Blue Ridge Bank
Deposit Account Control and Security Agreement
Terms & Conditions
1. Effectiveness
2. Definitions
3. Uniform Commercial Code Acknowledgement
4. Grant of Security Interest
5. Agency Relationship; Control
6. Maintenance of Security Interest; Right of Setoff
7. Termination
8. Miscellaneous
  • This Agreement shall be binding on and shall inure to the benefit of the parties and their respective successors and assigns, but Carrier shall not be entitled to assign or delegate any of its rights and/or duties under this Agreement without mutual agreement of the other Parties.
  • Outgo and/or Bank may assign its rights and/or duties under this Agreement by written notice to the other Parties and such assignment shall be effective as to the other Parties upon written notice to same.
  • This Agreement may be executed in any number of several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  A signature delivered by facsimile transmission or other electronic means shall be deemed the equivalent of an original signature for all purposes.
  • This Agreement shall be governed by the laws of the Commonwealth of Virginia. 
  • This Agreement may be amended only by a written instrument executed by Carrier, Bank, and Outgo acting by their respective duly authorized representatives.
  • Carrier acknowledges that the agreements made by it and the authorizations granted by it in this Agreement are irrevocable and that the authorizations granted in this Agreement are powers coupled with an interest until this Agreement is terminated in accordance with Section 7.
  • No party's failure or delay in exercising any right or remedy under this Agreement will operate as a waiver of such right or remedy, and no single or partial exercise by a party of any right or remedy under this Agreement will preclude any additional or further exercise of such right or remedy or the exercise of any other right.  If a provision of this Agreement is held to be invalid, illegal, or unenforceable, the validity, legality, or enforceability of the other provisions of this Agreement will not be affected or impaired by such holding. 
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