City National Bank Letter Regarding Release of Certificate of Deposit Linked to Security Agreement with Digital Insight

Contract Categories: Business Finance › Security Agreements
Summary

This letter from City National Bank to Digital Insight confirms that, starting September 1, 2001, and as long as there is no default on the related loan, Digital Insight can request monthly releases of funds from a specific certificate of deposit. The amount released will ensure the remaining deposit matches the outstanding loan balance. Early withdrawal penalties may apply unless the withdrawal is made at the deposit's maturity.

Read More Arrow
EX-10.3 8 0008.txt LETTER DATED SEPTEMBER 5, 2000 EXHIBIT 10.3 [LETTERHEAD OF CITY NATIONAL BANK] September 5, 2000 Kevin McDonnell Senior Vice President & Chief Financial Officer Digital Insight 26025 Mureau Road Calabasas, CA 91302 Re: Security Agreement dated August 18, 2000 for $10,000,000 Equipment Term Facility Dear Kevin: This is in reference to the Certificate of Deposit Number 240-005484. This will confirm that, on and after September 1, 2001, and provided no Event of Default exists under the Multiple Disbursement Note date as of August 18, 2000, CNB, upon request of Debtor, made in writing and no more than once in any calendar month, CNB shall release to Debtor an amount such that the remaining amount is equal to the then principal balance under the Note. Unless the withdrawal occurs at the maturity of the Certificate of Deposit held pursuant to the above shown Security Agreement, and any renewals of extensions thereof, early withdrawal fees and penalties as set forth in the Certificate of Deposit shall apply. Sincerely, /s/ Bob Louk Bob Louk