Assigned Deposits definition
Examples of Assigned Deposits in a sentence
The Company may withhold and deduct from any amounts payable under this Agreement such taxes and social security obligations as may be required to be withheld pursuant to any applicable law or regulation.
Bank's sole duty with respect to the custody, safekeeping and physical preservation of any certificate, passbook, or other documentation evidencing the Assigned Deposits in its possession shall be to deal with it in the same manner as it deals with similar property for its own account.
Bank shall have the exclusive authority to withdraw, or direct the withdrawal of, funds from the Assigned Deposits.
Notwithstanding the foregoing, Debtor's obligation to reimburse Bank for any payment made by Bank under any letter of credit shall be absolute and unconditional whether or not there are sufficient funds available in the Assigned Deposits to reimburse Bank for any such payment and whether or not Bank is able, for any reason, to be so reimbursed.
So long as this Agreement remains in effect, the Assigned Deposits will be titled as directed by Bank.
As the outstanding face amount of any such letters of credit is reduced as provided therein and provided no Default has occurred and is then continuing, upon written request of Debtor contained in a Certificate of Reduction, Bank shall permit amounts on deposit in the Assigned Deposits to be withdrawn by Debtor provided that after giving effect to such withdrawal the Minimum Deposit Value is maintained.
Until all of the Obligations are repaid in full and subject to Section 7 hereof, Bank shall have the entire right and interest in and to the Assigned Deposits.
Debtor surrenders all authority or right to withdraw, collect, receive the benefits of, or otherwise assign or encumber the Assigned Deposits, and authorizes Bank (and each affiliate and branch office of Bank or such affiliate) to treat Bank as the sole and exclusive owner of the Assigned Deposits held subject to the terms hereof for the benefit of Debtor.
Upon termination of this Security Agreement, and to the extent the Assigned Deposits have not been applied in satisfaction of the Obligations or released to Debtor pursuant to Section 7 hereof, Bank shall reassign the Assigned Deposits to Debtor and return any passbooks, certificates, and other documents in Bank's possession at Debtor's request.
By executing this Security Agreement, Debtor has divested itself of all control over the Assigned Deposits and Bank is entitled to and does possess sole dominion and control over the Assigned Deposits and is entitled to receive the benefits accruing with respect thereto as additional security for the Obligations.