Irrevocable Deposit Clause Samples
An Irrevocable Deposit clause establishes that a sum of money paid by one party, typically as a deposit or security, cannot be withdrawn, cancelled, or reclaimed by the depositor once it has been made. In practice, this means that the deposited funds are held unconditionally, often by a third party such as an escrow agent, and are released only under specific, pre-agreed circumstances, such as the completion of contractual obligations or the occurrence of certain events. This clause ensures that the recipient has reliable access to the funds, providing assurance of payment and reducing the risk of non-performance or withdrawal by the depositing party.
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Irrevocable Deposit. Any deposit made into the Collateral Account hereunder shall, except as otherwise provided herein, be irrevocable, and the amount of such deposit and any money, instruments, investment property or other property on deposit in, carried in or credited to such Collateral Account hereunder and all interest thereon shall be held in trust by the Agent and applied solely as provided herein.
Irrevocable Deposit. Any deposit made into the Collection Account hereunder shall, except as otherwise provided herein, be irrevocable, and the amount of such deposit and any money, instruments, investment property or other property on deposit in, carried in or credited to the Collection Account hereunder and all interest thereon shall be held in trust by the Trustee and applied solely as provided herein.
Irrevocable Deposit. The deposit by the Issuers of moneys in the Redemption Account under this Agreement constitutes an irrevocable deposit thereof in trust solely for the purpose of making the payments described in Section 5 hereof.
Irrevocable Deposit. (a) In accordance with Section 8.01 of the Indenture and for the purposes of providing payment of (i) the interest accrued on the Defeased Securities to the Redemption Date and (ii) the Redemption Price of the Defeased Securities on such Redemption Date (the aggregate of such payments required for purposes of clauses (i) and