Common use of Performance Deposit Clause in Contracts

Performance Deposit. No later than 2:00 p.m., Houston, Texas time, on June 3, 2011, Buyer shall deliver to the Escrow Agent a deposit of [Omitted] (the “Performance Deposit”) in cash by wire transfer of immediately available funds for deposit to the Performance Deposit Escrow Account, to assure Buyer’s performance of its obligations hereunder. The Performance Deposit together with any interest accrued thereon shall be held pursuant to this Agreement and an escrow agreement substantially in the form attached as Exhibit A-2 (the “Performance Deposit Escrow Agreement”) until Closing and shall be applied as a credit against the Closing Payment as provided in Section 2.4. No less than two (2) Business days prior to Closing, Seller and Buyer shall provide a joint written instruction to the Escrow Agent to release the Performance Deposit, together with any interest accrued thereon, to Seller at the Closing. If this Agreement is terminated without a Closing, then the distribution of the Performance Deposit shall be governed by the provisions of Section 10.2, and Seller and Buyer shall provide a joint written instruction to the Escrow Agent to release the Performance Deposit in accordance therewith.

Performance Deposit. No later than 2:00 p.m., Houston, Texas time, on June 3, 2011, Buyer Xxxxx shall deliver to the Escrow Agent a deposit of [Omitted] (the “Performance Deposit”) in cash by wire transfer of immediately available funds for deposit to the Performance Deposit Escrow Account, to assure BuyerXxxxx’s performance of its obligations hereunder. The Performance Deposit together with any interest accrued thereon shall be held pursuant to this Agreement and an escrow agreement substantially in the form attached as Exhibit A-2 (the “Performance Deposit Escrow Agreement”) until Closing and shall be applied as a credit against the Closing Payment as provided in Section 2.4. No less than two (2) Business days prior to Closing, Seller and Buyer shall provide a joint written instruction to the Escrow Agent to release the Performance Deposit, together with any interest accrued thereon, to Seller at the Closing. If this Agreement is terminated without a Closing, then the distribution of the Performance Deposit shall be governed by the provisions of Section 10.2, and Seller and Buyer shall provide a joint written instruction to the Escrow Agent to release the Performance Deposit in accordance therewith.