Special Deposits Clause Samples
The Special Deposits clause establishes the requirement for a party to place a specific sum of money into a designated account, often as security or assurance for the fulfillment of certain obligations under the agreement. Typically, this clause outlines the conditions under which the deposit must be made, how it will be held, and the circumstances that allow for its release or forfeiture, such as upon completion of contractual duties or in the event of a breach. Its core practical function is to provide financial security and mitigate risk by ensuring that funds are available to cover potential losses or defaults.
POPULAR SAMPLE Copied 1 times
Special Deposits payable with 50% deposit of Hiring Fee
Special Deposits. The Special Deposits listed on Schedule 2.21(a) shall be maintained through the Closing Date and will constitute assets to be included in the Company’s Statutory Capital and Surplus.
Special Deposits. Notwithstanding anything to the contrary in this Agreement, (i) the first Deposit listed on Schedule I hereto and the second Deposit listed on Schedule I hereto (collectively, the "Special Deposits") shall not bear interest, but otherwise shall be treated as Deposits for all purposes of this Agreement and (ii) the Escrow Agent shall withdraw both Special Deposits on the date hereof and may re-deposit all or any portion of each such Special Deposit on the date hereof in accordance with Section 1.6 hereof, and, for the avoidance of doubt, any such re-deposited sum shall no longer constitute a "Special Deposit" hereunder but shall be treated as a new Deposit for all purposes hereunder and shall bear interest as provided in Section 1.4 hereof. * * *
Special Deposits. 1. A Producing Member may at any time, with the consent of the Council, make special deposits of tin metal with the Manager. A special deposit shall not be treated as part of the buffer stock and shall not be at the disposal of the Manager.
2. A Producing Member which has informed the Council of its intention of making a special deposit of tin metal originating within its territory shall, subject to furnishing such evidence as the Council may require to identify the metal or the concentrates for conversion into tin metal which is the subject of the special deposit, be permitted to export such metal or concentrates in addition to any permissible export amount that may have been allocated to that Member under article 34 and, subject to the compliance by the Producing Member with the requirements of article 39, the provisions of article 34, paragraphs 2 and 4, and of article 36, paragraph 1, shall not apply to such exports.
3. Special deposits may be accepted by the Manager only at such place or places as may be convenient to him.
4. The Executive Chairman shall notify the Members of the receipt of any such special deposit, but not sooner than three months after the date of receipt.
5. A Producing Member which has made a special deposit of tin metal may withdraw the whole or part of that special deposit in order to fulfil the whole or part of its permissible export amount in any control period. In such a case the amount withdrawn from the special deposit shall be regarded as having been exported for the purposes of export control in the control period in which the withdrawal was made.
6. In any quarter which has not been declared a control period any special deposit shall be at the disposal of the Member which has made the deposit, subject only to the provisions of article 39, paragraph 8.
7. All charges incurred in connection with any special deposit shall be borne by the Member making the deposit and no charges shall be borne by the Council.
Special Deposits. The Borrowers shall, on the Business Day they ---------------- receive notice from either of the Banks of an Event of Default, deposit in an account with USTrust, for the benefit of the Banks, (a) an amount of U.S. dollars in cash equal to the Letter of Credit Exposure as of such date; and (b) an amount of U.S. dollars in cash equal to the Foreign Exchange Exposure calculated on the date of deposit in U.S. dollars at the spot rate of exchange, if applicable, for purchasing foreign currency on that date with U.S. dollars. Such deposit shall be held by USTrust as collateral for the payment and performance of the Obligations. So long as such Event of Default is continuing USTrust shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Money in such account shall automatically be applied by USTrust as follows: money deposited under clause (a) shall be applied to reimburse the Issuing Bank(s) for Letter of Credit Disbursements and, (b) if the maturity of the outstanding loans has been accelerated, money deposited under clause (b) shall be applied to satisfy the Obligations.