Common use of Receipt of Escrow Property Clause in Contracts

Receipt of Escrow Property. Upon the date of execution hereof (the “Closing Date”): (a) The Company (i) shall direct the Representative to deliver to the Escrow Agent the amount of $196,470,000 in immediately available funds, and (ii) shall deliver to the Escrow Agent $1,750,000 in immediately available funds (such amounts in (i) and (ii) collectively, the “Proceeds”) which Proceeds shall be maintained by the Escrow Agent in an account designated as the “Sonic Escrow Account” (the “Escrow Account”). (b) The Company shall deliver to the Escrow Agent an additional $4,355,555.56, representing the amount of interest that would accrue on the Notes from the Closing Date up to but not including October 23, 2012 (which is 120 days after the date of the Purchase Agreement) (the “Escrow End Date”) (the foregoing interest amount being the “Interest Deposit” and together with the Proceeds, plus all interest, dividends and other distributions and payments thereon, collectively referred to herein as the “Escrow Property”), which Interest Deposit shall be maintained by the Escrow Agent in the Escrow Account.