Operating Account definition

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. Is defined in Section 7-3.
Operating Account means a deposit account of Borrower that Borrower designates in writing to Agent on the Closing Date as Borrower’s “operating account” for purposes hereof in regard to the receipt and distribution of the proceeds any Borrowings, or such other deposit account of Borrower as Borrower may from time to time subsequent to the Closing Date so designate in writing to Agent as such account.

Examples of Operating Account in a sentence

  • There being no further discussion, upon motion made and duly seconded, it was unanimously: VOTED: That (i) the MRC hereby is authorized and directed to defer payments of $92,137.58 to reimburse fees not collected in the quarter as a result of current arrangements; and (ii) that no transfer from the Contingency Account to the Operating Account is required at this time.

  • We have recommend a payment in the amount of $14,624.70 from the Operating Account for the work completed in January.

  • Attest: Alyx Hirst City Clerk City of Mondamin Operating Account City of Mondamin Claims Paid Dec.

  • To consider a transfer from the Contingency Account to the Operating Account to fund MRC administrative expenses in the upcoming quarter consistent with the 2023 operating budget.As of July 1, 2023, the Development and Distribution Account (formerly known as the Custody Account) contained a balance of $101,210.04 held at First National Bank.

  • Fourth Advance”, and together with the Second Advance and the Third Advance, the “Subsequent Advances”) in a principal amount of up to $5 million, to be deposited by the DIP Lenders into the Operating Account upon seven (7) Business Days’ notice from the Borrower.


More Definitions of Operating Account

Operating Account has the meaning set forth in Section 2.09(b).
Operating Account shall have the meaning set forth in Section 2.7(a).
Operating Account. Defined in Section 7.3(a)(iii).
Operating Account is defined in Section 1.3(a), and maintained in accordance with the terms of Xxxxx 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 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.