Common use of Establishment of Accounts; Availability of Funds Clause in Contracts

Establishment of Accounts; Availability of Funds. (a) SBBT shall establish and maintain at SBBT a segregated account for the benefit of Customers (each, a “Deposit Account”), which account shall conform to the requirements of 12 C.F.R. 330.5 so as to afford Customers FDIC insurance with respect to such Deposit Accounts. Upon notification to JHI that a RAL has been approved or that an ACR has been funded, SBBT shall transfer the amount of the RAL or the refund, respectively, to the Deposit Account. All disbursements to Customers shall be drawn on the Deposit Account and shall be paid promptly upon presentment. SBBT shall make all disbursements in the manner elected by the Customer, as set forth in the Application and Loan Agreement. SBBT shall have the right to offset against the Deposit Account all fees and charges authorized by the Customer to be paid to SBBT, JHI or EROs pursuant to his Application for a Bank Product in an amount up to the amount of the Bank Product. (b) Upon notification to JHI that an ADD has been funded, SBBT shall transfer funds via an automated clearing house credit (“ACH”) into the account designated for receipt thereof by the Customer. If the ACH transfer is not successful, then SBBT shall disburse the refund to the Customer via a check printed by the Customer’s ERO or mailed directly by SBBT. (c) SBBT shall have sufficient funds available at all times to pay all disbursements authorized by SBBT under the several SBBT Bank Product Agreements.

Establishment of Accounts; Availability of Funds. (a) SBBT shall establish and maintain at SBBT a segregated account for the benefit of SBBT Customers (each, a “Deposit Account”), which account shall conform to the requirements of 12 C.F.R. 330.5 so as to afford such Customers FDIC insurance with respect to such Deposit Accounts. Upon notification to JHI that a RAL has been approved or that an ACR AR has been funded, SBBT shall transfer the amount of the RAL net loan proceeds or the refund, respectively, to the Deposit Account. All disbursements to SBBT Customers shall be drawn on the Deposit Account and shall be paid promptly upon presentment. SBBT shall make all disbursements in the manner elected by the SBBT Customer, as set forth in the Application and Loan Agreement. SBBT shall have the right to offset against the Deposit Account all fees and charges authorized by the SBBT Customer to be paid to SBBT, JHI EROs or EROs otherwise pursuant to his such Customer’s Application for a Bank Financial Product in an amount up to the amount of the Bank Financial Product. (b) Upon notification to JHI that an ADD AR has been funded, SBBT shall transfer funds via an automated clearing house credit (“ACH”) ACH into the account designated for receipt thereof by the SBBT Customer. If the ACH transfer is not successful, then SBBT shall disburse the refund to the Customer via a check printed by the SBBT Customer’s ERO or mailed directly by SBBT. (c) SBBT shall have sufficient funds available at all times to pay all disbursements authorized by SBBT under the several SBBT Bank Product AgreementsProgram.

Establishment of Accounts; Availability of Funds. (a) SBBT shall establish and maintain at SBBT a segregated account for the benefit of SBBT Customers (each, a “Deposit Account”), which account shall conform to the requirements of 12 C.F.R. 330.5 so as to afford such Customers FDIC insurance with respect to such Deposit Accounts. Upon notification to JHI that a RAL has been approved or that an ACR has been funded, SBBT shall transfer the amount of the RAL net loan proceeds or the refund, respectively, to the Deposit Account. All disbursements to SBBT Customers shall be drawn on the Deposit Account and shall be paid promptly upon presentment. SBBT shall make all disbursements in the manner elected by the SBBT Customer, as set forth in the Application and Loan Agreement. SBBT shall have the right to offset against the Deposit Account all fees and charges authorized by the SBBT Customer to be paid to SBBT, JHI EROs or EROs otherwise pursuant to his Application for a Bank Financial Product in an amount up to the amount of the Bank Financial Product. (b) Upon notification to JHI that an ADD has been funded, SBBT shall transfer funds via an automated clearing house credit (“ACH”) ACH into the account designated for receipt thereof by the SBBT Customer. If the ACH transfer is not successful, then SBBT shall disburse the refund to the Customer via a check printed by the SBBT Customer’s ERO or mailed directly by SBBT. (c) SBBT shall have sufficient funds available at all times to pay all disbursements authorized by SBBT under the several SBBT Bank Product AgreementsProgram.