Future Payment Fund Accounts Sample Clauses
The 'Future Payment Fund Accounts' clause establishes a dedicated account or mechanism for holding funds that are intended to be used for future payments under the agreement. Typically, this clause outlines how the account is to be set up, who controls it, and the specific conditions under which funds may be withdrawn or disbursed, such as upon completion of certain milestones or satisfaction of contractual obligations. Its core function is to ensure that sufficient funds are reserved and available to meet future payment obligations, thereby reducing the risk of non-payment and providing assurance to the parties involved.
Future Payment Fund Accounts. Borrower will establish one or more FPF Accounts with Lender or its affiliates. Each FPF Account will be held, applied or withdrawn in accordance with the terms and conditions applicable to FPF Accounts and this Note, which are subject to change or termination at Lender’s discretion.
Future Payment Fund Accounts. Note and Loan Agreement (Seventh Avenue Poulsbo, LLC/Note No. 6097341)
Future Payment Fund Accounts