Deposit Conversion definition
Deposit Conversion shall occur when all of the Deposits of the Customers held in West Bank Accounts have either been moved to BBVA Compass Accounts or returned to the Customer as contemplated by this Agreement. West Bank and WFC also hereby relinquish all rights to require the purchase of Units in SmartyPig as provided in the Operating Agreement (Section 5.4) or the West Bank BSA (Section 10) and all other special rights and privileges granted to West Bank or WFC that are not granted to all Class A Unitholders. West Bank and WFC further agree that, unless otherwise agreed to by BBVA Compass in writing, no person associated or affiliated with West Bank or any West Bank affiliated entity shall serve on the Board of Managers of SmartyPig during the term of the BBVA Compass BSA. Notwithstanding anything herein to the contrary, SmartyPig and its Board of Managers shall treat any information regarding Bank Services or received from BBVA Compass as Confidential Information.
Examples of Deposit Conversion in a sentence
Accordingly, as of the Security Deposit Conversion Date (i) the total Security Deposit held by Landlord under the Lease shall be $250,000.00, (ii) Item 9 of the Basic Lease Provisions shall be deleted and “Security Deposit: $250,000.00” shall be substituted in lieu thereof and (iii) Section 4.3 (Letter of Credit) of the Lease shall be deleted in its entirety and of no further force or effect.
On or prior to July 31, 2014 (“Security Deposit Conversion Date”), Tenant shall tender a cash security deposit in the amount of $191,355.00 (“Converted Security Deposit”).
West Bank and WFC agree that their representative shall resign from the “West Bank” seat on the SmartyPig Board of Managers upon the completion of the Deposit Conversion.