North Dakota Escrow and Security Agreement is a legally binding document that outlines the terms and conditions related to the escrow and security arrangements between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. This agreement serves to protect the interests of all parties involved and ensures the secured financing of specific assets. Below are some key details and types of North Dakota Escrow and Security Agreements: 1. Basic Overview: The North Dakota Escrow and Security Agreement establish a framework under which On Site Media, Inc. and Site-Based Media, Inc. pledge certain assets as collateral to secure loans or other financial obligations owed to Citibank, N.A. These assets can include equipment, property, intellectual property rights, accounts receivable, and any other identified valuable items. 2. Parties Involved: The agreement involves three main parties: — On Site Media, Inc.: The borrowing entity and the principal obliged under the agreement. — Site-Based Media, Inc.: May act as a subsidiary or affiliated company of On Site Media, Inc., providing additional collateral or guarantees. — Citibank, N.A.: The lender or holder of the financial obligations secured by the agreement. 3. Escrow and Collateral: The agreement grants Citibank, N.A. the right to hold assets in escrow. This means that On Site Media, Inc. and Site-Based Media, Inc. transfer the identified collateral assets to Citibank, N.A. as security for the repayment of the financial obligations. 4. Purpose of Escrow: The key purpose of the escrow arrangement is to mitigate risk for Citibank, N.A. In the event that On Site Media, Inc. fails to fulfill its obligations, the lender can seize and sell the pledged assets to recover outstanding debt. 5. Types of North Dakota Escrow and Security Agreement: a) Traditional North Dakota Escrow and Security Agreement: This is a standard form of agreement where the borrower (On Site Media, Inc.) provides collateral to secure the loan. b) Subordinated North Dakota Escrow and Security Agreement: In this type, Site-Based Media, Inc. agrees to subordinate its interest in certain assets to Citibank, N.A. This ensures that Citibank, N.A. is given priority in accessing and liquidating the collateral, even if there are other creditors involved. c) Cross-Collateralized North Dakota Escrow and Security Agreement: This type of agreement involves On Site Media, Inc. and Site-Based Media, Inc. offering multiple assets as collateral to secure multiple loans or financial obligations from Citibank, N.A. In conclusion, the North Dakota Escrow and Security Agreement between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. is a legal contract that establishes the terms of escrow arrangements and collateral security for financial obligations. Different types of these agreements include traditional, subordinated, and cross-collateralized agreements, each serving specific purposes and providing various levels of security to the lender.
North Dakota 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 North Dakota Escrow And Security Agreement Between On Site Media, Inc., Site-Based Media, Inc., And Citibank, N.A.?
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