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

• Borrower shall be permitted to withdraw amounts from the Operating Account solely for the purpose of paying bona fide Property expenses incurred in accordance with this Agreement and to distribute to, or pay on behalf of Sponsor, amounts in respect of G&A Expenses (in each case, up to the respective amount remitted by ▇▇▇▇▇▇ to the Operating Account for such purpose).

• During the continuance of an Event of Default, all amounts contained in the Operating Account shall be remitted to the Cash Management Account.

• Borrower shall deliver to Lender each month the monthly bank statement(s) related to such Operating Account.

• The Collateral Accounts shall not constitute trust funds and, except for the Cash Management Account, the Lockbox Account and the Operating Account, may be commingled with other monies held by Lender.

• Borrower shall have no right to make withdrawals from any of the Collateral Accounts other than the Operating Account.

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 shall have the meaning set forth in Section 5.4.1.1.

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 has the meaning assigned in Section 2.9(a).

Operating Account means the account or set of accounts maintained by Contractor and Operator to record Petroleum Costs and Remuneration.