Closing Deposit. Within five (5) Business Days after the execution of this Agreement, the Purchaser shall pay to the Company a Closing Deposit of $2 million by wire transfer to a bank escrow account designated by the Company (the “Closing Deposit”) for the benefit of the Company and the Purchaser (the “Escrow Account”). The Purchaser shall provide necessary documents and materials as reasonably and timely requested by the Company in order to open such Escrow Account within one (1) Business Days after the execution of this Agreement. At the Closing (as defined below), such Closing Deposit shall be treated as a part of the total purchase price paid by the Purchaser. The Closing Deposit shall not be refunded by the Company to the Purchaser if there is a material breach by the Purchaser.
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Sources: Series B Preferred Shares Purchase Agreement (360 Finance, Inc.), Series B Preferred Shares Purchase Agreement (360 Finance, Inc.)