Common use of Deposit Collateral Clause in Contracts

Deposit Collateral. If applicable, Seller has pledged or otherwise encumbered the Assets of Seller listed in Schedule 6.15 under the Deposit Collateral Security Agreements to secure all of Seller’s obligations to perform under the Deposits and purchased Excluded Deposits set forth therein. Purchaser understands and agrees that the Deposit Collateral shall at all times be considered, unless otherwise sold to Purchaser in accordance with this Agreement, the sole property of Seller and that Purchaser shall have no right, title or interest in or to such Deposit Collateral or any of the proceeds therefrom. Purchaser agrees to obtain a full and unconditional release of all liens, claims or encumbrances on the Deposit Collateral represented by the Deposit Collateral Security Agreements, or otherwise arising out of such pledge, by substituting collateral of Purchaser satisfactory to such depositors or otherwise, on or before the Closing. Seller shall cooperate with Purchaser in obtaining such releases. In the event that Purchaser does not obtain the release of the Deposit Collateral Security Agreements prior to Closing, Purchaser hereby agrees that Purchaser will purchase the Deposit Collateral on the Closing Date at a price equal to the Deposit Collateral Value.

Deposit Collateral. If applicable, Seller has pledged or otherwise encumbered the Assets assets of Seller listed in Schedule 6.15 6.18 under the Deposit Collateral Security Agreements to secure all of Seller’s 's obligations to perform under the Deposits and purchased Excluded Deposits set forth therein. Purchaser understands and agrees that the Deposit Collateral shall at all times be considered, unless otherwise sold to Purchaser in accordance with Section 9.5(d) of this Agreement, the sole property of Seller and that Purchaser shall have no right, title or interest in or to such Deposit Collateral or any of the proceeds therefrom. Purchaser agrees to obtain a full and unconditional release of all liens, claims or encumbrances on the Deposit Collateral represented by the Deposit Collateral Security Agreements, or otherwise arising out of such pledge, by substituting collateral of Purchaser satisfactory to such depositors or otherwise, on or before the Closing. Seller shall cooperate with Purchaser in obtaining such releases. In the event that Purchaser does not obtain the release of the Deposit Collateral Security Agreements prior to within 30 days after Closing, Purchaser hereby agrees that Purchaser will purchase the Deposit Collateral on the such thirtieth day after Closing Date at a price equal to the Deposit Collateral Value.