A San Jose California Escrow and Security Agreement is a legally binding contract established between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. This agreement serves as a means to ensure financial security and protect the interests of all parties involved. In essence, an Escrow and Security Agreement is a financial arrangement where funds or assets are held in escrow by a neutral third party, in this case, Citibank, N.A., until specific conditions are met, such as the completion of a project, fulfillment of contractual obligations, or repayment of a loan. It acts as a form of collateral for the parties involved, reducing the risks and providing a guarantee of financial security. The San Jose California Escrow and Security Agreement may include various types or clauses based on the specific requirements and circumstances. Some of these are: 1. Loan Security Agreement: This type of agreement is commonly used in cases where On Site Media, Inc. or Site-Based Media, Inc. is borrowing money from Citibank, N.A. The agreement outlines the terms and conditions of the loan, including the repayment schedule, interest rates, and the rights and responsibilities of each party. 2. Performance Escrow Agreement: In situations where the companies are working on a project together, the San Jose California Escrow and Security Agreement may include a performance escrow clause. This ensures that funds or assets are withheld in escrow until the satisfactory completion of specific project milestones or performance objectives. 3. Collateral Agreement: A collateral agreement may also be a component of the San Jose California Escrow and Security Agreement. Here, On Site Media, Inc. or Site-Based Media, Inc. pledges assets or property as collateral in exchange for a loan or other financial agreement. This agreement stipulates the rights and obligations of both parties regarding the collateral. 4. Confidentiality and Non-disclosure Agreement: In some cases, the escrow agreement may contain clauses pertaining to the protection of confidential information shared between the parties. This ensures that any sensitive business or proprietary information remains confidential and is not disclosed to any third parties without appropriate consent. It is important to note that the specific terms and clauses of the San Jose California Escrow and Security Agreement will vary based on the nature of the financial arrangement or transaction and the preferences of the involved parties. As such, it is advisable to consult legal professionals with expertise in contract law and financial transactions to draft a comprehensive and tailored agreement that effectively addresses the needs and concerns of all parties involved.