Common use of Cash Deposit Clause in Contracts

Cash Deposit. (a) If the Council makes demand under any Bond pursuant to clause 2.6 of this Schedule 10, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond secured. Draft (b) As beneficial owner of the Cash Deposit, the Council may, at any time and without notice to the Developer, withdraw money (including accrued interest) from the Cash Deposit Account and retain that money absolutely to satisfy or reimburse the Council for any liability, loss, cost, charge or expense incurred by the Council because of failure by the Developer to comply with those of the Developer's obligations under this Deed that the relevant Bond secured. (c) All Costs, charges, duties and Taxes payable in connection with the Cash Deposit Account or interest accruing on moneys credited to the Cash Deposit Account may be satisfied by the Council withdrawing money from the Cash Deposit Account and applying the money for that purpose. (d) If no moneys are, or may become, payable to the Council under this Deed in connection with the obligations under this Deed secured by the relevant Bond and the Developer has satisfied all of its obligations under this Deed which were secured by the relevant Bond, the Council must pay the balance of the Cash Deposit Account, less all Costs, charges, duties and Taxes payable in connection with such payment, to the Developer. (e) For the avoidance of doubt, the Developer has no right to require the Council to release the Cash Deposit until the Council is reasonably satisfied that no moneys are, or may become, payable to the Council under this Deed in relation to obligations secured by the relevant Bond.

Cash Deposit. (a) If the Council makes demand under any Bond pursuant to clause 2.6 paragraph 4 of this Schedule 10, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond secured. Draft. (b) As beneficial owner of the Cash Deposit, the Council may, at any time and without notice to the DeveloperContractor, withdraw money (including accrued interest) from the Cash Deposit Account and retain that money absolutely to satisfy or reimburse the Council for any liability, loss, cost, charge or expense incurred by the Council because of failure by the Developer Contractor to comply with those of the DeveloperContractor's obligations under this Deed that the relevant Bond secured. (c) All Costs, charges, duties and Taxes taxes payable in connection with the Cash Deposit Account or interest accruing on moneys credited to the Cash Deposit Account may be satisfied by the Council withdrawing money from the Cash Deposit Account and applying the money for that purpose. (d) If no moneys are, or may become, payable to the Council under this Deed in connection with the obligations under this Deed secured by the relevant Bond and the Developer Contractor has satisfied all of its obligations under this Deed which were secured by the relevant Bond, the Council must pay the balance of the Cash Deposit Account, less all Costs, charges, duties and Taxes taxes payable in connection with such payment, to the DeveloperContractor. (e) For the avoidance of doubt, the Developer Contractor has no right to require the Council to release the Cash Deposit until the Council is reasonably satisfied that no moneys are, or may become, payable to the Council under this Deed in relation to obligations secured by the relevant Bond.

Cash Deposit. (a) If the Council makes a demand under any Bond Bank Guarantee pursuant to clause 2.6 1.3 of this Schedule 10Schedule, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, Act 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond Bank Guarantee secured. Draft. (b) As beneficial owner of the Cash Deposit, the Council may, at any time and without notice to the Developer, withdraw money (including accrued interest) from the Cash Deposit Account and retain that money absolutely to satisfy or reimburse the Council for any liability, loss, cost, charge or expense incurred by the Council because of failure by the Developer to comply with those of the Developer's ’s obligations under this Deed that the relevant Bond Bank Guarantee secured. (c) All Costs, charges, duties and Taxes payable in connection with the Cash Deposit Account or interest accruing on moneys credited to the Cash Deposit Account may be satisfied by the Council withdrawing money from the Cash Deposit Account and applying the money for that purpose. (d) If no moneys are, or may become, payable to the Council under this Deed in connection with the obligations under this Deed secured by the relevant Bond Bank Guarantee and the Developer has satisfied all of its obligations under this Deed which were secured by the relevant BondBank Guarantee, the Council must pay the balance of the Cash Deposit Account, less all Costs, charges, duties and Taxes payable in connection with such payment, to the Developer. (e) For the avoidance of doubt, the Developer has no right to require the Council to release the Cash Deposit until the Council is reasonably satisfied that no moneys are, are or may become, payable to the Council under this Deed in relation to obligations secured by the relevant BondBank Guarantee.

