Common use of Deposit arrangements Clause in Contracts

Deposit arrangements. Notwithstanding the foregoing: (a) within two (2) 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 the WPV SPA by the parties thereto, PacificInfo shall deposit, in cash in immediately available funds (the “First Deposit”), in an account specified by CITIC an aggregate of US$1,911,925; (b) within two (2) Business Days after the date on which the Company’s board of directors shall have approved the WPV SPA, which approval shall, among other things, exempt the Stock Purchase Transaction (as defined in the WPV SPA) from the operation of Section 203 of the Delaware General Corporation Law, PacificInfo shall deposit, in cash in immediately available funds (the “Second Deposit” and together with the First Deposit, the “Deposits”), in an account specified by CITIC an aggregate of US$1,911,925; (c) On the WPV Closing, provided that PacificInfo has performed each of its obligations with respect to the purchase of Shares at the WPV Closing, CITIC shall cause the full amount of the Deposits received from PacificInfo pursuant to clauses (a) and (b) above to be paid to WPV as a portion of the purchase price due to WPV for the Shares purchased at the WPV Closing by PacificInfo and/or any purchaser to whom PacificInfo has assigned its right to purchase Shares pursuant to Section 8.3; and (d) Each of the Deposits shall be subject to Article VII hereof.