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

• The Collateral Manager will use commercially reasonable efforts consistent with the Servicing Standard to collect all payments with respect to amounts due for Taxes, assessments and insurance premiums relating to each Loan to the extent required to be paid to theany Borrower for such application under the Underlying Instrument and remit such amounts from funds on deposit in the Operating Account to the appropriate Governmental Authority or insurer as required by the Underlying Instruments.

• 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.

• In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Operating Account and to transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Shareholders.

• 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 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 given to such term in Section 3 hereof.

Operating Account has the meaning set forth in Section 2(e).

Operating Account shall have the meaning set forth in Section 6.1.