Hinterlegung (einer Sicherheit, Geld)=deposit, payment;
(eines Gutes)=bailment (which does not
fit the context here);
The right to deposit (?money for security?) has to be
excluded in the guarantee document.

Das Recht zur Hinterlegung means that
the party who gets the guarantee can ask
for a monetary amount or other assets to
guarantee payment. If a bank is the guarantee, this provision is usually
excluded, because the bank does not
want to put up money, they solely
guarantee the "Bonitaet" of their client, in essence that he is good for
a certain amount, and that he will fulfill his obligations. I.e. in the
export business this is pretty customery. An American company will not
ship out goods from the US to Europe without having a bank guarantee in their
hands before the goods leave the port.
On the other hand the bank who gives the
guarantee does not pay them or puts money in the amount of the goods shipped in escrow. They solely state that they
in essence know the purchaser, that they
do business with him for a number of years, that he pays his obligations on time and that he has the amount of money
to pay for the shipment when it arrives.

I hope this helps.