Common use of Deposit; Balance Clause in Contracts

Deposit; Balance. 5.1 The Landlord acknowledges that: 5.1.1 the Deposit Balance is and remains beneficially the property of the Tenant subject to the charge created by clause 4.4 and the Bank has been notified in writing of this fact; and 5.1.2 it must not make any withdrawals from the Deposit Account except on the terms of this Deed. 5.2 The Tenant acknowledges that the Landlord is entitled to make withdrawals from the Deposit Account on the terms of this Deed and that any money so withdrawn will become the property of the Landlord. 5.3 The Landlord may notify the Tenant that the Deposit Balance is to be reduced by such sum as may be specified to settle any of the Secured Liabilities. If the Tenant does not pay to the Landlord the sums specified within 10 working days after being notified, the Landlord may withdraw those sums from the Deposit Account. 5.4 The Tenant must pay to the Landlord on demand such further sums as may be required to ensure that the Deposit Balance is at all times equal to the Minimum Balance. 5.5 The Landlord must pay any sums received from the Tenant under clause 5.4 into the Deposit Account within 2 working days of receipt and they will form part of the Deposit Balance. 5.6 Interest earned on the Deposit Account must be credited to the Deposit Account. It will form part of the Deposit Balance until paid to the Tenant in accordance with clause 6.

Deposit; Balance. 5.1 The Landlord acknowledges that: 5.1.1 the Deposit Balance is and remains beneficially the property of the Tenant subject to the charge created by clause 4.4 and the Bank has been notified in writing of this fact; and 5.1.2 it must not make any withdrawals from the Deposit Account except on the terms of this Deed.. CONTENTS 5.2 The Tenant acknowledges that the Landlord is entitled to make withdrawals from the Deposit Account on the terms of this Deed and that any money so withdrawn will become the property of the Landlord. 5.3 The Landlord may notify the Tenant that the Deposit Balance is to be reduced by such sum as may be specified to settle any of the Secured Liabilities. If the Tenant does not pay to the Landlord the sums specified within 10 working days after being notified, the Landlord may withdraw those sums from the Deposit Account. 5.4 The Tenant must pay to the Landlord on demand such further sums as may be required to ensure that the Deposit Balance is at all times equal to the Minimum Balance. 5.5 The Landlord must pay any sums received from the Tenant under clause 5.4 into the Deposit Account within 2 working days of receipt and they will form part of the Deposit Balance. 5.6 Interest earned on the Deposit Account must be credited to the Deposit Account. It will form part of the Deposit Balance until paid to the Tenant in accordance with clause 6.