How is On Deposit defined in a legal contract?
- On Deposit means cash or an equivalent that is under control of a grantee or an applicant and readily available for use as funding. These funds must be confirmable at the time of application to the satisfaction of [organization]. Seen in 3 SEC filings.
- On Deposit means that local funds are deposited into a trust. The [organization] will not distribute program funds until the required funds for a project are on deposit. Seen in 2 SEC filings.
- On Deposit means the local cash or an equivalent is deposited into a housing trust fund. The [organization] will not disburse program funds until all required funds for a project are on deposit. Seen in 1 SEC filing.
- On Deposit means consigned to the [organization]'s legal representative to be held as undeliverable, subject to the franchisee's order. This corresponds to [appendix] 9.2. Seen in 1 SEC filing.
Note: pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
On Deposit means having funds, which are verifiable and available immediately, within the control of an entity.
Relevant Contract Types
Relevant Circumstances
- When an entity is laying aside funds to secure an obligation or transaction.
- When a business is setting up escrow funds for a transaction.
Relevant Sectors
Genie Definition 2
On Deposit means allocated funds that are held as undeliverable until a predetermined condition is met.
Relevant Contract Types
Relevant Circumstances
- In the case of setting up trust funds for beneficiaries.
- When holding a deposit for rental agreement.
Relevant Sectors
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Advance Consumption Deposit (ACD) means a deposit serving as security for expected power consumption costs for [number] of billing cycles
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