this Agreement pursuant to Section 4.3 hereof, within two one (21) Business Days Day after the date expiration of delivery to Seller of Buyer’s Election Not to Terminate pursuant to Section 4.3 hereofthe Investigation Period, Buyer shall deposit with Escrow Holder, in the form of Cash, Holder an additional deposit in the amount sum of One Million Five Hundred Thousand Dollars ($1,500,000.00100,000.00) (the “Second Deposit”), in the form of Cash. Buyer may direct Escrow Agent Holder to invest the Second Deposit in one or more interest bearing accounts with a federally insured state or national bank located in California, California designated by Buyer and approved by Escrow AgentHolder. Subject to the applicable termination and default provisions contained in this Agreement: (xi) the Second Deposit shall remain in Escrow prior to the Closing; (yii) upon the Closing, the Second Deposit shall be applied as a credit towards the payment of the Cash Purchase Price; and (ziii) all interest that accrues on the Second Deposit while in Escrow AgentHolder’s control shall belong to Buyer. The Initial Deposit and Second Deposit are collectively referred to herein as the “Deposit.” All references in this Agreement to the “Deposit” shall mean the Deposit and any and all interest that accrues thereon while in Escrow AgentHolder’s control.

Second Deposit. In the event Buyer timely delivers to Seller Buyer’s Election Not to Terminate this Agreement pursuant to Section 4.3 hereof, within two one (21) Business Days Day after the date expiration of delivery to Seller of Buyer’s Election Not to Terminate pursuant to Section 4.3 hereofthe Investigation Period, Buyer shall deposit with Escrow Holder, in the form of Cash, Holder an additional deposit in the amount sum of One Million Five Hundred Thousand Dollars ($1,500,000.00100,000.00) (the “Second Deposit”), in the form of Cash. Buyer may direct Escrow Agent Holder to invest the Second Deposit in one or more interest bearing accounts with a federally insured state or national bank located in California, California designated by Buyer and approved by Escrow AgentHolder. Subject to the applicable termination and default provisions contained in this Agreement: (xi) the Second Deposit shall remain in Escrow prior to the Closing; (yii) upon the Closing, the Second Deposit shall be applied as a credit towards the payment of the Purchase Price; and (ziii) all interest that accrues on the Second Deposit while in Escrow AgentHolder’s control shall belong to Buyer. The Initial Deposit and Second Deposit are collectively referred to herein as the “Deposit.” All references in this Agreement to the “Deposit” shall mean the Deposit and any and all interest that accrues thereon while in Escrow AgentHolder’s control.

Second Deposit. In the event Buyer timely delivers to Seller Buyer’s Election Not to Terminate this Agreement pursuant to Section 4.3 hereof, within two one (21) Business Days Day after the date expiration of delivery to Seller of Buyer’s Election Not to Terminate pursuant to Section 4.3 hereofthe Investigation Period, Buyer shall deposit with Escrow Holder, in the form of Cash, Holder an additional deposit in the amount sum of One Million Five Hundred Fifty Thousand Dollars ($1,500,000.0050,000.00) (the “Second Deposit”), in the form of Cash. Buyer may direct Escrow Agent Holder to invest the Second Deposit in one or more interest bearing accounts with a federally insured state or national bank located in California, California designated by Buyer and approved by Escrow AgentHolder. Subject to the applicable termination and default provisions contained in this Agreement: (xi) the Second Deposit shall remain in Escrow prior to the Closing; (yii) upon the Closing, the Second Deposit shall be applied as a credit towards the payment of the Purchase Price; and (ziii) all interest that accrues on the Second Deposit while in Escrow AgentHolder’s control shall belong to Buyer. The Initial Deposit and Second Deposit are collectively referred to herein as the “Deposit.” All references in this Agreement to the “Deposit” shall mean the Deposit and any and all interest that accrues thereon while in Escrow AgentHolder’s control.