Central Account Provisions Sample Clauses
Central Account Provisions establish the rules and procedures governing a primary account used for managing financial transactions or obligations between parties. These provisions typically outline how the account is to be maintained, who has authority to access or operate it, and the types of transactions permitted. By clearly defining the operation and oversight of the central account, this clause ensures transparency, reduces the risk of disputes, and facilitates efficient financial management within the agreement.
Central Account Provisions. Borrower shall establish and maintain the Central Account for Project-related purposes as described herein and for Borrower’s other general business purposes. Although Lender shall have no security interest in the Central Account or the funds deposited therein, Borrower warrants and represents that during the Line Term, all Loan funds deposited into the Central Account shall be applied only for the payment or reimbursement of Permitted Expenses for the Project or for other Project-related purposes as approved by Lender.