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

Operating Account has the meaning set forth in Section 2.09(b).

Examples of Operating Account in a sentence

• Bank may fund the Reserve Account by deducting amounts from payments due to Merchant, by effecting a charge against Xxxxxxxx’s Operating Account or against any of Merchant’s accounts at Bank, or by demanding payment from Merchant (which payment Merchant shall make within ten (10) days after receipt of any such demand).

• Notwithstanding the foregoing, Bank may, in its sole discretion, effect a credit to the Operating Account in connection with any Transaction prior to the point in time Bank receives payment in connection therewith from or through the Associations.

• Transactions with respect to which Bank receives payment from or through the Associations will be settled on a daily basis, and, except as otherwise expressly provided or permitted pursuant to the terms of this Agreement, Bank shall deliver payment to Merchant in connection with such Transactions by effecting a credit to the Operating Account equal to the reconciled and paid summary Transaction total of all of Xxxxxxxx’s total paid summary Transactions since the previous credit.

• As security for the performance by Xxxxxxxx of all of its obligations under this Agreement, Merchant hereby grants to Bank a security interest in: (i) the funds held in the Operating Account and in the Reserve Account; and (ii) any inventory with respect to which a Transaction has occurred but has not yet been fulfilled.

• All amounts Merchant owes to Bank, for any reason, may be charged to the Operating Account or Reserve Account, recouped by adjustment to any credits due to Merchant, or set off against any account or property Bank holds for or on behalf of Merchant.

More Definitions of Operating Account

Operating Account. Is defined in Section 7-3.

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 means the account that you normally use for the day-to-day cash needs of your business, and may be either or both of a Canadian dollar and a U.S. dollar account.

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 shall have the meaning set forth in Section 5.4.1.1.