Operating Account. From time to time, Seller may provide funds to Buyer for deposit to a non-interest bearing account (the “Operating Account”). The Buyer shall have non-exclusive withdrawal rights from the Operating Account. Seller acknowledges that ▇▇▇▇▇ acts as ▇▇▇▇▇▇’s agent for the limited purpose of placing funds with the Buyer, and that funds held by ▇▇▇▇▇ as Seller’s agent are not a deposit account or other liability of Buyer. Buyer shall maintain records of ▇▇▇▇▇▇’s interest in the funds maintained in the Operating Account. Withdrawals may be paid by wire transfer or any other means chosen by ▇▇▇▇▇ from time to time in its sole discretion.
Appears in 7 contracts
Sources: Master Repurchase Agreement and Securities Contract (UWM Holdings Corp), Master Repurchase Agreement and Securities Contract (Radian Group Inc), Master Repurchase Agreement and Securities Contract (UWM Holdings Corp)
Operating Account. From time to time, Seller may provide funds to Buyer for deposit to a non-interest bearing account (the “Operating Account”). The Buyer shall have non-exclusive withdrawal rights from the Operating Account. Seller acknowledges that ▇B▇▇▇▇ acts as ▇S▇▇▇▇▇’s agent for the limited purpose of placing funds with the Buyer, and that funds held by ▇B▇▇▇▇ as Seller’s agent are not a deposit account or other liability of Buyer. Buyer shall maintain records of ▇S▇▇▇▇▇’s interest in the funds maintained in the Operating Account. Withdrawals may be paid by wire transfer or any other means chosen by ▇B▇▇▇▇ from time to time in its sole discretion.
Appears in 2 contracts
Sources: Master Repurchase Agreement and Securities Contract (Radian Group Inc), Master Repurchase Agreement and Securities Contract (Radian Group Inc)