Common use of Cash Deposit Clause in Contracts

Cash Deposit. (a) If the Council makes demand under any Bond pursuant to clause 2.6 of this Schedule 10, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond secured. Draft

Cash Deposit. (a) If the Council makes demand under any Bond pursuant to clause 2.6 paragraph 4 of this Schedule 10, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond secured. Draft.

Cash Deposit. (a) If the Council makes a demand under any Bond Bank Guarantee pursuant to clause 2.6 1.3 of this Schedule 10Schedule, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 Xxx 0000 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond Bank Guarantee secured. Draft.

Cash Deposit. (a) If the Council makes demand under any Bond Bank Guarantee pursuant to clause 2.6 1.6 of this Schedule 10, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond Bank Guarantee secured. Draft.

Cash Deposit. (a) If the Council makes a demand under any Bond Bank Guarantee pursuant to clause 2.6 1.3 of this Schedule 10Schedule, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, Act 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond Bank Guarantee secured. Draft.

Cash Deposit. (a) If the Council makes demand under any Bond Security pursuant to clause 2.6 1.4 of this Schedule 10, the Council must hold the full amount so paid to the Council as a cash deposit (Cash Deposit) in a separate account opened with any body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act, 1959 in the name of the Council and with beneficial ownership vesting at all times in the Council (Cash Deposit Account). The Cash Deposit will operate to secure the same obligations under this Deed that the relevant Bond Security secured. Draft.