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

Examples of Operating Account in a sentence

• Within three (3) months after receipt by the Property Manager, (unless otherwise required by Lender) all rents and other funds collected in the Operating Account, except for such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Tenants in Common in proportion to their respective interests in the Property.

• The Property Manager shall hold in trust all monies collected from the tenants and shall deposit all monies so collected in the Operating Account, unless otherwise required by the Loan Documents.

• The Property Manager shall pay, within the time required to obtain discounts, from funds provided by the Tenants in Common or from the Operating Account, all utilities, Taxes and payments due under each lease, mortgage, deed of trust or other security instrument, if any, affecting the Property.

• The Property Manager shall pay from the Operating Account (defined in Section 6.1) expenses incurred to remedy violations.

• The Property Manager shall not, however, be obligated to remedy any violations of law if sufficient funds are not available in the Operating Account or if the Tenants in Common do not provide sufficient additional funds to do so.

More Definitions of Operating Account

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 means the account books and other accounting records maintained separately by the Contractor for the Petroleum Activities.

Operating Account. Is defined in Section 8.3.

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

Operating Account has the meaning given in Section 6.5.

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.