Performance Deposit. Immediately upon the execution hereof, Buyer shall tender to Seller, by bank wire transfer to the trust account of the law firm of ▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇▇, a Performance Deposit equal to $4,455,000.00, which Performance Deposit shall be non-interest-bearing and non-refundable except as provided herein.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Parallel Petroleum Corp)
Performance Deposit. Immediately upon the execution hereof, Buyer shall tender to Seller, by bank wire transfer to the trust account of the law firm of ▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇▇transfer, a Performance Deposit equal to five million dollars ($4,455,000.005,000,000.00), being ten percent (10.0%) of the Purchase Price, which Performance Deposit shall be non-interest-bearing and non-refundable except as provided herein. If the Performance Deposit is not received by Seller by the close of business on the second business day after the execution of this Agreement, this Agreement shall be null and void, and the Parties shall have no further obligation to each other hereunder.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Natural Gas Systems Inc/New)
Performance Deposit. Immediately upon the execution hereof, Buyer shall tender to Seller, by bank wire transfer to the trust account of the law firm of ▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇▇transfer, a Performance Deposit equal to five million dollars ($4,455,000.005,000,000.00), which Performance Deposit shall be non-interest-bearing and non-refundable except as provided herein. If the Performance Deposit is not received by Seller by the close of business on the second business day after the execution of this Agreement, this Agreement shall be null and void, and the Parties shall have no further obligation to each other hereunder.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Natural Gas Systems Inc/New)
Performance Deposit. Immediately upon the execution hereof, Buyer shall tender to Seller, by bank wire transfer to the trust account of the law firm of ▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇▇or cashier’s check, a Performance Deposit equal to in the amount of One Million and No/100 Dollars ($4,455,000.001,000,000), which Performance Deposit shall be non-interest-bearing and non-refundable except only as provided herein. As provided in Article 13 below, the Performance Deposit shall be applied against the Purchase Price at Closing.
Appears in 1 contract