Common use of Storage and Security Clause in Contracts

Storage and Security. (a) State shall act as custodian of the Deposit until the escrow is terminated pursuant to either Paragraph 4 or Paragraph 11 (“Termination”) of this Escrow Agreement. State shall establish, under its control, a secure receptacle for the purpose of storing the Deposit. (b) The Deposit shall remain the exclusive property of the Licensor, subject only to the licenses provided in the Contract and the Escrow Agreement. (c) State shall not divulge, disclose or otherwise make available the Deposit to any persons other than those persons duly authorized in writing by an officer of Licensor, except as may be necessary for State’s authorized representatives to perform under this Escrow Agreement, and except as otherwise provided in this Escrow Agreement. (d) State’s sole responsibility shall be to accept, store, and deliver the Deposit, in accordance with the terms and conditions of this Escrow Agreement. (e) If any of the Deposit shall be attached, garnished or levied upon pursuant to an order of court, or the delivery thereof shall be stayed or enjoined by an order of court, or any other order, judgment or decree shall be made or entered by any court affecting the Deposit or any part thereof, State is hereby expressly authorized in its sole discretion to obey and comply with all orders, judgments or decrees so entered or issued by any court, without the necessity of inquiring whether such court had jurisdiction, and in case State obeys or complies with any such order, judgment or decree, State shall not be liable for any compliance, notwithstanding that such order, judgment or decree may subsequently be reversed, modified or vacated.