What Is a Deposit Agreement
Section 2.5 Depositary Jurisdiction. Holdings, the collateral agent and the depositary agent agree that, for the purposes of the UCC, notwithstanding anything to the contrary in any other agreement governing the establishment and operation of the Account, the custodian agent`s jurisdiction (in its capacity as securities dealer and bank) shall be the State of New York and the laws of the State of New York shall govern the establishment and operation of the Account. (a) Deposits in the TAU reserve account. Interest shall be deposited or deposited into the Account upon receipt, and the Depository shall pay into the Account all amounts received directly from the Account upon receipt: (i) the proceeds of the loan totalling $135,000,000 paid directly from the proceeds paid to the Company; All items deposited in the Deposit Account shall be processed in accordance with the provisions of the Deposit Agreements as modified by this Agreement. Like GICs, there are various bank deposit mechanisms, which typically include management fees, investment management fees and fees to offset credit risk or early withdrawal. A deposit account agreement (DACA), also known as a control agreement, is an agreement between the borrower, the lender, and a bank. This agreement is also known as a control agreement. In this agreement, a borrower grants a lender a security interest in its specific account with a bank. The lender then has control over the distribution of funds for their loan, which protects the lender in the event of the borrower`s default. The lender controls the flow of money from the account to the borrower, can freeze them if necessary and give its own instructions to the bank.
Section 2.7 Subordination of Privilege; Waiver of Set-off. In the event that the depositary subsequently has or obtains a lien in an account or an account security by agreement, operation of law or otherwise, the depositary agrees that such lien shall be subject to the collateral agent`s lien. Financial assets credited to the account and other security in the account are not subject to deduction, set-off, lien or any other right in favour of any person other than the guarantor (except for fees, charges and expenses incurred in connection with the purchase or sale of eligible investments). Fees, expenses and indemnities payable to the Custodian, as well as returned items and chargebacks for unsolicited checks or other items of payment and transfers previously credited to the Account, and Holdings and the Collateral Agent hereby authorize the Depository Agent to debit the Account for such amounts). Bank deposit agreements are similar to guaranteed investment contracts (GICs), except that they are issued by banks rather than insurance companies. The issuer (bank) guarantees the investor`s return on investment and pays a fixed or variable interest rate until the end of the contract. In the meantime, the bank is trying to get a higher return on investment than promised to the investor. In general, the return on a bank deposit contract increases with the duration and size of the investment.
Finally, there is the contract on criminal deposits, in which a signal is given that serves as compensation in case of breach of contract. It sets penalties, but the sale may be demanded, i.e. the party concerned may keep the money from the deposits or demand it in duplicate and, in addition, bring an action in execution of the contract. Bußarras: This is the most common modality, they are regulated by Article 1454 of the Civil Code and are considered part of the sale price. If the buyer violates the contract, he loses the signal delivered. If the seller is the defaulting seller, he will return the received double signal to the buyer. Second filing: If one of the parties intends to terminate the contract, the other party may demand its performance or agree to its termination as well as the damages determined in legal proceedings. They are implicitly regulated by Article 1124 of the Civil Code and are also taken into account in the selling price.
Bank of New York enters into this Agreement solely in its fiduciary capacity and in no other capacity, and in no event shall Bank of New York be liable under or in connection with this Agreement except as trustee of the Trust. Any liability of the trustee arising out of or in connection with this Agreement shall be limited to the trustee and shall be enforceable against the trustee only to the extent that such liability can be discharged from the assets of the trust held by the trust under the terms of the trust agreement to satisfy such liability at the time the amount of such liability is claimed against the trustee.