Excess Deposit Materials Clause Samples
The 'Excess Deposit Materials' clause defines how materials provided in excess of the required deposit are handled in an agreement, typically in the context of escrow arrangements for source code or proprietary information. This clause specifies what constitutes excess materials, how they are identified, and the procedures for their return, destruction, or management. For example, if a party deposits more documents or data than necessary, the clause outlines whether these should be returned to the depositor or securely disposed of. Its core function is to prevent confusion or disputes over the handling of surplus materials, ensuring that only the intended items are retained and managed according to the agreement.
Excess Deposit Materials. In the event that the release of the contents of a Deposit Account results in Popular receiving Deposit Materials that are not Specified Materials (“Excess Deposit Materials”), Popular will deliver such Excess Deposit Materials to Iron Mountain for redeposit into escrow and destroy any copies thereof still in its possession.
