Creation of the Security Deposit Clause Samples

Creation of the Security Deposit. (a) In order to secure the Secured Obligations, the Security Provider hereby irrevocably and unconditionally creates for the benefit of the Security Beneficiary a security deposit based on Section 5:95 of the Civil Code over the Minimum DSRA Balance of the Security Deposit Account, for the full amount of the Secured Obligations and any and all accessory costs and expenses that may arise under the Financing Agreements. (b) Notwithstanding anything to the contrary herein, the Security Provider agrees with the Security Beneficiary that unless and until the Security Deposit is enforced, it shall at all times during the Security Period remain liable to perform all the duties and obligations in relation to the Minimum DSRA Balance and the Security Deposit Account and the exercise by the Security Beneficiary of any of the rights granted hereunder shall not release the Security Provider from any of its duties or obligations in relation to the Minimum DSRA Balance or the Security Deposit Account. (c) The Security Deposit Holder Bank by signing this Agreement hereby unconditionally acknowledge and consent to the (i) establishment of the Security Deposit pursuant to the terms of this Agreement, including specifically (ii) that the Security Beneficiary agrees to the Security Provider's disposal right in respect to the Security Deposit Account pursuant to Section 10.1 below, and (iii) that the Security Beneficiary following the opening of its right of satisfaction - of which the Security Beneficiary may notify the Security Deposit Holder Bank - shall be entitled to individually dispose over the balance of the Security Deposit Account. (d) The Parties agree that within fifteen (15) Business Days after signing of this Agreement they shall sign all documents required by the Money Circulation Services Act and the NBH Decree and/ or any relevant regulations on money circulation replacing or extending of such rules from time to time, and the relevant general business conditions of the Bank to provide the Security Beneficiary with the disposal rights over the Security Deposit Account specified in this Agreement.
View Source

Related to Creation of the Security Deposit

  • Conditions to Obligation of the Seller The obligation of the Seller to sell the Receivables to the Depositor is subject to the satisfaction of the following conditions:

  • Obligations Under the Security Agreement The undersigned hereby agrees, as of the date first above written, to be bound as a Grantor by all of the terms and provisions of the Security Agreement to the same extent as each of the other Grantors. The undersigned further agrees, as of the date first above written, that each reference in the Security Agreement to an “Additional Grantor” or a “Grantor” shall also mean and be a reference to the undersigned.

  • SUBORDINATION OF AGREEMENT 18.1 The parties hereto and the employees of the City are governed by the provisions of applicable Federal Law, State Law, and the City Charter. When any provisions thereof are in conflict with the provisions of this Agreement, the provisions of said Federal Law, State Law, or City Charter are paramount and shall prevail. 18.2 The parties hereto and the employees of the City are governed by applicable City Ordinances and said Ordinances are paramount except where they conflict with the express provisions of this Agreement.

  • CONTINUING OBLIGATION OF THE SELLER SLM ECFC shall provide all reasonable assistance necessary for Funding to resolve account problems raised by any Borrower, the Guarantor or the Secretary provided such account problems are attributable to or are alleged to be attributable to (a) an event occurring during the period SLM ECFC owned the related Purchased Loan, or (b) a payment made or alleged to have been made to SLM ECFC. Further, SLM ECFC agrees to reasonably cooperate in the preparation and filing of any financing statements at the request of Funding in order to reflect Funding’s interest in the Loans.

  • Indemnity to the Security Agent (a) Each Borrower shall, on demand, indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by any of them: (i) in relation to or as a result of: (A) any failure by a Borrower to comply with its obligations under Clause 16 (Costs and Expenses); (B) acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; (C) the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security; (D) the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law; (E) any default by any Transaction Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents; (F) any action by any Transaction Obligor which vitiates, reduces the value of, or is otherwise prejudicial to, the Transaction Security; and (G) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents, (ii) acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in each case, than by reason of the relevant Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct). (b) The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 14.5 (Indemnity to the Security Agent) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it.