Use of Borrower’s Funds Account and Central Account Clause Samples

Use of Borrower’s Funds Account and Central Account. Borrower shall pay or be reimbursed only Permitted Expenses with the funds deposited into the Central Account. Advances shall be made directly to the Central Account. Borrower shall deposit or cause to be deposited into the Borrower’s Funds Account any and all funds to be provided by Borrower to Lender during the Line Term, to the extent such funds are not paid directly to Lender pursuant to this Agreement. Following the occurrence and during the continuation of an Event of Default, funds deposited and held in the Borrower’s Funds Account shall be applied by Lender to the payment of the Obligations as provided herein. In the event at any time during the Line Term the outstanding principal Loan Balance has been paid in full, and excess funds remain in the Borrower’s Funds Account, such excess funds shall be used by Lender to make any Advances hereunder. Notwithstanding the existence of any funds in the Borrower’s Funds Account or the availability or the non-availability of Loan funds under the Commitment, Borrower shall remain obligated to satisfy all Obligations.