Common use of Fourth Deposit Clause in Contracts

Fourth Deposit. Provided Buyer has not delivered the Termination Notice (as defined below) prior to the expiration of the Inspection Period, within one hundred twenty (120) days after the Effective Date, the Buyer shall deliver to the Escrow Agent a fourth deposit in the amount of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) (the "Fourth Deposit"). The Initial Deposit, Second Deposit, Third Deposit and Fourth Deposit shall be held in an interest bearing account and collectively shall be referred to as the "Deposit". The Deposit shall be held by the Escrow Agent in an interest bearing account and disbursed in accordance with the terms and conditions of this Agreement. Except in the event of a Buyer Default (as defined below), all interest shall accrue to Buyer. At Closing, the Deposit shall be credited against the Purchase Price and wire transferred to Seller by the Escrow Agent.

Fourth Deposit. Provided Buyer has not delivered the Termination Notice (as defined below) prior to the expiration of the Inspection Period, within one hundred twenty (120) days after the Effective Date, the Buyer shall deliver to the Escrow Agent a fourth deposit in the amount of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) (the "“Fourth Deposit"”). The Initial Deposit, Second Deposit, Third Deposit and Fourth Deposit shall be held in an interest bearing account and collectively shall be referred to as the "“Deposit"”. The Deposit shall be held by the Escrow Agent in an interest bearing account and disbursed in accordance with the terms and conditions of this Agreement. Except in the event of a Buyer Default (as defined below), all interest shall accrue to Buyer. At Closing, the Deposit shall be credited against the Purchase Price and wire transferred to Seller by the Escrow Agent.