Common use of Acknowledgement of Cash Deposit Clause in Contracts

Acknowledgement of Cash Deposit. Where a cash deposit is made pursuant to item 1.1(a) with a Relevant Group Member other than the Owner, the relevant Owner must procure that the Relevant Group Member delivers an acknowledgement of deposit to the Supporting Entity, in the form of a deed poll in favour of the Supporting Entity, in the following terms: ‘[Name of Relevant Group Member]: (a) acknowledges receipt of a deposit of $[amount] from [name of Supporting Entity] (the Supporting Entity) in respect of [description of Owner Loan] (the Owner Loan); (b) undertakes to repay and make other payments in respect of that deposit as and when required by schedule 3 of the West Australian Iron Ore Production Joint Venture Agreement dated [date]; and (c) will hold any amount that it receives in respect of the Owner Loan and is required to pay to the Supporting Entity under paragraph (b) on trust for the Supporting Entity, and will account to it accordingly.’

Acknowledgement of Cash Deposit. Where a cash deposit is made pursuant to item 1.1(a) with a Relevant Group Member other than the Owner, the relevant Owner must procure that the Relevant Group Member delivers an acknowledgement of deposit to the Supporting Entity, in the form of a deed poll in favour of the Supporting Entity, in the following terms: ‘[Name of Relevant Group Member]:: West Australian Iron Ore Production Joint Venture Agreement (a) acknowledges receipt of a deposit of $[amount] from [name of Supporting Entity] (the Supporting Entity) in respect of [description of Owner Loan] (the Owner Loan); (b) undertakes to repay and make other payments in respect of that deposit as and when required by schedule 3 of the West Australian Iron Ore Production Joint Venture Agreement dated [date]; and (c) will hold any amount that it receives in respect of the Owner Loan and is required to pay to the Supporting Entity under paragraph (b) on trust for the Supporting Entity, and will account to it accordingly.’