Deposit Collateral definition
Examples of Deposit Collateral in a sentence
The Trustee shall deposit the amounts received from the Deposit Collateral Agent in respect of such Liquidated Damages into the Special Distribution Subaccount in the Collection Account to be distributed on the next upcoming Payment Date as contemplated in Section 8.04(b) hereof.
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.
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.
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.
In addition, Member acknowledges and agrees that the Pledged Collateral and Deposit Collateral are given as security to Collateral Agent and all Secured Parties and that Collateral Agent and all Secured Parties are relying on such security in connection with their extensions of credit to Member.
If an Event of Default shall occur and shall be continuing, Mortgagee shall (at its option) have the exclusive right, as between Mortgagor and Mortgagee, upon notice to Mortgagor, to apply, draw, make demand, ▇▇▇ for, or amend any Security Deposit Collateral.
Custody Account means collectively, the Deposit Collateral Account and the Securities Collateral Account as such terms are defined in the Control Agreement.
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.
Borrower hereby irrevocably authorizes Lender to charge the Deposit Collateral Account and any other account of Borrower maintained with Lender or Affiliate thereof, for any payment of any Letter of Credit Reimbursement Obligation or Letter of Credit Exposure, interest, fees and commissions as it becomes due hereunder.
When all Secured Obligations shall have been paid in full, this Agreement shall terminate, and the Collateral Agent shall forthwith cause to be assigned, transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Deposit Collateral and money received in respect thereof, to or on the order of VVP Syndication.