Common use of Funds Held and Withdrawal Clause in Contracts

Funds Held and Withdrawal. Funds will be accepted into an FPF Account and held for application on Loans with, or serviced by, Lender. Funds will be applied to Borrower’s Obligations at Borrower’s direction or when any payment under any Loan covered by this Loan Agreement becomes due and payable. Application of funds to a Loan does not relieve Borrower from the obligation to make all payments as provided for in the Loan Documents. Funds may be returned to Borrower for purposes for which Lender would make or increase Loans to Borrower, upon request or upon request pursuant to Lender’s electronic funds transfer procedures. Borrower acknowledges and agrees that during an Event of Default, Lender has a right of set-off against all funds in Borrower’s FPF Accounts.

Funds Held and Withdrawal. Funds will be accepted into an FPF Account and held for application on Loans the Loan with, or serviced by, Lender. Funds will be applied to Borrower’s Obligations at Borrower’s direction discretion or when any payment under any the Loan covered by this Loan Agreement Note becomes due and payable. Application of funds to a the Loan does not relieve Borrower from the obligation to make all payments as provided for in the Loan Documents. Funds may be returned to Borrower for purposes for which Lender would make or increase Loans the Loan to Borrower, upon request or upon request pursuant to Lender’s electronic funds transfer procedures. Borrower acknowledges and agrees that during an Event of Default, Lender has a right of set-off against all funds in Borrower’s FPF Accounts.