Operating Account definition

Operating Account. Is defined in Section 7-3.

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Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

Operating Account shall have the meaning set forth in Section 2.7(a).

Examples of Operating Account in a sentence

Principal and interest of each Loan shall be payable at the times and in the manner set forth in the Note and regularly scheduled payments thereof shall be effected by automatic debit of the appropriate funds from Borrower’s Primary Operating Account as specified in the Supplement hereto.
Borrower hereby confirms that the bank at which the Primary Operating Account is maintained uses that same ABA Number for incoming wires transfers to the Primary Operating Account and outgoing ACH transfers from the Primary Operating Account.
At any time, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the BorrowerBorrowers may cause any amounts on deposit in the Operating Account to be disbursed at the discretion of the BorrowerBorrowers.
For purposes of Sections 2.2 and 5.10 of the Loan and Security Agreement, the Primary Operating Account shall be the bank account set forth in Section 6 above, unless and until such account is changed in accordance with Section 5.10 of the Loan and Security Agreement.
For the avoidance of doubt, the BorrowerBorrowers may use the proceeds of Advances on deposit in the Operating Account for the purpose of acquiring Loans to be pledged as Collateral by thea Borrower hereunder subject, in each case, to the satisfaction of the requirements set forth in Section 3.2. If an Event of Default has occurred and is continuing, any amounts in the Operating Account shall be available for application in accordance with Section 2.8.

More Definitions of Operating Account

Operating Account means a trust account established and administered under section 15B of the Financial Administration and Audit Act 1985.

Operating Account is defined in Section 1.3(a), and maintained in accordance with the terms of ▇▇▇▇▇ Fargo’s Commercial Account Agreement in effect for demand deposit accounts.

Operating Account has the meaning given to such term in Section 3 hereof.

Operating Account means the account books and other accounting records maintained separately by the Contractor for the Petroleum Activities.

Operating Account means the account established pursuant to Section 9(d) of the Agreement.

Operating Account shall have the meaning set forth in Section 5.4.1.1.

Operating Account has the meaning set forth in Section 9.11 hereof.