Common use of Deposit arrangements Clause in Contracts

Deposit arrangements. Notwithstanding the foregoing: (a) within three (3) days (excluding Saturdays) on which commercial banks are generally open for business in Hong Kong (each a “Business Day”) after the date of execution and delivery of this Agreement by the parties hereto, Buyer shall deposit with Sellers an aggregate of US$3,823,849.75 (the “First Deposit”) of the Purchase Price otherwise payable to Sellers, split equally between WPV and WPVI and paid to the bank accounts specified in Schedule 1.2; (b) within three (3) days Business Days after the date on which the Company’s Board of Directors shall have approved the Stock Purchase Transaction (the “Board Approval”), which approval shall, among other things, exempt the Stock Purchase Transaction from the operation of Section 203 of the Delaware General Corporation Law, Buyer shall notify Sellers of such Board Approval and shall deposit with Sellers an additional aggregate amount of US$3,823,849.75 (the “Second Deposit” and together with the First Deposit, the “Deposits”) of the Purchase Price otherwise payable to Sellers, split equally between WPV and WPVI and paid to the bank accounts specified in Schedule 1.2; and (c) each of the Deposits shall be subject to Article VII hereof.