Common use of Payment of the Deposit Clause in Contracts

Payment of the Deposit. Upon execution of this Agreement, the Purchaser shall pay the amount of $200,000.00 (the "Deposit") to the Vendor's Solicitors in trust for the Vendor by way of certified cheque, bank draft, certified solicitor's trust cheque, or wire transfer. The Deposit shall, unless the purchase and sale of the Purchased Assets is not completed on the Closing Date, be applied against the Purchase Price on Closing in accordance with Section 2.5. In the event that this Agreement is terminated in accordance with Section 8.1, then the Deposit shall either: (a) be returned to the Purchaser forthwith in the event that the Purchaser is without fault for such termination and: (i) the Purchaser terminates the Agreement pursuant to Sections 8.1(a), or 8.1(c); (ii) the Purchaser or the Vendor or Shareholder terminates the Agreement pursuant to Section 8.1(e); (iii) the Vendor or Shareholder terminates the Agreement pursuant to Section 8.1(f); or (iv) the parties mutually agree to terminate the Agreement pursuant to Section 8.1(g); or (b) be forfeited to the Vendor forthwith in the event that the Vendor is without fault for such termination and the Vendor or Shareholder terminates the Agreement pursuant to Sections 8.1(b) or 8.1(d), provided that the forfeiture of the Deposit to the Vendor in accordance with the foregoing shall constitute the sole and exclusive remedy of the Vendor and Shareholder as a result of this Agreement being terminated in accordance with Section 8.1.

Payment of the Deposit. Upon execution of this Agreement, the Purchaser shall pay the amount of $200,000.00 180,000 (the "Deposit") to the Vendor's Solicitors in trust for the Vendor by way of certified cheque, bank draft, certified solicitor's trust cheque, or wire transfer. The Deposit shall, unless the purchase and sale of the Purchased Assets is not completed on the Closing Date, be applied against the Purchase Price on Closing in accordance with Section 2.5. In the event that this Agreement is terminated in accordance with Section 8.1, then the Deposit shall either: (a) be returned to the Purchaser forthwith in the event that the Purchaser is without fault for such termination and: (i) the Purchaser terminates the Agreement pursuant to Sections 8.1(a), 8.1(c), or 8.1(c8.1(e); (ii) the Purchaser or the Vendor or Shareholder terminates the Agreement pursuant to Section 8.1(e); (iii) the Vendor or Shareholder terminates the Agreement pursuant to Section 8.1(f); or (iv) the parties mutually agree to terminate the Agreement pursuant to Section 8.1(g); or (b) be forfeited to the Vendor forthwith as liquidated damages in the event that the Vendor is without fault for such termination and the Vendor or Shareholder terminates the Agreement pursuant to Sections 8.1(b) or 8.1(d), provided that (c) be handled as agreed by the forfeiture Parties hereto in the event of the Deposit to the Vendor in accordance with the foregoing shall constitute the sole and exclusive remedy of the Vendor and Shareholder as a result termination of this Agreement being terminated in accordance with pursuant to Section 8.18.1(g).