Seller’s Operating Account definition
Examples of Seller’s Operating Account in a sentence
If any balance of the Acquisition Price remains in Seller’s Funding account after the Warehouse Lender has been repaid in full in accordance with the foregoing, that balance shall be transferred by MBF in immediately available funds, from Seller’s Funding Account to Seller’s Operating Account.
Seller is authorized to withdraw from the Custodial Account funds held with respect to a Mortgage Loan for which a Repurchase Date has occurred, in whole or partial satisfaction of MBF’s payment obligation to Seller under subsection 7.3(d) and Section 7.4, in which event MBF’s deposit in Seller’s Operating Account pursuant to such provision may be reduced by the amount of such authorized withdrawal funds.
All cash required to be delivered to Buyer pursuant to this Paragraph 4(b) shall be deposited by Seller into the Seller’s Operating Account.
At any time after the occurrence and during the continuance of an Event of Default, Buyer, in its sole discretion, may apply the amounts on deposit in the Seller’s Operating Account in accordance with the provisions of Paragraph 5(f).
If the funds on deposit in the Seller’s Operating Account are insufficient to fund any such Origination shortfall described in clause (i) of the first sentence of this Paragraph 5(e), or to pay any such excess amount described in clause (ii) of that same sentence, Seller shall pay the amount of such shortfall or excess, as the case may be, on the date such payment is due by wire transfer of such amount to the Seller’s Operating Account.
Funds deposited by Seller in the Seller’s Operating Payment Account to pay the excess amount, if any, referred to in clause (ii) of the immediately preceding sentence will be withdrawn from the Seller’s Operating Account by ▇▇▇▇▇, aggregated with the amount received by Buyer from the applicable Approved Takeout Investor and together retained by Buyer as payment of the Repurchase Price for the related Purchased Mortgage Loan.
Within one (1) Business Day after the Takeout Funding Date, and subject to Section 7.5, MBF shall make a provisional payment to Seller of such Servicing Fee (if any) by releasing to Seller any sum then on deposit in the Custodial Account with respect to such Mortgage Loan and, if necessary, by depositing in Seller’s Operating Account such additional amount that MBF estimates in its sole discretion is due to Seller in order that Seller shall have received the estimated Servicing Fee for such Mortgage Loan.
Upon approval of such a request, the Administrative Agent will remit funds to Seller’s Operating Account.
Seller is authorized to withdraw from the Custodial Account funds held with respect to a Mortgage Loan for which a Takeout Funding has occurred, in whole or partial satisfaction of MBF’s payment obligation to Seller under Section 7.4, in which event MBF’s deposit in Seller’s Operating Account pursuant to such provision may be reduced by the amount of such authorized withdrawal funds.
Funds deposited by Seller in the Seller’s Operating Account to cover the shortfall, if any, referred to in clause (i) of the immediately preceding sentence will be disbursed to the Settlement Agent together with the Purchase Price for closing of the Origination of the related Purchased Mortgage Loan.