Deposit Agreement, Etc Clause Samples
The "Deposit Agreement, Etc" clause defines the terms and conditions under which deposits are held, managed, and potentially returned or forfeited in a contractual relationship. It typically outlines the amount of the deposit, the circumstances under which it may be applied or refunded, and the obligations of both parties regarding the handling of these funds. For example, it may specify that a deposit is held as security for performance or to cover potential damages. The core function of this clause is to provide clear rules for the management of deposits, thereby reducing disputes and ensuring both parties understand their rights and responsibilities regarding the deposited funds.
Deposit Agreement, Etc. The Obligations shall be secured by a perfected first priority security interest (subject to Permitted Liens) in the Collateral in favor of the Collateral Agent, for the benefit of the Secured Parties, and the Company will deliver or cause to be delivered to the Purchasers and the Collateral Agent on the Closing Date the following, each of which shall be in full force and effect:
(a) the Deposit Agreement;
(b) A Deed of Trust in the form of Exhibit S-2 to the 2009 SDTS Note Agreement, duly executed by the Company;
(c) A Collateral Agency Agreement in the form of Exhibit S-3 to the 2009 SDTS Note Agreement, duly executed by the Company, the Collateral Agent and the Purchasers; and
(d) Such other documents, instruments and agreements any Purchaser may reasonably request to grant to the Collateral Agent first priority (subject only to Permitted Liens) perfected Liens on the Collateral.
Deposit Agreement, Etc. The Obligations shall be secured by a perfected first priority security interest (subject to Permitted Liens) in the Collateral in favor of the Collateral Agent, for the benefit of the Secured Parties, and the Company will deliver or cause to be delivered to the Purchasers and the Collateral Agent on the Closing Date the following, each of which shall be in full force and effect:
(a) A Deposit Account Control Agreement in the form of Exhibit S-1 to the 2009 SDTS Note Agreement, duly executed by each of the Company, the Collateral Agent and Bank of America N.A. (the “Deposit Agreement”);
(b) A Deed of Trust in the form of Exhibit S-2 to the 2009 SDTS Note Agreement, duly executed by the Company;
(c) A Collateral Agency Agreement in the form of Exhibit S-3 to the 2009 SDTS Note Agreement, duly executed by the Company, the Collateral Agent and the Purchasers; and
(d) Such other documents, instruments and agreements any Purchaser may reasonably request to grant to the Collateral Agent first priority (subject only to Permitted Liens) perfected Liens on the Collateral.