Procedure for Deposits Clause Samples
The "Procedure for Deposits" clause outlines the specific steps and requirements for making, holding, and managing deposits under an agreement. It typically details when and how a deposit must be paid, the acceptable forms of payment, and the conditions under which the deposit may be refunded or forfeited. For example, it may require a buyer to transfer a certain amount to an escrow account within a set timeframe, and specify what happens if the deposit is not received. This clause ensures both parties understand their obligations regarding deposits, reducing the risk of disputes and providing a clear process for handling funds.
Procedure for Deposits. Each properly formatted Full Deposit and Incremental Deposit shall be processed and electronically delivered in encrypted form to Escrow Agent according to the transfer process described in Exhibit C of Appendix 1.
Procedure for Deposits. (a) The Depositor shall notify Philips in writing of any Deposit it wishes to place with Philips (hereinafter referred to as "the Notice"), each Notice to be received by Philips two (2) business days (or less, if mutually agreed upon) prior to the first day that the Deposit is to be placed. Each Notice shall specify the amount of the Deposit, the first day of the term of the Deposit, and, subject to Article 7(a) of this Agreement, the interest period of the Deposit. On the first day of the term specified for each Deposit, the Depositor will credit the full amount of the Deposit to Philips' bank account specified by Philips in freely transferable same day funds. All Notices shall be substantially in the form as attached hereto as Schedule I.
(b) Deposits can only be made in United States Dollars. Each request for a Deposit placement shall be for a sum of at least Fifty Thousand Dollars (USD 50,000) or in integral multiples thereof.
(c) Philips may refuse in its absolute and sole discretion any Deposit by the Depositor. If Philips accepts a Deposit, it shall promptly send the Depositor a written confirmation of the Deposit.
Procedure for Deposits. (a) The Depositor can make Deposits on a daily basis. The Depositor shall notify Philips in writing of any Deposit it wishes to place with Philips (hereinafter referred to as "the Notice"), each Notice to be received by Philips two business days (or less, if mutually agreed upon) prior to the first day that the Deposit is to be placed. Each Notice shall specify the currency of the Deposit (either Euros or US Dollars), the amount of the Deposit, the start date of the Deposit, and the interest period of the Deposit. On the start date specified for each Deposit, the Depositor will credit the full amount of the Deposit to Philips's bank account specified by Philips in freely transferable same day funds.
(b) Each request for a Deposit placement shall be for a sum of at least (the Euro equivalent of) Five Hundred Thousand US Dollars (USD $500,000) or in integral multiples thereof.
(c) It is understood and agreed that the Deposits, including any interest earned thereon, are being held by Philips solely for the benefit of the Depositor.
(d) Philips hereby waives any and all rights of lien, attachment or set-off whatsoever, if any, against the Deposits, including any interest accrued thereon, whether such rights arise by reason of statutory or common law, by contract or otherwise, except in connection with (i) the Counter Guarantee Letter Agreement made by Depositor in favor of Philips dated March 28, 2002 or (ii) any indebtedness for borrowed money.
(e) Philips shall pass along to Depositor any insurance, if any, protecting the Deposits and any interest accrued thereon against risk of loss or liability.
Procedure for Deposits. (a) The Depositor can make Deposits on a daily basis. The Depositor shall notify Philips in writing of any Deposit it wishes to place with Philips (hereinafter referred to as “the Notice”), each Notice to be received by Philips two business days (or less, if mutually agreed upon) prior to the first day that the Deposit is to be placed. Each Notice shall specify the currency of the Deposit (either Euros or US Dollars), the amount of the Deposit, the start date of the Deposit, and the interest period of the Deposit. On the start date specified for each Deposit, the Depositor will credit the full amount of the Deposit to Philips’s bank account specified by Philips in freely transferable same day funds.
(b) Each request for a Deposit placement shall be for a sum of at least (the Euro equivalent of) One Hundred Thousand US Dollars (USD $100,000) or in integral multiples thereof.
(c) It is understood and agreed that the Deposits, including any interest earned thereon, are being held by Philips solely for the benefit of the Depositor.
(d) Philips hereby waives any and all rights of lien, attachment or set-off whatsoever, if any, against the Deposits, including any interest accrued thereon, whether such rights arise by reason of statutory or common law, by contract or otherwise, except in connection with any indebtedness for borrowed money.
(e) Philips shall pass along to Depositor any insurance, if any, protecting the Deposits and any interest accrued thereon against risk of loss or liability.