The Harris Texas Escrow and Security Agreement is a legally binding contract between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. This agreement establishes the terms and conditions for the escrow and security arrangements related to specific financial transactions or obligations. The primary purpose of this agreement is to provide a mechanism to hold funds or assets in escrow, ensuring that all parties involved are protected and their interests are safeguarded. It acts as a safety net, guaranteeing the fulfillment of financial obligations and minimizing risks. Key provisions of the Harris Texas Escrow and Security Agreement may include: 1. Escrow Account Establishment: The agreement specifies the creation of an escrow account with Citibank, N.A., where funds or assets will be deposited and held until certain conditions are met. 2. Conditions for Release: It outlines the conditions under which funds or assets held in escrow can be released to the respective parties. This may include specific milestones, contractual obligations, or events triggering the release. 3. Security Interest: The agreement grants Citibank, N.A. a security interest in specified collateral owned by On Site Media, Inc. and Site-Based Media, Inc. This acts as a guarantee to secure the obligations or debts owed to the bank. 4. Performance Expectations: The agreement may outline the performance expectations of On Site Media, Inc. and Site-Based Media, Inc. in terms of financial commitments, timely payments, or other agreed-upon obligations. 5. Default and Remedies: It outlines the consequences and remedies in case of default by any party involved. This may include the right to foreclose on the collateral, set-off any outstanding amounts, or pursue legal action to recover any losses. 6. Additional Sub-Agreements: The Harris Texas Escrow and Security Agreement may incorporate or reference other sub-agreements related to the financial transactions, such as loan agreements, mortgage agreements, or promissory notes. Different types of Harris Texas Escrow and Security Agreements between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A., could include escrow arrangements for: 1. Loan Agreements: If On Site Media, Inc., and Site-Based Media, Inc. have borrowed funds from Citibank, N.A., an escrow account may be established to hold the loan proceeds and ensure compliance with agreed-upon conditions. 2. Acquisition Agreements: In the case of acquiring or merging with other companies, an escrow account can be used to hold a portion of the purchase price until certain post-closing obligations, representations, or warranties are fulfilled. 3. Intellectual Property Transactions: Escrow arrangements may be utilized to secure intellectual property rights during licensing, transfer, or sale transactions. Funds or assets can be held in escrow until the necessary rights are transferred adequately. 4. Rental or Lease Agreements: Escrow accounts may be established to hold security deposits or rental payments, protecting both the lessee and lessor's interests as per the agreed terms and conditions. In conclusion, the Harris Texas Escrow and Security Agreement is a comprehensive framework between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. that ensures the proper handling, protection, and fulfillment of financial obligations through escrow arrangements. It serves as a vital legal document safeguarding the interests of all parties involved.
The Harris Texas Escrow and Security Agreement is a legally binding contract between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. This agreement establishes the terms and conditions for the escrow and security arrangements related to specific financial transactions or obligations. The primary purpose of this agreement is to provide a mechanism to hold funds or assets in escrow, ensuring that all parties involved are protected and their interests are safeguarded. It acts as a safety net, guaranteeing the fulfillment of financial obligations and minimizing risks. Key provisions of the Harris Texas Escrow and Security Agreement may include: 1. Escrow Account Establishment: The agreement specifies the creation of an escrow account with Citibank, N.A., where funds or assets will be deposited and held until certain conditions are met. 2. Conditions for Release: It outlines the conditions under which funds or assets held in escrow can be released to the respective parties. This may include specific milestones, contractual obligations, or events triggering the release. 3. Security Interest: The agreement grants Citibank, N.A. a security interest in specified collateral owned by On Site Media, Inc. and Site-Based Media, Inc. This acts as a guarantee to secure the obligations or debts owed to the bank. 4. Performance Expectations: The agreement may outline the performance expectations of On Site Media, Inc. and Site-Based Media, Inc. in terms of financial commitments, timely payments, or other agreed-upon obligations. 5. Default and Remedies: It outlines the consequences and remedies in case of default by any party involved. This may include the right to foreclose on the collateral, set-off any outstanding amounts, or pursue legal action to recover any losses. 6. Additional Sub-Agreements: The Harris Texas Escrow and Security Agreement may incorporate or reference other sub-agreements related to the financial transactions, such as loan agreements, mortgage agreements, or promissory notes. Different types of Harris Texas Escrow and Security Agreements between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A., could include escrow arrangements for: 1. Loan Agreements: If On Site Media, Inc., and Site-Based Media, Inc. have borrowed funds from Citibank, N.A., an escrow account may be established to hold the loan proceeds and ensure compliance with agreed-upon conditions. 2. Acquisition Agreements: In the case of acquiring or merging with other companies, an escrow account can be used to hold a portion of the purchase price until certain post-closing obligations, representations, or warranties are fulfilled. 3. Intellectual Property Transactions: Escrow arrangements may be utilized to secure intellectual property rights during licensing, transfer, or sale transactions. Funds or assets can be held in escrow until the necessary rights are transferred adequately. 4. Rental or Lease Agreements: Escrow accounts may be established to hold security deposits or rental payments, protecting both the lessee and lessor's interests as per the agreed terms and conditions. In conclusion, the Harris Texas Escrow and Security Agreement is a comprehensive framework between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. that ensures the proper handling, protection, and fulfillment of financial obligations through escrow arrangements. It serves as a vital legal document safeguarding the interests of all parties involved.