Cash Deposit. (a) If the Council makes a demand under any Bond Bank Guarantee pursuant to clause 2.6 1.3 of this Schedule 10Schedule, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 Xxx 0000 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond Bank Guarantee secured. Draft. (b) As beneficial owner of the Cash Deposit, the Council may, at any time and without notice to the Developer, withdraw money (including accrued interest) from the Cash Deposit Account and retain that money absolutely to satisfy or reimburse the Council for any liability, loss, cost, charge or expense incurred by the Council because of failure by the Developer to comply with those of the Developer's ’s obligations under this Deed that the relevant Bond Bank Guarantee secured. (c) All Costs, charges, duties and Taxes payable in connection with the Cash Deposit Account or interest accruing on moneys credited to the Cash Deposit Account may be satisfied by the Council withdrawing money from the Cash Deposit Account and applying the money for that purpose. (d) If no moneys are, or may become, payable to the Council under this Deed in connection with the obligations under this Deed secured by the relevant Bond Bank Guarantee and the Developer has satisfied all of its obligations under this Deed which were secured by the relevant BondBank Guarantee, the Council must pay the balance of the Cash Deposit Account, less all Costs, charges, duties and Taxes payable in connection with such payment, to the Developer. (e) For the avoidance of doubt, the Developer has no right to require the Council to release the Cash Deposit until the Council is reasonably satisfied that no moneys are, are or may become, payable to the Council under this Deed in relation to obligations secured by the relevant BondBank Guarantee.

Cash Deposit. (a) If the Council makes demand under any Bond Bank Guarantee pursuant to clause 2.6 1.6 of this Schedule 10, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond Bank Guarantee secured. Draft. (b) As beneficial owner of the Cash Deposit, the Council may, at any time and without notice to the Developer, withdraw money (including accrued interest) from the Cash Deposit Account and retain that money absolutely to satisfy or reimburse the Council for any liability, loss, cost, charge or expense incurred by the Council because of failure by the Developer to comply with those of the Developer's obligations under this Deed that the relevant Bond Bank Guarantee secured. (c) All Costs, charges, duties and Taxes taxes payable in connection with the Cash Deposit Account or interest accruing on moneys credited to the Cash Deposit Account may be satisfied by the Council withdrawing money from the Cash Deposit Account and applying the money for that purpose. (d) If no moneys are, or may become, payable to the Council under this Deed in connection with the obligations under this Deed secured by the relevant Bond Bank Guarantee and the Developer has satisfied all of its obligations under this Deed which were secured by the relevant BondBank Guarantee, the Council must pay the balance of the Cash Deposit Account, less all Costs, charges, duties and Taxes taxes payable in connection with such payment, to the Developer. (e) For the avoidance of doubt, the Developer has no right to require the Council to release the Cash Deposit until the Council is reasonably satisfied that no moneys are, or may become, payable to the Council under this Deed in relation to obligations secured by the relevant BondBank Guarantee.

Cash Deposit. (a) If the Council makes demand under any Bond Security pursuant to clause 2.6 1.4 of this Schedule 10, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond Security secured. Draft. (b) As beneficial owner of the Cash Deposit, the Council may, at any time and without notice to the DeveloperOwner, withdraw money (including accrued interest) from the Cash Deposit Account and retain that money absolutely to satisfy or reimburse the Council for any liability, loss, cost, charge or expense incurred by the Council because of failure by the Developer Owner to comply with those of the DeveloperOwner's obligations under this Deed that the relevant Bond Security secured. (c) All Costs, charges, duties and Taxes payable in connection with the Cash Deposit Account or interest accruing on moneys credited to the Cash Deposit Account may be satisfied by the Council withdrawing money from the Cash Deposit Account and applying the money for that purpose. (d) If no moneys are, or may become, payable to the Council under this Deed in connection with the obligations under this Deed secured by the relevant Bond Security and the Developer Owner has satisfied all of its obligations under this Deed which were secured by the relevant BondSecurity, the Council must pay the balance of the Cash Deposit Account, less all Costs, charges, duties and Taxes payable in connection with such payment, to the DeveloperOwner. (e) For the avoidance of doubt, the Developer Owner has no right to require the Council to release the Cash Deposit until the Council is reasonably satisfied that no moneys are, or may become, payable to the Council under this Deed in relation to obligations secured by the relevant BondSecurity.