DEPOSIT REPLACEMENT Sample Clauses

The Deposit Replacement clause allows a party to substitute an existing deposit with a new form of security or payment. Typically, this means that if a tenant or buyer has provided a cash deposit, they may later replace it with a bond, letter of credit, or another acceptable financial instrument, subject to the agreement of the other party. This clause provides flexibility in how security is maintained under the contract, ensuring that the interests of the party holding the deposit are protected while accommodating changes in the depositor's circumstances or preferences.
DEPOSIT REPLACEMENT. 5.1 The Tenant has elected to use the Flatfair Service in place of the requirement for a Deposit to be paid and, subject to the terms of this Schedule, the Landlord agrees to waive the requirement for the Deposit (“Deposit Replacement”) 5.2 The Deposit Replacement shall come into effect following: 5.2.1 payment of the Flatfair membership fee payable in respect of the Tenancy Agreement (as further set out in the Membership Terms); 5.2.2 the Tenant entering into an agreement with Flatfair governed by the Tenant Membership Terms; and 5.2.3 the Landlord (or someone acting on behalf of the Landlord (an “Agent”)) entering into an agreement with Flatfair governed by the Flatfair Landlord Terms and Conditions. 5.3 Once the Deposit Replacement is in effect the parties agree to resolve any dispute regarding a breach of the Tenancy Agreement between the parties through the Flatfair Portal and in accordance with the Tenant Membership Terms and Flatfair Landlord Terms and Conditions as they apply to the Tenant and Landlord respectively. In particular: 5.3.1 the Tenant shall pay the Landlord any amount due in accordance with the Tenant Membership Terms through the Flatfair Service; 5.3.2 the Tenant agrees it cannot withhold payment of any instalment of the whole or part of the rent or any other monies payable under the Tenancy Agreement as a result of signing up to the Flatfair Service; and 5.3.3 at the end of the Tenancy Agreement: (a) the Landlord or Agent shall notify the Tenant within 28 working days through the Flatfair Portal of any charge to be made to compensate the Landlord (including specifying the amounts to be charged and the reasons for any charges to be made); (b) the Landlord shall keep a formal record of the reason for these charges and appropriate supporting documentation; and (c) the Tenant may be charged, if applicable, following the procedures set out in the Tenant Membership Terms.
View SourceView Similar (5)

Related to DEPOSIT REPLACEMENT

  • Emergency Replacement SAP may replace a Subprocessor without advance notice where the reason for the change is outside of SAP’s reasonable control and prompt replacement is required for security or other urgent reasons. In this case, SAP will inform Customer of the replacement Subprocessor as soon as possible following its appointment. Section 6.3 applies accordingly.

  • Card Replacement If you need to replace your Card for any reason, please contact us at ▇-▇▇▇-▇-▇▇▇▇▇▇ (▇-▇▇▇-▇▇▇-▇▇▇▇); or login to your Card Account at ▇▇▇.▇▇▇▇▇▇▇▇▇▇.▇▇▇ to request a replacement Card. You will be required to provide personal information which may include your Card number, full name, transaction history, etc. There is a fee for replacing your Card.

  • Repair and Replacement Company shall be responsible to Lessor for reasonable replacement costs, or reasonable repair costs of all Equipment which is lost, stolen, or damaged while in the care, custody and control of Company as a result of Company's sole negligence in accordance with paragraph 2 above, reasonable wear and tear excepted, using the Actual Cash Value of the Equipment at the time of such loss. Prior to repairing the Equipment, Lessor shall submit to Company at least three estimates, including at least one estimate from a repair facility designated by Company. In the event the Equipment is lost or stolen, Company shall file a police report.

  • Card Replacement Fee If your account is subject to a Card Replacement Fee, a fee will be charged for each replacement card that is issued to you for any reason.

  • Replacements and Replacement Reserve Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 7.3 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (1) (i) Mortgage Borrower is required to maintain the Replacement Reserve Fund pursuant to the terms of Section 7.3 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer required pursuant to the terms of the Mortgage Loan Agreement to maintain the Replacement Reserve Fund or (iii) the Mortgage Loan has been repaid in full, and (2) (i) Mezzanine A Borrower is required to maintain the Replacement Reserve Fund pursuant to the terms of Section 7.3 of the Mezzanine A Loan Agreement, but Mezzanine A Administrative Agent waives such requirement, (ii) Mezzanine A Borrower is no longer required pursuant to the terms of the Mezzanine A Loan Agreement to maintain the Replacement Reserve Fund (other than as expressly contemplated under the terms of the Mezzanine A Loan Agreement) or (iii) the Mezzanine A Loan has been repaid in full, then (A) Administrative Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Replacement Reserve Fund pursuant to Section 7.3 of the Mortgage Loan Agreement, and (B) the provisions of Section 7.3 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.