Funds Account Clause Samples
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Funds Account a funds account/funds accounts containing records kept for the funds related to FI, FI transactions and/or custody of FI.
Funds Account. Lender has on deposit a sum in an amount equal to the Pledged Funds reserved from the Loan granted to Developer which sum is hereby pledged to the Township to guarantee the completion of the Improvements as set forth in the Township Development Agreement. Lender agrees to deposit the Pledged Funds into an escrow account (the "Escrow Account") with any release of the Pledged Funds occurring only after the Lender has received written authorization by the Township to release a specific amount from the Escrow Account.
Funds Account. In accordance with the Procedures, Participant opens and maintains with CDS a Funds Account, which is used solely for the notional Settlement of funds for obligations pertaining to Transactions, fees and surcharges, and any other payments obligations under the CDS Agreement.
Funds Account. Upon the advancement of the Borrower Loan to the Borrower’s Funds Account the amount advanced shall constitute Borrower’s Funds for all purposes under the Borrower Loan Documents. The portion of the Funding Loan disbursed into the Borrower’s Funds Account shall be deemed outstanding as of the date advanced and will immediately commence to accrue interest as provided in Section 3.1.2
Funds Account