Connecticut Escrow and Security Agreement between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A.
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How to fill out Escrow And Security Agreement Between On Site Media, Inc., Site-Based Media, Inc., And Citibank, N.A.?
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FAQ
What Is Escrow? Escrow is a legal concept describing a financial agreement whereby an asset or money is held by a third party on behalf of two other parties that are in the process of completing a transaction. Escrow accounts are managed by the escrow agent.
An escrow agreement is a contract that outlines the terms and conditions between parties involved, and the responsibility of each. Escrow agreements generally involve an independent third party, called an escrow agent, who holds an asset of value until the specified conditions of the contract are met.
A source code escrow agreement typically instructs the agent to release the source code to the licensee if and when a specified event occurs, such as the licensor becoming insolvent or defaulting on its maintenance obligations under the principal license agreement.
At its most basic definition, a software escrow agreement is a contract between a software supplier and their client. It is made so that the client is guaranteed access to the software source code under some specific conditions, including bankruptcy or insolvency of the supplier and software maintenance issues.
A Software Escrow Agreement protects your investment by guaranteeing the long-term availability of third-party software and data while preserving the developer's Intellectual Property Rights (IPR).
When you close on a mortgage, your lender may set up a mortgage escrow account where part of your monthly loan payment is deposited to cover some of the costs associated with home ownership. The costs may include but are not limited to real estate taxes, insurance premiums and private mortgage insurance.
Escrow is a legal contract that involves custody of an asset until all conditions are met. Once all conditions are met by both the buyer and the seller, escrow is closed. Closing of escrow can differ from your closing date.
A legal arrangement in which an asset (such as cash or securities) is deposited into an account under the trust of a third party (the escrow agent) until satisfaction of a contractual contingency or condition.